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RBA: More action is needed from governments globally to help build a platform
for investment and a return to more normal rates of interest, Reserve Bank of
Australia Governor Philip Lowe said Tuesday, joining the chorus of central
bankers calling for increased fiscal policy. Speaking in Melbourne after the RBA
cut rates for a third time in five months to a record low 0.75%, Lowe said that
any return to rate normality needed to address the factors which were hindering
investment, mainly that "the global appetite to save is high relative to the
global appetite to invest". Lowe's comments echo those of outgoing ECB president
Mario Draghi, who said the ECB was reaching the limits of what it could achieve
through its monetary policy and that it was time for government action. Earlier
Tuesday, the RBA cut its official cash rate by 25 bps to 0.75% and said it
stands ready to ease rates again "to support sustainable growth in the economy."
In his speech, Lowe said the cuts were made with the conviction that "monetary
policy still works," particularly to "support employment, jobs and income growth
across the economy," he said. "Today's decision, together with our decisions in
June and July, will assist on each of these fronts."