Reserve Bank of Australia Governor Lowe is speaking to the Australian parliament's House of Representatives Standing Committee on Economics.
- says economic recovery in Australia started earlier and is stronger than we expected
- many economic outcomes were better than our upside scenarios
So far Lowe is his usual upbeat self ...
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- says before increasing the cash rate, the board wants to see inflation sustainably within the 2 to 3 per cent target range
- says meeting this condition will require a tighter labour market and stronger wages growth than we are currently forecasting
- difficult to determine exactly when this condition might be met, but, we do not expect it to be before 2024
- interest rates are going to be low for quite a while yet
- the board judged that it was in the "national interest" for the bank to continue with its bond purchases
- * 04-feb-2021 05:36:28 pm - rba governor lowe says the rba does not, and will not, directly finance governments
- says would consider extending term funding facility for banks if there were a marked deterioration in funding and credit conditions in the Australian financial system
- says "very significant monetary support" will need to be maintained in australia for some time to come
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