Australia's Macfarlane moves Reserve goal posts

AUSTRALIA - The Reserve Bank of Australia governor advised the Australian Government against repayments of borrowed US dollars.

The advice from RBA governor, Ian Macfarlane, was given in 2000. In 2002, the currency swaps are estimated to be costing Australian taxpayers almost $A5 billion. At a meeting with the Treasurer and the treasury secretary in December 2000, Macfarlane has disclosed that he stated his conviction that the value of the dollar should always take priority over portfolio issu