The House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe, on Friday, 9 August 2019 in Canberra.
Since the RBA appeared before the committee during the previous Parliament in February 2019, the RBA has eased monetary policy by 50 basis points to 1.00 per cent, following the RBA’s decisions to cut the cash rate in June and July. At its meeting today, the RBA decided to leave the cash rate unchanged at 1.00 per cent.
Commenting on the decision to keep rates on hold, the RBA Governor said ‘the outlook for the global economy remains reasonable.’ However, he also noted ‘the increased uncertainty generated by the trade and technology disputes is affecting investment and means that the risks to the global economy remain tilted to the downside.’
The Governor further remarked ‘it is reasonable to expect that an extended period of low interest rates will be required in Australia to make progress in reducing unemployment and achieve more assured progress towards the inflation target.’
The Chair of the House Economics Committee, Mr Tim Wilson MP, said ‘many Australians question the justification of a low interest rate environment for the foreseeable future. The committee will examine the decisions of the RBA in the context of Australia’s broader macroeconomic conditions and assess the RBA’s confidence in current monetary policy settings which aim to encourage growth and keep inflation consistent with the target over the coming years.’
Public hearing details
Date: Friday, 9 August 2019
Time: 9.30am to 12.30pm
Location: Main Committee Room, Parliament House, Canberra
The hearing will be broadcast live at aph.gov.au/live.
Mr Tim Wilson MP, Chair
Electorate: 03 9557 4644
Parliament: 02 6277 2392
For background information
02 6277 4587