Reserve Bank governor Philip Lowe outlined his thoughts on the global situation and national economy during a speaking engagement in Armidale on the 24th of September.
The presentation was the first regional presentation by a Reserve Bank governor in almost a decade. Dr Lowe grew up in Cootamundra and Wagga Wagga and was excited to be back in a rural community.
Dr Lowe said “Looking forward, there are some signs, that after a soft patch, the economy has reached a gentle turning point. This is evident in the fact that GDP growth over the first half of this year was stronger than over the second half of last year. We are expecting a further modest pick-up in the quarters ahead.”
“It is nevertheless likely that an extended period of low interest rates will be required in Australia to make progress in reducing unemployment and achieving more assured progress towards the inflation target. The fundamental factors underpinning the longer-term outlook for the Australian economy remain strong”
Attending the event Mr Andrew Draney, ADIG Chief Financial Officer, said “the insights provided in the presentation by Dr Lowe enable ADIG to remain well informed of the domestic and international factors underpinning our economy especially when they are provided by the Reserve Bank governor.” Whilst the ADIG business does have a diversified portfolio mix, including cash, commercial property and equity assets, we continue to monitor our performance and adjust our positions accordingly to maintain sustainable returns.”
ADIG CEO, Grant Devine identified, “Prudent risk management of our business remains a key priority in ensuring that we are well positioned to take advantage of current and future opportunities. The commentary presented by Dr Lowe demonstrated a solid base for our current Australian economic and monetary policy.”
Reserve Bank governor Dr Philip Lowe with ADIG CFO Andrew Draney (left) and ADIG CEO Grant Devine (right)