Reserve Bank of Australia Governor Glenn Stevens said he’s content with the current monetary policy setting and stands ready to do more if needed.
“I think low interest rates are doing the sorts of things they normally do in most respects,” Stevens said in response to questions after a speech in Sydney today. “I’d still maintain up to this point that we’re doing what can reasonably be done. But if there’s more that can reasonably be done at some point, then obviously we’d do that. But I’m content right now.”
Australia’s central bank this month reiterated it expects a period of stable interest rates as the government cuts spending and the economy transitions from mining-investment led growth. The Australian dollar has climbed 5.2 percent this year and reached an almost eight-month high earlier this month after the RBA kept its benchmark cash rate at a record low 2.5 percent for an 11th month.
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