Australians will have to get used to higher prices, with the Reserve Bank of Australia (RBA) warning that the cost of living is unlikely to ease anytime soon.

RBA Governor Michele Bullock acknowledged in a parliamentary address that while inflation has eased, prices across the board are unlikely to return to pre-pandemic levels.

“The higher price level has affected everyone — whether you’re paying a mortgage, renting, running a business or just trying to make ends meet,” she said. “It’s been especially tough on people with lower incomes and those in more vulnerable situations.”

Assistant Governor Sarah Hunter reinforced the message last week, noting that prices for staples such as milk, bread and petrol are “not coming back down.”

Bullock also stressed that the ongoing housing affordab

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