RBA governor Michele Bullock has begun her speech by reflecting on the Reserve Bank's August board meeting, where they made the decision to keep interest rates on hold at 4.35 per cent.

The RBA is focused on trying to navigate the so-called "narrow path", she says, which is bringing inflation back to target in a reasonable timeframe while trying to preserve employment.

While inflation has fallen substantially since its peak, she says, it is "still some way above" the midpoint of the 2–3 per cent target range.

In the RBA's central August forecast, underlying inflation is expected to be back in the target range by the end of next year, and to approach the midpoint in 2026. But "there is substantial uncertainty around this central outlook" she says.

She points out that many things could happen that could result in inflation being above or below the central forecast and the Board needs to be alert to these possibilities in thinking about the future path of interest rates.

"Given the starting point of high inflation and a relatively tight labour market, and that low and stable inflation ultimately supports our full employment objective, our highest priority has been and remains to bring inflation down," she said.

The issue of uncertainty appears to be a special focus of the RBA at the moment. If you cast your minds back, Deputy Governor Andrew Hauser made a similar point in a speech called Beware False Prophets last month.

During the address in Brisbane, he hit out at market commentators who have "extraordinary certainty" about what's going to happen in the economy.

Let's see if it comes up again today.