RBA’s Lowe: Board again agreed there was no strong case for near-term move in rates

Reuters is out with the comments delivered by the Reserve Bank of Australia (RBA) Governor Phillip Lowe at a scheduled Reserve Bank Board Dinner, in Adelaide.

Key Highlights:

Board again agreed there was no strong case for near-term move in rates.

Reasonable to expect next move in interest rates will be up.

Expects the economy to grow a bit faster than 3 percent this year and next

Business conditions are around their highest level for many years and the long-awaited pick-up in non-mining business investment is taking place.

 The latest inflation data, which showed that both CPI and underlying inflation were running marginally below 2 per cent.

There has been progress in lowering unemployment and having inflation return to around the middle of the target range.

We expect further progress in these two areas over the next couple of years.