Melbourne Cup Day rate bets simmer as Michele Bullock reinforces no tolerance policy for inflation

If you thought the new Reserve Bank governor was about to ease off in the fight against inflation - perhaps it's time to think again. With key inflation numbers out later this morning expected to be hotter than expected, Michele Bullock has made it clear she has "zero tolerence" to hold back on rate rises if inflation remains high. The ABC's senior business corresopondent Peter Ryan listened to Ms Bullock's first official speech since taking the reins.