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- RBA Lowe: Board expects that further increases will be required over the months ahead
RBA Lowe: Board expects that further increases will be required over the months ahead
Developing story
Reserve Bank of Australia's governor, Phillip Lowe, is speaking on topics related to Inflation, Productivity and the Future of Money. The event is ''The Australian Strategic Business Forum – Melbourne''.
The event can be listened to here.
Key comments so far
- Stronger productivity growth is likely to mean a higher neutral real interest rate.
- Recent trends in productivity growth have not been particularly encouraging.
- CPI for the june will show a further step-up in the inflation rate, another step-up is expected later this year.
- We don't need to return inflation to target immediately.
- Possible to do this, but the path ahead is a narrow one and it is clouded in uncertainty.
- Emphasise that the concept of the neutral rate is no more than one reference point for the board.
- Neutral is not the basis of a mechanical rule and we are not on a pre-set path to achieve any specific level of the cash rate
- Board expects that further increases will be required over the months ahead
Meanwhile, AUD/USD is a touch higher on the day so far by 0.15% and oscillates at around 0.6900.
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