RBA Statement on Monetary Policy, May 2007

The Reserve Bank of Australia published its May 2007 Statement on Monetary Policy on 4 May. In the report the RBA said risks to inflation are broadly balanced with underlying inflation expected to fall back to around 2.5% in the next few quarters.

"The forecast gradual pick-up in inflation reflects the expectation of firm growth in demand and output and that capacity utilisation in the economy will remain high," the RBA said.

"Domestic demand is expected to grow at a rate close to trend, while

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