Reserve Bank of Australia deputy governor Guy Debelle has steered clear of discussing interest rates during a speech on foreign exchange.

His address comes at a time of heightened speculation the RBA could further ease monetary policy as early as next month.

Last month, Dr Debelle sparked talk of a rate cut during a speech which laid out the various options the RBA has at its disposal, should it wish to further stimulate the recovery from recession.

RBA governor Philip Lowe has since said a policy change would gain more traction as coronavirus restrictions are lifted.

Dr Debelle, who chairs the Global Foreign Exchange Committee, refused to take questions about other topics on Thursday.

Economists expect a cut in the cash rate from 0.25 per cent to 0.10 per cent at the RBA’s next board meeting.

They also expect reductions to its three-year bond target rate and the term funding facility rate for banks.

As well, there is speculation the central bank could start buying longer-term bonds to keep market interest low while pumping liquidity into the finance system.

There were further signs of the economy pulling out of the recession with fewer businesses reporting a decline in revenue.

Australian Bureau of Statistics data found just under a third of businesses reporting a fall in their monthly revenue in October, compared with nearly half in July.

The ABS also found just seven per cent of businesses reported a decrease in their number of employees, compared with 13 per cent three months earlier.

Instead, around one-in-five medium and large businesses reported an increase in the number of employees in October, but small businesses saw just a six per cent rise.

Dr Debelle said actions by central banks and governments around the world at the start of the coronavirus pandemic helped financial markets quickly recover.

The experience was similar to what occurred in previous market crises such as a sharp increase in volatility, a deterioration in liquidity and a surge in funding costs.

“However, one notable feature of this latest crisis was both how sharply market conditions deteriorated and how quickly they recovered,” Dr Debelle said.

“The actions by central banks and governments around the globe doubtless contributed to this rebound.”

He said conditions had improved in recent months, with many indicators of liquidity approaching normal levels.