Wages growth needs to be sustainably above three percent before the Reserve Bank of Australia (RBA) considers raising official interest rates, says RBA governor Philip Lowe. In his speech to The Australian Financial Review’s (AFR) business summit, the governor disagreed with market expectation for a cash rate increase late next year and then again in 2023. “This is not an expectation that we share,” Lowe said. Lowe says the bank is committed to maintaining the current 0.1 percent cash rate for as long as required and hopes to see inflation sustainably return to a level of around 2 to 3 percent. Inflation rates are currently at 1.25 percent, and the RBA forecasts it to remain below 2 percent for another two years. To return to sustainable interest rates between 2 to 3 percent, Lowe says wages growth “needs to be materially higher” than it is currently. “But our judgement is …