Reserve Bank of Australia governor Philip Lowe (Image: AAP/Joel Carrett) The Reserve Bank's message is: the worst is yet to come. "At the moment, I think it's really hard to argue that the Australian dollar is overvalued," Reserve Bank of Australia (RBA) Governor Philip Lowe said in a webinar.

Picture: William West/AFPMr Lowe said the bank would not consider lifting the cash rate until inflation targets of 2 to 3 per cent were met.The bank has decided to extend the term funding facility, which was implemented at the beginning of the pandemic.
meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners SYDNEY: The recent appreciation in the Australian dollar is not a problem at this point although a lower exchange rate would help the economy, the country's top central banker said on Monday.The Aussie has surged 24 per cent to the US dollar since hitting a low of US$0.5510 in March. "I fear if we don't leverage the advances in technology, and we don't see policy reform we'll just...meander and kind of have slow growth. In all, 102 people have died of COVID-19 in the country but it has reported no new deaths for more than three weeks.Lowe said a rising currency could become a problem at some point, "but I don't think we've reached that point yet".Australia has "a fantastic set of underlying fundamentals", Lowe said as he upgraded his estimate for employment.

By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. The Reserve Bank has kept the interest rate at the historically low level of 0.25 per cent, warning that Victoria’s lockdown was hurting the economy.With an unprecedented amount of Australians unemployed, an expert explains the future job market post coronavirus.Reserve Bank of Australia Governor Philip Lowe. "We do face a world where there'll be a shadow from the virus that will last for quite a few years," Lowe said, pointing to the need for fiscal reforms and technological innovations. Picture: Joel Carrett/AAP Source:AAP. In its monthly monetary statement, the central bank resolved to maintain the cash rate at 25 basis points, noting policy measures were sufficiently supporting the Australian economy.The decision is in line with the majority of Australia’s economists who were not expecting any change to the RBA’s policy settings.Economists at ANZ, Westpac and Commonwealth Bank all forecasted no change to the official interest rate.The Reserve Bank of Australia has kept the official interest rate at 0.25 per cent. Reserve Bank governor calls for more federal spending to boost economy. Australia's two biggest states appear ready to lift their spending on infrastructure after Reserve Bank governor Philip Lowe asked premiers to commit another $40 billion to … Picture: Joel Carrett/AAPThe Reserve Bank of Australia has kept the official interest rate at 0.25 per cent but has warned Victorian restrictions are causing a massive dent to the state’s economy. It is funding mechanism that provides cheap liquidity to Australia’s banking system.“Fiscal and monetary support will be required for some time given the outlook for the economy and the prospect of high unemployment,” Mr Lowe said.Mr Lowe also noted a depreciating US dollar and strong demand from China for commodities had pushed the Australian dollar to its highest level in two years.CommSec chief economist Craig James said COVID-19 has fuelled the biggest economic contraction since 1945, with the Commonwealth Bank’s investment arm forecasting a June quarter fall in economic activity of more than 5 per cent.CommSec chief economist Craig James says COVID-19 has fuelled the biggest economic contraction since 1945.June quarter gross domestic product figures to be released on Wednesday are expected to reveal more of the financial damage incurred from the pandemic.“The Australian economy probably fell 5.4 per cent in the June quarter to be down 4.7 per cent on the year,” Mr James said.“The quarterly decline will be the biggest on record going back over 60 years. Reserve Bank of Australia. The Reserve Bank of Australia’s assistant governor Luci Ellis said businesses would suffer as many more people than usual continued to stay home even when they didn’t need to The Westpac bank now fears Victoria will suffer an economic downturn that is … Mediacorp Pte Ltd. All rights reserved.

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