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Reserve Bank holds interest rates at record low, sticks to 2024 forecast for first rate rises

By abc.net.au , in News Australia , at July 6, 2021 Tags: , , ,


Australia news

Reserve Bank governor Philip Lowe delivers an address to the National Press Club in Sydney.

The Reserve Bank governor has not ruled out an interest rate rise before 2024, saying it is “dependent on the data not the date”, but believes Australia will lag other developed nations in moving away from record low borrowing costs. 

Speaking to journalists and market analysts in a rare Q&A session, Philip Lowe reiterated that it was still most likely that the cash rate would stay at just 0.1 per cent for another few years.

“The condition for an increase in the cash rate depends upon the data, not the date; it is based on inflation outcomes, not the calendar,” he said.

“The central scenario remains that the condition for a lift in the cash rate will not be met until 2024.”



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