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SYDNEY, Feb 24 (Reuters) - Australia’s central bank is paying “close attention” to the trends in household borrowing, indicating yet again that more cuts in interest rates were off the table, Governor Philip Lowe said on Friday.
The Reserve Bank of Australia (RBA) has kept interest rates at a record low 1.50 percent after last easing in August, and Lowe hopes the current setting will be low enough to deliver balanced economic growth, although a further slowdown in the labour market could warrant a move.
“There is a balance to be struck. Too much borrowing today can create problems for tomorrow, because debt does have to be repaid,” said Lowe before a parliamentary economics committee. (Reporting by Swati Pandey and Wayne Cole, editing by G Crosse)