RBA Lowe speaks before the House of Representatives: Says its reasonable to expect a period of low rates.

RBA governor Lowe is appearing before the House of Representatives' Standing Committee on Economics in Canberra. He is delivering a prepared text and along with colleagues will be answering politicians’ questions for about 3 hours.

Key comments

• Says its reasonable to expect a period of low rates.
• Signs economy has reached a gentle turning point.
• The economy will be below inflation for some time.

More to come...

FX implications:

Should weigh on AUD. The market is waiting to hear if he is questioned on the RBNZ’s aggressive stance and whether the RBA is considering QE.

Note: Later in the day, the RBA also releases its quarterly Statement on Monetary Policy at 11:30am Syd.

"Tuesday’s brief statement indicated fairly modest changes compared to May. The RBA’s “central scenario is for the Australian economy to grow by around 2½ per cent over 2019 and 2¾ per cent over 2020.” Inflation is expected to take longer to return to target, “a little under 2 per cent over 2020 and a little above 2 per cent over 2021," analysts at Westpac explained