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- RBA's Governor Lowe recognises that monterey policy still works to support employment, inocome and growth
RBA's Governor Lowe recognises that monterey policy still works to support employment, inocome and growth
- Says progress on employment, inflation goals slower than liked; today's rate cut should help
- Repeats economy is at a gentle turning point
- Part of effort to restore business confidence could be structural measures to lift productivity
- Expecting return to around trend growth for Australia over next year.
- Low rates, tax cuts, infra spending, housing stabilization, resources outlook basis for expected improvement.
- Resilience of domestic financial system has steadily improved; banks well placed to withstand wide range of shocks
- Lenders should not be so scared of making a loan that goes bad that they don’t provide credit
- Need to make sure bank systems are safe and resilient against cyber and technology risks
- Household sector has high level of debt, has also built up substantial buffers at aggregate level
- Estimates almost 4% of borrowers have loan balance exceeding property value
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