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

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Australia's central bank is not "obsessed" with getting inflation back to its 2 per cent to 3 per cent medium-term target in a hurry, Governor Philip Lowe said on Thursday.

[MELBOURNE] Australia's central bank is not "obsessed" with getting inflation back to its 2 per cent to 3 per cent medium-term target in a hurry, Governor Philip Lowe said on Thursday.

Mr 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 per cent to help revive growth and inflation.

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

REUTERS