RBA's Lowe: Rates will likely rise at some point if economy advances as expected

RBA governor Philip Lowe, speaking at the CEDA Annual Dinner in Melbourne, reiterated to maintain a steady monetary policy for a while but said that interest rates will rise at some point if economy advances as expected.

Key quotes:

   •  Watching housing price slump closely.
   •  Price falls come after very large gains in Sydney and Melbourne.
   •  Home price correction comes amid favourable economic background.
   •  The overall economic picture is positive, getting closer to full employment.
   •  But real hourly earnings have been stagnant for the past six years.