Australia central banker says rates could stay low until '24
ABC News
Australia’s central bank governor says the nation’s benchmark interest rate could remain at a record low until 2024 despite pandemic-induced inflation
CANBERRA, Australia -- Australia’s central bank governor says the nation’s benchmark interest rate could remain at a record low until 2024 despite pandemic-induced inflation.
The Reserve Bank of Australia board has said it won’t lift the cash rate until inflation settles in a target range of 2%-to-3%, Governor Philip Lowe told a Sydney forum of economists.
The “inflation outlook is more uncertain than it has been for some time, but our central scenario is that underlying inflation reaches the middle of the target by the end of 2023,” Lowe said.
That alone would not trigger the rate being lifted from the record low 0.1% where it has remained since November 2020. The board would also consider the economic outlook, Lowe said.
