SYDNEY, June 9 (Reuters) - Australia’s central bank sees good prospects for growth and an eventual increase in wages and prices, though inflation is unlikely to be sustainably within its target range until 2024 at the earliest, a senior official said on Wednesday. Australia’s economy has witnessed a sharp rebound after last year sliding into its first recession in nearly three decades, though price pressures remain subdued, a key reason why policy will remain stimulatory for a long time to come. The Reserve Bank of Australia’s (RBA) forecasts show inflation below the mid-point of its 2-3% target through mid-2023, despite interest rates at a record low 0.1%, a massive government bond buying programme and solid fiscal stimulus. In a speech in Sydney, Assistant RBA Governor Chris Kent said the central bank’s policy measures will continue to deliver “very stimulatory monetary conditions” until the economy returns to full employment and inflation is consistent with the target. Kent noted the increase in some local fixed rates but said they were still very cheap while bank borrowing costs were near record lows. He also noted the rise in longer-dated sovereign bond yields to around pre-pandemic levels, though they still did not indicate inflation within the RBA’s target band. “Measures of inflation expectations have returned to levels of a few years ago, when inflation was consistent with, or even below, inflation targets,” Kent said. “In other words, they don’t point to inflation over the coming years sitting above central bank targets in a sustainable way.” (Reporting by Swati Pandey; Editing by Jacqueline Wong) Our Standards: The Thomson Reuters Trust Principles.