Lowe Sees Rates Staying Low as Australia Economy Passed Snapback

Australia central bank chief Philip Lowe said interest rates will remain low for “quite a while yet” as the Reserve Bank judged the recovery has now moved beyond the “initial snapback phase” and into a more uncertain and uneven period.

“The downturn in Australia was not as deep as we had feared and the recovery started earlier and has been stronger than we were expecting,” the governor told a panel of lawmakers during testimony in Canberra on Friday. “This does not disguise the fact that we still have a fair way to go.”