RBA's Debelle: It is the level of rates that matter and they can still move lower

RBA deputy governor Guy Debelle, speaking at the Australian Business Economists Annual Dinner in Sydney, was noted saying that the next move in interest rates more likely to be up than down, though any rise in rates is still some way off.

Key quotes:

   •  It is the level of rates that matter and they can still move lower.
   •  Should that turn out not to be the case, there is scope for further rate cuts.
   •  Floating exchange rate remains an important shock absorber.
   •  Herd response by banks to falling house price risks amplifying the downturn.
   •  Household debts are high but not clear how much is too much.