RBA’s Kent: Australian dollar may be slightly above trade-weighted equilibrium

A single, carefully hedged line from an RBA assistant governor carries weight mainly as a signal of how the central bank is framing the currency internally, not as a policy commitment. The trade-weighted framing matters because it speaks to competitiveness across Australia's actual trading partners rather than against any single counterparty, so it lands on exporters and import-competing sectors more than on headline FX traders. With no figures or guidance attached, the open question is whether this becomes a recurring theme in RBA communication or remains an isolated observation.