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Tuesday, 24 November 2009 GMT
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Inflation May See RBA Hold Off on Rate Cuts, Says Deputy Governor Battellino
Wednesday, 29 October 2008 22:39:01 GMT
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In a speech given today to a National Bankruptcy Congress in Sydney, Deputy Reserve Bank of Australia Governor Ric Battellino stated that inflation may impair the central bank’s ability to further cut rates. An “inflation overhang,” as he put it, would only be further stoked by decreasing costs of credit. He followed up his comment by also saying that they are aiming at once again fighting off a global recession as they did in 2001. “That is certainly what we’re aiming for” he said amid uncertainty as to Australia would be able to pull an encore performance. Nevertheless, Australia’s income growth will probably be subdued, especially as China begins demanding less of the South Pacific’s commodities.
AUDUSD traded at 0.6704 at 18:40 EST.
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