In his speech titled 'An Economic Update' to the Armidale Business Chamber, Reserve Bank of Australia (RBA) Governor Philip Lowe reiterated that further monetary easing could be required. 

"The Board is prepared to ease monetary policy further if needed to support growth, employment, inflation goals," Lowe said ahead of next week's monetary policy meeting. "It's likely an extended period of low interest rates will be required in Australia."

With the initial reaction to Lowe's comments, the AUD/USD pair gained traction and was last up 0.4% on the day at 0.6800. Below are some additional key takeaways, per Reuters.

"Can’t ignore structural shifts in global interest rates. If we did seek to ignore these shifts, our exchange rate would appreciate."

"Global uncertainties, weak household consumption, record drought contributing to Australia growth slowdown."

"Gentle turning point for economy has now been reached, strength and durability of pick-up remains to be seen."

"Expecting a modest pick-up in economic growth in the quarters ahead led by low rates, tax cuts, weaker aAUD, government spending."

"Strong rates of employment growth can be sustained without inflation becoming a problem."

"Risks to global economy titled to the downside led by geopolitical uncertainties."

"Sino-US trade, technology dispute most prominent global risk."

"Drought hurting farm incomes, consumption and in turn overall economy."

"House price correction has affected household spending, residential construction."

"Despite these factors, part of the slowing in Australia's economy remains unexplained."

"Seeking to understand the disparity between strong unemployment growth, weak output growth."

"Inflation expected to pick up, but to remain below the midpoint of 2-3% target range for some time to come."

"Low wages growth one of the factors contributing to weak inflation outcomes."

"House price correction, slow rent growth, gov't efforts to ease cost-of-living pressures other factors."

"Fundamental long-term factors for Australia's economy remain strong, challenge is to capitalise on them."