RBA’s Lowe: Aggressive rate hikes result in higher unemployment

Reserve Bank of Australia (RBA) Governor Philip Lowe adds more comments while speaking in front of the House of Representatives Standing Committee on Economics.

After initially citing fears of higher inflation and readiness to lift the rates, the policymaker defended the latest status quo by citing the fears of raising rates too quickly to push inflation towards the target. The policymakers said that such a step would have resulted in the higher unemployment.

Also read: RBA’s Lowe: Some further tightening required to ensure inflation returns to target within reasonable timeframe

More to come.