Australia's Reserve Bank Governor Bullock just dropped some interesting signals on the economy. The job market's still running hot—not extremely tight, but definitely hasn't cooled down yet. She mentioned that the output gap has probably closed by now, though there's some uncertainty around that call. More importantly, the economy seems to be bumping up against its potential growth ceiling. And here's the kicker: inflation keeps coming in higher than expected, which could mean rate cuts aren't happening anytime soon.