Take RBA's growth warning seriously: Bowen

Shadow treasurer Chris Bowen says the Reserve Bank's warning that the economy may be entering a period of permanently lower trend growth should be taken very seriously.

The central bank's latest monetary policy statement released on Friday suggests that longer term growth will be more like 2.5 to 2.75 per cent, rather than a longtime assumed three to 3.25 per cent.

Mr Bowen says it means there must be a particular focus on jobs and job creation, while a return to a budget balance must be taken in a "gradual, moderate and careful" way rather than making "outlandish promises".