RBA's Lowe: Do not expect cash rate to be increased until 2024 at the earliest

Remarks by RBA governor, Philip Lowe

• Step down from A$5 billion to A$4 billion bond purchases weekly not a representation of withdrawal of support in this area
• Wants to see inflation above 2% for a number of quarters
• Wants to see wage growth sustainably above 3%

Nothing new here from Lowe as he is largely reiterating what the policy statement communicated earlier in the day. AUD/USD has risen to 0.7599 though but that mainly stems from a weaker dollar in the past 15 minutes.