RBA Annual Report shows net profit down $1bn

AUSTRALIA - The Reserve Bank of Australia's net profit slumped more than $1 billion in 2001/02 after falls in earnings from its interest and foreign investment portfolio. The figure was revealed as the Bank published its 2002 Annual Report on Wednesday.

The central bank also said it spent more than $1 billion soon after 11 September to maintain certainty in the Australian dollar.

The RBA posted a net profit of $1.868 billion in 2001/02, down from $3.149 billion the previous financial year, the