Australia's remarkable boom times are over and the best way to maintain our standard of living is to have a "laser-like" focus on productivity, new Reserve Bank governor Philip Lowe warns.

In his first appearance before the House of Representatives Standing Committee on Economics as governor, Dr Lowe said the confluence of factors that boosted living standards in recent decades will not happen again. Australians enjoyed real income growth per person of three per cent on average for 15 years until…