RBA's Lowe: No appatite for negative rates

Reuters reports that Australia will need to maintain "very significant monetary support" for several years, with the cash rate set to stay near zero for "as long as is necessary" in the wake of the COVID-19 pandemic, the country's top central banker said on Wednesday.

Key comments

RBA's Phillip Lowe has stated the following:

• RESERVE BANK OF AUSTRALIA GOV LOWE SAYS "VERY SIGNIFICANT" MONETARY SUPPORT TO BE MAINTAINED FOR SOME TIME
• 02-Feb-2021 19:30:00 - RBA'S LOWE SAYS CASH RATE WILL BE MAINTAINED AT 10 BASIS POINTS AS LONG AS IS NECESSARY
• 02-Feb-2021 19:30:00 - RBA'S LOWE: GOING TO BE SOME YEARS BEFORE GOALS FOR INFLATION, UNEMPLOYMENT ARE ACHIEVED
• 02-Feb-2021 19:30:00 - RBA'S LOWE: DO NOT EXPECT TO MEET GOALS BEFORE 2024, POSSIBLE IT WILL BE LATER THAN THIS
• 02-Feb-2021 19:30:00 - RBA'S LOWE: WOULD HAVE BEEN "UNWELCOME UPWARD PRESSURE" ON A$ WITHOUT QE EXTENSION
• 02-Feb-2021 19:30:00 - RBA'S LOWE: WILL CONSIDER SHIFTING YIELD TARGET FROM APRIL 2024 BOND TO NOV 2024 LATER THIS YEAR
• 02-Feb-2021 19:30:00 - RBA'S LOWE: WOULD CONSIDER EXTENDING TFF, BUT MAY NOT BE NEEDED
• 02-Feb-2021 19:30:00 - RBA'S LOWE SAYS BOARD HAS NO APPETITE TO GO INTO NEGATIVE RATE TERRITORY
• 02-Feb-2021 19:30:00 - RBA'S LOWE SAYS CLOSELY MONITORING LENDING STANDARDS IN HOUSING MARKET
• 02-Feb-2021 19:30:00 - RBA'S LOWE: WOULD BE CONCERNED AT ANY DETERIORATION IN STANDARDS, THOUGH FEW SIGNS AT MOMENT
• 02-Feb-2021 19:30:00 - RBA'S LOWE SAYS ECONOMIC RECOVERY STARTED EARLIER, HAS BEEN STRONGER THAN WE WERE EXPECTING
• 02-Feb-2021 19:30:00 - RBA'S LOWE SAYS STILL VERY SUBSTANTIAL SPARE CAPACITY IN THE AUSTRALIAN ECONOMY
• 02-Feb-2021 19:30:00 - RBA'S LOWE SAYS LOW INFLATION, WAGE GROWTH LIKELY TO BE WITH US FOR SOME TIME
• 02-Feb-2021 19:30:00 - RBA'S LOWE SAYS GDP TREND TO BE RESTRAINED BY LOWEST POPULATION GROWTH SINCE WWI
• 02-Feb-2021 19:30:00 - RBA'S LOWE SEES UNEMPLOYMENT AT 6% BY END OF 2021, AROUND 5.25% BY MID 2023
• 02-Feb-2021 19:30:00 - RBA'S LOWE: AGGREGATE HOUSEHOLD INCOME TO DECLINE AS FISCAL PANDEMIC SUPPORT PAYMENTS UNWIND
• 02-Feb-2021 19:30:00 - RBA'S LOWE SAYS HOUSEHOLDS HAVE BIGGER FINANCIAL BUFFERS THAN PREVIOUSLY
• 02-Feb-2021 19:30:00 - RBA'S LOWE SAYS NEED TO SEE RECOVERY IN PRIVATE BUSINESS INVESTMENT

More to come