Rate cut proves RBA wrong: ex-governor Fraser

Bernie Fraser, a former governor of the Reserve Bank of Australia, has said that the central bank's September rate cut confirms it misjudged the economic climate in raising rates earlier this year.

The Reserve Bank raised rates to a 12-year high of 7.25% in March, a move criticised by Fraser at the time, before cutting earlier this month to 7%.

Fraser told Dow Jones Newswires that both the February and March rises were unnecessary and too aggressive, forcing the central bank into an "abrupt

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