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The full text of his opening statement is here
Summary headlines of Lowe's opening statement (via Reuters)
- says estimate that GDP increased by around 5 per cent over 2021 and are expecting GDP growth of around 4¼ per cent over 2022 and 2 per cent over 2023
- says upswing in business investment is also under way
- the board is prepared to be patient
- macroeconomic policy settings are supportive of growth
- we have scope to wait and see how the data develop and how some of the uncertainties are resolved
- I recognise that there is a risk to waiting but there is also a risk to moving too early
- forward-looking indicators suggest further growth in jobs over the months ahead
- moving too early could put employment goal at risk
- main source of uncertainty about the outlook continues to be Covid-19
- stronger the economy and the more upward pressure on prices and wages, the stronger will be the case for an increase in interest rates
- sharp pick-up in inflation in parts of the world, especially in the united states, has come as a surprise and is an additional source of uncertainty
- too early to conclude that inflation is sustainably in the target range
- we expect a further lift in underlying inflation
- further pick-up in overall wages growth is expected
- it is entirely possible that countries with higher inflation rates will need a bigger adjustment in interest rates than currently anticipated
