The Reserve Bank's interest rate cuts have been successful in supporting Australia's economy and housing market and a move to negative rates is "extraordinarily unlikely", RBA governor Philip Lowe said.
"I don't think it's the right assumption to make that we are going to have a lot more work to do to get inflation back to target and growth back to trend," he said. "Without progress on this front, the main effect of lower interest rates is to push up the price of existing assets, rather than encouraging investments in new assets, which is what’s needed," he said.
Only in August, he was warning global policy makers at the Jackson Hole symposium that easier monetary conditions will "push up asset prices, which brings its own set of risks".
They’re working because inflating asset bubbles is their number one policy objective.
Waging war on savers
And smashed the life styles of every Senior in the land..
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