0522 GMT - The Reserve Bank of Australia judges that risks to inflation are tilted to the upside and the debate on the right policy response is getting more acute, says Belinda Allen, economist at CBA. Is the board losing patience? Perhaps. Or is it jawboning to ensure financial conditions remain restrictive until there is more meaningful progress on inflation? Also likely, she adds. There is not enough signal yet from inflation to declare victory, Allen adds. While inflation did come in below expectations in the second quarter, much of this was driven by volatile items. There is a risk of a bounce-back in these volatile items in coming months, she adds.