RBA governor Philip Lowe, speaking at the CEDA Annual Dinner in Melbourne, reiterated to maintain a steady monetary policy for a while but said that interest rates will rise at some point if economy advances as expected.
Key quotes:
“¢ Watching housing price slump closely.
“¢ Price falls come after very large gains in Sydney and Melbourne.
“¢ Home price correction comes amid favourable economic background.
“¢ The overall economic picture is positive, getting closer to full employment.
“¢ But real hourly earnings have been stagnant for the past six years.
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