Philip Lowe has used his maiden speech as Reserve Bank of Australia governor to express growing certainty Australia won't fall into the low-inflation trap that has left Japan and Europe at risk of perpetual economic weakness.

In a speech that included a warning that a Donald Trump presidential election win would trigger a bigger market shock than Brexit, Dr Lowe put wage earners and businesses on notice that his governorship would be judged on whether he brings inflation back to the central bank's 2 to 3 per cent target range.