Philip Lowe: From recovery to expansion

Keynote address by Mr Philip Lowe, Governor of the Reserve Bank of Australia, at the the Australian Farm Institute Conference, Toowoomba, 17 June 2021.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Thank you for the invitation to join the Australian Farm Institute's conference. It is a great pleasure for me to visit Toowoomba and to learn more about the issues facing the farm sector and regional Australia.

As we all know, the past year has been an extremely challenging one in the life of our nation. But as a country we pulled together, and we have been up to the task. The results are evident in our health and economic outcomes, which are better than elsewhere in the world. It is important that we don't lose sight of this.

This morning, I would like to talk about how the economy is now transitioning from recovery mode to expansion mode, and highlight some of the issues that this raises, including for regional Australia. I will then conclude with some comments about the outlook for monetary policy.