Philip Lowe has warned Australians they need to be prepared for substantial interest rate rises over the rest of this year, conceding he's not sure how high they might go. abc730
The Reserve Bank Governor has warned Australians they need to be prepared for substantial interest rate rises over the rest of this year, conceding he's not sure how high they might go.Philip Lowe says it would be "reasonable" to think interest rates could get to 2.5 per cent at some point
"How fast we get to 2.5 per cent, indeed whether we get to 2.5 per cent, is going to be determined by events." "At the individual level some people have taken loans that they may not have wanted to take out in retrospect, but the overall picture, which is really very much the focus of the Reserve Bank, is a pretty resilient economy," Dr Lowe said.The Reserve Bank is "committed to learning" from the impact of the pandemic on the economy, Philip Lowe says.
Although Dr Lowe is warning inflation could hit 7 per cent by Christmas, he said there are already signs it will fall in the first quarter next year and again in the second quarter.
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