Australia leaves rates at 12-year high

The Reserve Bank of Australia left rates at 7.25% - their highest level since April 2006.

Glenn Stevens, the governor of the central bank, said after the 1 April meeting that while recent information has confirmed that the country grew strongly last year, the pace of domestic demand was slowing. "The overall tightening in financial conditions since the middle of 2007 has been substantial," said the governor, adding that this was working to foster the moderation in demand growth that will take

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