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Lowe also said that a further drop in the Australian dollar would help support economic growth while making wages look less excessive by international standards.
The Aussie fell to $0.8532, its lowest since July 2010 and down almost 1 percent on the day.
Traders cited stop-loss sell orders being triggered at $0.8540. Lowe said the lofty level of the local dollar led to concerns that wages in Australia were too high to be competitive.