The Reserve Bank of Australia's chief economist, Sarah Hunter, has said rising oil prices and the cost of consumer electronics, including new iPhones, are adding to inflationary pressures the central bank must weigh ahead of its next interest rate decision. She described the situation as "challenging", noting that inflation risks are skewed to the upside as higher fuel costs and a global chip shortage driven by the AI boom feed through to household and business prices, increasing the likelihood of a further rate rise.

Hunter told a Regional Australia Institute summit in Canberra that petrol and diesel costs were set to rise further after oil prices broke through $100 a barrel, driven by Iranian attacks on tankers in the Strait of Hormuz and a drone strike that forced Saudi Arabia to shut a key pipeline, cutting its crude output by 1.9 million barrels a day in August. She also pointed to surging demand for chips used in consumer electronics, noting Apple's latest iPhone, priced from $3,499, as an example of AI-driven price rises. Governor Michele Bullock has previously signalled further rate hikes if these upside risks materialise, and money markets now put the odds of a rise at the RBA's 28-29 September meeting at about three in four, with at least two more hikes expected by mid-2027.