Australia's RBA rules out rate cuts in near-term

SYDNEY (Reuters) - The head of Australia's central bank on Tuesday ruled out rate cuts in the near term, saying policy had to remain restrictive to bring stubborn core inflation to heel.

Speaking after a policy meeting, Reserve Bank of Australia (RBA) Governor Michele Bullock said the bank's board had discussed raising rates at the meeting, but decided policy was in the right place for the time being.

Bullock emphasised markets had got ahead of themselves in pricing in rate cuts as early as November and suggested an easing was unlikely for the next six months or so.

(Reporting by Wayne Cole; Editing by Himani Sarkar)