RBA Governor apologises for rate forecast

Sky News Business Editor Ross Greenwood says Reserve Bank Governor Philip Lowe made an apology about his much-criticised prediction that interest rates would not rise until 2024.

“The Governor laid out the conditions when COVID hit – he said forecasts initially suggested a 15 per cent unemployment rate, inflation low for a long period, interest rates as well,” Mr Greenwood said.

“As it turned out, the opposite occurred due to Government stimulus and the RBA slashing rates close to zero.”