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2007
RBA Glenn Stevens says positive outlook for Australia
Tuesday October 6, 2009
Reserve Bank of Australia governor Glenn Stevens has stated that Australia's economic future is far better off than previously feared with the nation's medium-term prospects being viewed as healthy as the country's economy recovers.
This, of course, means that interest rates will undoubtedly rise with Mr Stevens saying that Australia was lucky to avoid zero central bank rates, saying he feels "very, very pleased and fortunate'' and that it was ';';immeasurably to Australia's advantage that, however we have arrived at where we are, that we do not find
ourselves with the overnight rate at zero'' and with the RBA having to buy government debt outright.
';';I'm not saying that countries that are doing are doing the wrong thing, but it is much to our advantage that we find ourselves not in that place,"
Mr Stevens named several indicators that are showing marked improvements leading to the expectations of a healthier economy including that the Australian economy grew at 0.6 per cent in the June quarter which was the best result for any developed country while consumer and business confidence also reported increases.
Of course at the heart of it was the central bank's interest rate which currently sitting at three per cent with many investors predicting a 25-basis-point rate rise in November.
"I have maintained throughout that Australia's medium-term prospects remained good and that we should not lose confidence,
"Measures of business and household confidence have shown a very substantial pick-up from the low points reached earlier this year." Mr Stevens explained.
"Although the evidence is as yet incomplete, this episode has been much less serious that those in the mid-1970s, the early 1980s and the early 1990s,
"It is reasonable to conclude, against the benchmarks of historical and international experience, that Australia has done quite well on this occasion."
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