MacFarlane explains recent rate rise

In his final testimony to lawmakers before retiring as governor of Australia's central bank, Ian MacFarlane said that a pick-up in the pace of economic growth, a strong household sector and the fall in spare capacity were the reasons for May's increase in interest rates. These factors led forecasts of underlying inflation to be revised upwards over the past six months. Opening statement by Reserve Bank of Australia governor Ian MacFarlane to House of Representatives Standing Committee on

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