Australia's top central banker on Thursday said it was not 'unrealisti...
ADELAIDE - Australia’s top central banker on Thursday said it was not “unrealistic” to expect a further reduction in interest rates given ample slack in the labor market, and called on the government for action on fiscal stimulus.
“Given this, the possibility of lower interest rates remains on the table,” Lowe told an economics conference in Adelaide. Futures markets imply around a 58% chance of an RBA rate cut at its next meeting on July 2, while a move to 1% by August is considered a dead certainty. A further move to 0.75% is tipped by year-end.“The most recent data – including the GDP and labor market data – do not suggest we are making any inroads into the economy’s spare capacity,” he said.
“Most indicators suggest that there is still a fair degree of spare capacity in the economy,” he said. “It is both possible and desirable to reduce that spare capacity.”
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