Australia won't rule out unconventional monetary policy to revive its econo...
SYDNEY - Australia won’t rule out unconventional monetary policy to revive its economy, but a senior central banker said on Tuesday that such a prospect was unlikely as the recent rate cuts are expected to support growth.
New Zealand’s central bank took a radical stance last week by cutting interest rates a steep 50 basis points and even flagging the risk of going nuclear by taking rates below zero. “What we’ve been doing is studying overseas experience, a prudent thing for us to do,” Kent said in a speech in Sydney, echoing RBA chief Philip Lowe who on Friday laid out the scenarios in which the bank might drag interest rates to zero.
“One of the lessons we have taken is that not all of those policies are appropriate for Australia. It depends very much on the circumstances you are in,” Kent said.
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