It is extraordinarily unlikely that we will see negative interest rates in Australia, RBA governor Philip Lowe said last night."We can't ignore global trends in savings and investment and the responses of other central banks," he said, a reference to the negative interest rates that are almost common in key western countries."If we did seek to ignore these trends, the exchange rate would most likely appreciate. In the current environment, this would be unhelpful for both jobs growth and for achieving the inflation target."Lowe went to emphasise that "while we need to take account of these global trends, there is no automatic mechanical link between what is happening elsewhere and our own monetary policy. At each meeting of the Reserve Bank Board we are asking ourselves what is best for the Australian economy and for the welfare of the Australian people."Carefully skirting over the debates in the markets and the media on QE, Lowe said "over the course of this year we have lowered interest rates three times to a record low of 0.75 per cent. "We are confident that these reductions are helping the Australian economy and supporting the gentle turning point in economic growth. In doing so, low interest rates are supporting jobs and overall income growth. "At the same time, though, we recognise that monetary policy is not working in exactly the same way that it used to. We also recognise that low interest rates hurt the finances of many people, particularly those relying on interest income. So there is a balancing act here."The Board is prepared to ease monetary policy further if needed," he said - which has been his refrain for months. "It is likely though that we will require an extended period of low interest rates to reach full employment and for inflation to be consistent with the target. "