Australias inflation rate is too high, recession not intended – central bank gov

Australia's inflation rate is too high, recession not intended - central bank gov

SYDNEY (Reuters) – The head of Australia‘s central bank on Wednesday said the country’s inflation rate is way too high and needs to come down, though it is not the banks intention to cause a recession.

Appearing before lawmakers, Governor Philip Lowe said one risk is the bank may have not done enough on interest rates.

The current monetary policy is restrictive, Lowe said.

(Reporting by Stella Qiu; Editing by Christopher Cushing)

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