One of the RBA's most senior officials says one factor is key to the economy escaping the slow lane. Photo: Dave Hunt/AAP PHOTOS

Whether Australia takes the road to prosperity or stays in the slow lane depends largely on fixing productivity, according to a top Reserve Bank official.

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Australia's economy faces three possible paths forward, RBA deputy governor Andrew Hauser told a room of investors on Monday.

And which route it takes will determine how many more rate cuts mortgage holders can expect.

The central bank's second-in-command said Australia was undergoing an unusual recove

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