Australia's central bank opens door to 2022 rate rise, argues for patience

The RBA expects unemployment to fall to 3.75% later this year, from the present 4.2%, and stay there next year

Australia's top central banker on Wednesday for the first time opened the door to a possible rise in interest rates later this year, but argued there was a rare opportunity to reach full employment that justified being patient.

Offering an upbeat economic outlook, Reserve Bank of Australia (RBA) Governor Philip Lowe repeatedly emphasised that the country was near getting unemployment under 4% for the first time in half a century and driving wages higher after years of sub par growth.

"We have a unique opportunity here to get people into jobs and get their incomes growing more quickly, and we