At an address to the Economic Society of Australia today Philip Lowe noted: ‘’a lower cash rate would support employment growth and bring forward the time when inflation is consistent with the target’’. Their key cash rate has been stuck at a record low 1.5 per cent since August 2016 and their next rate-setting meeting is June 4th. This for a country where house prices had been booming and has not seen a recession in 30 years.
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