There can be no doubt that, if we see prices, and fees, and wages, and salaries beginning to suggest ongoing inflation, as distinct from the first round effects of the depreciation, the Bank will tighten monetary policy.
Beyond the direct price effects of the depreciation, over the longer-term the depreciation will, if sustained, encourage people and capital to move out of industries serving a primarily domestic market (such as residential construction and retailing), and into industries producing goods and services for export, or in competition with imports (such as agriculture, forestry, manufacturing, tourism, fishing, horticulture, viticulture, software, and so on).