Stevens comfortable with rate settings
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CANBERRA, Feb 22 AAP
February 22 2013, 10:10AM
Central bank governor Glenn Stevens says he is comfortable with the current setting of the cash rate, although there are still concerns abroad that are keeping rates low.
The cash rate currently sits at three per cent, the same as during the depths of the 2008-2009 global financial crisis (GFC).
Mr Stevens on Friday told the House of Representatives economics committee in Canberra that while he was keen to lift rates again once the worst of the GFC was over, this time around there were other factors, such as a high Australian dollar.
"I'm not uncomfortable with this setting of rates," the head of the Reserve Bank of Australia (RBA) said.
"I am a bit uncomfortable with some of things that are happening around the world that are part of the reason why we are here, but I can't do much about those."
He said interest rates had been kept at incredible lows for a very long period of time in the major countries.