Reserve Bank boss Philip Lowe will shed light on Australia’s economic recovery from the coronavirus pandemic when he faces an inquiry on Thursday.

Dr Lowe, Australian Prudential Regulation Authority chair Wayne Byres and Australian Securities and Investments Commission chair James Shipton will appear via videoconference before the COVID-19 committee hearing.

“Labor is looking forward to the opportunity to hear from the RBA governor about his views on the economic response to COVID-19 and the best path forward for recovery,” Labor senator and inquiry chair Katy Gallagher told AAP.

“Australia entered this crisis from a position of weakness, not strength.

“With monetary policy now all-but exhausted, Governor Lowe’s views about where Australia goes from here will be important evidence for this committee and vital to Australians who are relying on this government to get the recovery right.”

Dr Lowe has been talking up the need to restore business and consumer confidence, while noting the ultimate key to recovery hinges on the development of a medical treatment for the virus.

He told a forum last week the faster that restrictions can be lifted safely, the sooner and stronger the economic bounce-back will be and the less “economic scarring” will take place.

Finance Minister Mathias Cormann backed the call for the economy to be restored back to normal as soon as possible

He said the government had “planned for the worst” two months ago, but Australia was now “close to eliminating” the spread of virus cases.

This had led to a “change in parameters” when it came to the federal budget and spending.

“We, of course, are working now on the transition out of the period of temporary support measures in the economy,” he told the ABC.

“In that context, of course, we will be announcing a whole series of measures, including, and in particular, through the budget on October 6 to maximise the strength of our economic recovery.”