A day after the Reserve Bank's run of interest rate rises was paused, the bank's governor has suggested there will be more increases to come.
The RBA board expect further rate rises will be needed to bring down inflation to targeted levels.
Reserve Bank of Australia governor Philip Lowe has warned that despite Tuesday's pause on rate hikes, he and his board expect interest rates will rise further. On Tuesday the RBA announced a pause to interest rates for April, after ten consecutive interest rate hikes.The call meant the cash rate remained at 3.6 per cent.
Philip Lowe the Governor of the Reserve Bank of Australia has spoken at the National Press Club on Wednesday.He defended the economic reasoning behind the previous increases, saying the alternative to the recent increase in interest rates would have been "more persistent inflation and ultimately even higher interest rates and more unemployment."
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