Australian interest rates 'to soar'

AUSTRALIA - Interest rates may have to rise by two percentage points in Australia to cut the risk of overheating, the country's central bank chief has warned.

The warning affirms the position of the Australian economy as one of the world's strongest, with growth hitting 3.6% for 2001-02, a year during which many other leading industrialised nations entered recession.

Ian Macfarlane, governor of the Reserve Bank of Australia, told a parliamentary committee that there was a "high risk" of overh