Reserve Bank governor Philip Lowe is calling for a major spending program on infrastructure including rail, bridges and roads across Australia in direct opposition to the views of Prime Minister Scott Morrison.

Mr Morrison said this week that the federal government was "starting to hit our head on the ceiling in terms of how much infrastructure work you can get under way at any one time".

RBA governor Philip Lowe says a truce in the US-China trade war could see the global economy rebound quickly. Credit:Alex Ellinghausen

But Dr Lowe said, "I think we can do more" in an interview with The Sydney Morning Herald and The Age.

The economy this week was revealed to be at its weakest in a decade. Amid calls to stimulate growth by stepping up infrastructure investment, Mr Morrison said the government was doing everything it could. That included asking the states to bring projects forward, he said.