Australia will need 'very significant' monetary support for some time: RBA

[SYDNEY] Australia's economy has performed better than expected in the past year, but very significant monetary support will still be needed for some while yet, the country's central bank said on Friday.

The Reserve Bank of Australia (RBA) this week left its cash rate at a record low 0.1 per cent, but surprised by extending its quantitative easing programme by another A$100 billion (S$101.6 billion).

Speaking before a parliamentary economics committee in Canberra, Governor Philip Lowe said these settings will need to be maintained until inflation reaches the RBA's 2-3 per cent target range.

REUTERS