Reserve Bank of Australia Governor Lowe is speaking from his appearance at the Australian parliament's Senate Select Committee on COVID-19
- RBA will maintain its expansionary monetary polices until progress is made towards full employment and we are confident on inflation
- much depends on how quickly confidence can be restored
- latest jobs data were a shocking set of numbers, jobs data were not quite as bad as first thought
- signs of bottoming out in labour market
- some pick up of employment in most effected industries
- pipeline of existing work for some industries is thinning out
- will see further decline in jobs in Mat, but not as bad as April
- decline in jobs could now be 15% as opposed to 20% as first feared
- economic outlook is incredibly uncertain
- it will be a critical moment when the JobKeeper programme is withdrawn, says if the economy has not recovered by sept September may need to extend that programme
- hopes that fiscal support will be around for a long time
- current cash rate at 25bp is effectively the lowest it can go
