RBA's Macfarlane sees growth close to 4 percent

In his opening statement to the House of Representatives Standing Committee given on 4 June, Ian Macfarlane of the RBA said that the Australian economy was set to grow by 3.75 percent in 2004 and signalled the Reserve Bank was "comfortable" with interest rates at their current levels.

"I think the has over-reacted to the March quarter GDP figure," he said. "It only lowered our forecast in the mechanical sense that one of the four quarters is now lower than in our previous forecast."

"It did not

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