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Reserve Bank of Australia Governor Philip Lowe has dismissed suggestions interest rates could rise next year, insisting the cash rate will be on hold until 2024. In a keynote address to the Anika Foundation on Tuesday, Mr Lowe said interest rates will be on hold on the record low of 0.1 per cent for at least the next three years. Sky News business reporter Ed Boyd said the market reacted strongly to the address. “His (Mr Lowe’s) comments gave the market some positivity: the ASX was in negative territory, after he finished speaking, the market finished the day up by 0.2 per cent,” he said. However, the RBA predicts the national economy will detract by two per cent in the September quarter with businesses on “survival mode” and many expected to become bankrupt as a result of the lockdowns.