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RBA's Stevens Says Accommodative Policy Likely for Some Time Yet

  • Any near-term policy change likely to be easing not tightening
  • There is now ``more of an edge'' to productivity discusssion
Glenn Stevens, governor of the Reserve Bank of Australia.

Glenn Stevens, governor of the Reserve Bank of Australia.

Photographer: Patrick Hamilton/Bloomberg
Updated on

Australia’s central bank Governor Glenn Stevens said accommodative monetary policy is likely to be appropriate “for some time yet,” while adding the macroeconomic impact of recent mortgage rate increases by major banks “may not be large.”

Stevens’s speech, titled “The Path to Prosperity,” ranged across the challenges Australia faces, which he noted hadn’t changed much since he last delivered an address at the same forum in Melbourne six years earlier. The nation is even more reliant on China, budget repair remains necessary and the country has to focus on boosting productivity to generate greater wealth, he said.