Reserve Bank of Australia Deputy Governor Andrew Hauser said the central bank may need to raise interest rates again if upside inflation risks materialize, even after leaving policy unchanged last week. Speaking in Brisbane, Hauser said inflation remains too high and the RBA's three rate increases this year were aimed at reducing excess demand and easing pressure on capacity. He said the bank still expects consumption to grow by about 1.5% a year and employment by about 1%, rather than forecasting a slump or outright job losses, but warned that slower growth will be needed to return inflation to the 2% to 3% target band. Hauser identified three main risks to the outlook: the Middle East crisis and higher energy prices, a global AI and tech boom that could lift imported inflation, and weak supply growth and productivity at home. He also said infrastructure booms, housing shortages, insurance costs and other regional capacity constraints can add near-term price pressure even when they may lift supply over time. The RBA kept its cash rate at 4.35% last week, while markets remain focused on incoming labor-market data after softer wage figures eased some pressure for immediate tightening.