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Worth flagging that Lowe's comments re:.........>

RBA: Worth flagging that Lowe's comments re: extraordinary measures had some
focus on "a package" of measures, with focus on goings on abroad (highlighting
the notable measures taken across the major global central banks in the last 10
or so years). Lowe also noted that clear evaluations of those measures cannot be
drawn as the respective Banks are a long way from unwinding the measures.
- In a hypothetical situation Lowe put a focus on lowering the cash rate to as
low a possible level and, if warranted, lowering the longer term risk free rates
along the term spectrum. Suggested some of the other measures that have been
employed elsewhere "perhaps wouldn't be appropriate."
- Said hard to distinguish between transparency and forward guidance, was then
grilled on the Bank's transparency, which he vigorously defended.
- He reiterated that he views unconventional MonPol as an unlikely scenario for
the the RBA.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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