Investing.com - Reserve Bank of Australia Governor Glenn Stevens on Tuesday said he had no comments on monetary policy ahead of the bank's board meeting next week. The RBA's next policy meeting in May 5.
Stevens was speaking on Tuesday to the Australian Financial Review Banking and Wealth Summit on the topic "Observations on the Financial System."
"The key question is: how will an adequate flow of income be generated for the retired community in the future, in a world in which long-term nominal returns on low-risk assets are so low? This is a global question," Stevens said.
"Just about everywhere in the world the price of buying a given annual flow of future income has gone up a lot. Those seeking to make that purchase now - that is, those on the brink of leaving the workforce - are in a much worse position than those who made it a decade ago. They have to accept a lot more risk to generate the expected flow of future income they want," he said.