Reserve Bank of Australia Debelle's speech - "Monetary Policy in 2020"

  • says policy action has reduced borrowing costs
  • says bond buying program means a$ is lower than it otherwise would be
  • program needed as australian 10-year yields were higher than in peer nations
  • says must be careful not to remove policy stimulus too early
  • says australian government debt is very manageable
  • says federal government and state debt is "absolutely sustainable"
  • reiterates board does not expect to increase the cash rate for at least 3 years
  • says materially lower jobless rate needed to lift wages, inflation
  • says banks have strong balance sheets to support economy into recovery
  • says expects average mortgage interest rate paid by households to decline further
  • says news about vaccines should help bolster confidence
  • says likely some time before vaccines widely available and distributed

Headlines via Reuters with the full text available here:

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