Australia Central Bank Governor Signals Lower for Longer Rates

Australia's new Reserve Bank of Australia Governor Philip Lowe speaks at a parliamentary economics committee meeting in Sydney, Australia, on Sept. 22, 2016. Reuters/Jason Reed/File Photo

SYDNEY—Australia’s top central banker made an explicit case on Aug. 17 for rates to remain at record lows for some time yet as inflation stays lukewarm while there is still some spare capacity in the labor market.

“The Board’s view is that it is likely that we will hold steady for a while yet,” Reserve Bank of Australia (RBA) Governor Philip Lowe said before a parliamentary economics committee in Canberra.