RBA fears downturn in Asia due to euro area contagion

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The Reserve Bank of Australia (RBA) is concerned that contagion from the depressed euro area could harm growth in the Asian and Australian economies in the coming years, according to details filed in its Statement on Monetary Policy released today (May 4).

The RBA has already said this week that it has cut its growth forecast for 2012 to 3% from 3.5% and expects inflation for the year of around 2%, which is at the lower end of its target band of 2–3%. This resulted in the central bank cutting it

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