Mr Stevens acknowledged it wasn't business managers' jobs to drive growth "out of a public-spirited desire to help the economy", but at some point it would be in the interests of businesses to start investing more.
Household consumption spending could grow in line with incomes, or maybe a little faster, but the odds are against households driving growth as strongly as they did a decade ago, Mr Stevens said. "That leaves the business sector," he said.
Figures showing a recent rise in the unemployment rate were "concerning", he said in a speech to the Committee for the Economic Development of Australia in Adelaide. "The Bank's reading, which we have had for a while, is that the labour market has a degree of spare capacity, and that it will be a while before we see unemployment decline consistently," he said.
Ideally, the non-mining sectors of the economy would grow a bit above their long-run trend pace for a while, after having been below par recently. "We may not be quite there yet, but we are I think slowly building a foundation for better performance," Mr Stevens said.
Read more here: Business Spectator