RBA's Debelle: Will not hike rates until inflation is sustainably back in 2-3% range

The Reserve Bank of Australia's (RBA) Deputy Governor, Guy Debelle, said on Wednesday that they will not be raising the cash rate until they see inflation sustainably back in the 2-3% range, as reported by Reuters.

"The current expectation is that won't happen until 2024," Debelle added. " If we hadn't provided the stimulus, we'd have had a much higher currency."

Market reaction

The AUD/USD pair remains on the back foot following these comments and was last seen losing 0.13% on a daily basis at 0.7612.