RBA Lowe: Cash rate not expected to be raised for at least 3-years

A fresh easing package is expected to be deployed at Reserve Bank of Australias November meeting, with most looking for a combination of a cut in the cash rate target.

Today, the RBA's governor Philip Lowe has been speaking at a city conference where he has stated that he does not expect to be raising the cash rate for at least three years. 

Key comments

Lowe says committed to doing what we reasonably can, with the tools we have, to support the recovery.

Says the board will not be increasing the cash rate until actual inflation is sustainably within the target range.

Says it is not enough for inflation to be forecast to be in the target range.

More to come...

AUD/USD update

The AUD/USD pair traded in the 0.7164 area on the comments, steady following a sour tone of Wall Street.

Eyes are on September employment report released later today. 

• AUD/USD Forecast: Waiting for an update on the Australian employment situation
• Australian Employment Preview: September job losses to flag RBA rate cut

About Philip Lowe 

Philip Lowe replaced Glenn Stevens as governor of Australia’s central bank. Lowe was the Deputy Governor of the Reserve Bank of Australia, a position he held since February 2012.