Costello warns RBA on rate increase

Australia's Treasurer Peter Costello has put pressure on the Reserve Bank of Australia not to raise interest rates when it meets on Tuesday 1 March, saying an increase would go against the RBA's remit.

Speaking on Sunday, Mr Costello said that because inflation remained low, the central bank would be going outside the terms under which it was made independent if it increased rates.

"When I entered into an agreement with the Reserve Bank to put it on an independent footing, I gave it a target (f

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