Australian central bank governor Philip Lowe has told the public that it is unlikely for Australia to experience a recession due to rising interest rates.
He also does not expect the Reserve Bank of Australia (RBA) to follow the U.S. Federal Reserve in raising the cash rate by 0.75 percent in one go to combat inflation.
Speaking at an event in Sydney on June 21, the governor said there were still a lot of positive factors in the Australian economy, including low unemployment, robust household budgets and record trade performance.
“So we don’t see a recession on the horizon,” he said….