February 6, 2019 / 2:40 AM / 6 months ago

Australia's central bank governor says housing downturn will not derail economy

FILE PHOTO: Australia's new Reserve Bank of Australia (RBA) Governor Philip Lowe speaks at a parliamentary economics committee meeting in Sydney, September 22, 2016. REUTERS/Jason Reed

SYDNEY (Reuters) - Australia’s house price correction is manageable and the ongoing downturn is unlikely to “derail” the economy which is in its 27th year of recession-free expansion, the country’s top central bank official said on Wednesday.

Reserve Bank of Australia (RBA) Governor Philip Lowe was responding to media questions following a speech in Sydney where he signalled interest rates could go lower, a shift in the RBA’s long-held stance that sent the local dollar sliding.

Reporting by Swati Pandey and Wayne Cole; editing by Richard Pullin

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