SYDNEY - Australian interest rates are in restrictive territory after a rapid fire series of hikes allowing for a pause in tightening to judge the impact on the economy, a top central banker said on Wednesday.

In a panel discussion on monetary policy, Reserve Bank of Australia (RBA) Deputy Governor Michele Bullock also said the recent bout of stress in the global banking system did not play a part in the RBA's decision to pause its hikes this month.

Rather, rates had risen by a steep 350 basis points in 10 months allowing the RBA to "stop for a minute and watch" how the economy evolved, Bullock said.

(Reporting by Wayne Cole; Editing by Shri Navaratnam)