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- RBA Governor Stevens: Growth will remain low and monetary easing may be less effective
RBA Governor Stevens: Growth will remain low and monetary easing may be less effective
Royal Bank of Australia's Governor Glenn Stevens stated in yesterday's speech that the government has to increase spending in order to boost demand as the economy has to grow at a faster pace. Monetary policy, at the current level of interest rates, has become more limited in spurring demand compared to a decade ago but still has some ability to assist the economy.
The bank cut interest rates this month to 2.25% after a 17-month pause as unemployment has risen to a 12-year high. Australia's economy faces challenges as prices for commodities, the most important export, slumped and China's economic growth slows. China is Australia's biggest trade partner.
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