PLEASED: Reserve Bank of Australia Governor Glenn Stevens.
PLEASED: Reserve Bank of Australia Governor Glenn Stevens. SAM Mooyaap

RBA chief is content with record low rates

THE head of the Reserve Bank said he is satisfied with the current domestic interest rates, all but rejecting any major changes in the near future.

RBA Governor Glenn Stevens told a parliamentary committee said on Friday he was "pretty content" with the record low rate.

He said despite fears of a recession looming, Australia had actually come out of the mining construction slowdown without major changes to economic growth or inflation.

Mr Stevens said there was still a "pretty good chance" the nation would come out of the slowdown in a better position than it had after previous commodity booms.

He also answered a question from a Canberra student about housing affordability, saying the answer to the problem had to be fixed "on the supply side".

Mr Stevens said what was needed was more "appropriately configured land and the transport infrastructure to connect it".


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