Published: March 09, 2021
Reserve bank governor Philip Lowe says there is no prospect of a rapid bounce-back in wages growth
The governor of Australia’s central bank is continuing to emphasise that the record low interest rates fuelling a surge in property prices will be part of the landscape for several years, because there is no prospect of a rapid bounce-back in wages growth.
Philip Lowe used a speech to a summit convened by the Australian Financial Review on Wednesday to signal that the official cash rate will remain at historic lows until “at least 2024” because there is no prospect of wages growth hitting more than 3% before that time.
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