World News

Australia central bank says not obsessed with getting inflation back to target in a hurry

MELBOURNE (Reuters) – Australia’s central bank is not “obsessed” with getting inflation back to its 2% to 3% medium-term target in a hurry, Governor Philip Lowe said on Thursday.

Lowe added that the government and business should use record low interest rates to invest more. The Reserve Bank of Australia (RBA) cut rates three times last year to 0.75% to help revive growth and inflation.

Lowe and his Canadian counterpart Stephen Poloz were speaking at Australia-Canada economic leadership forum in Canada.

(Reporting by Wayne Cole; Editing by Kim Coghill)