RBA's Macfarlane on the Australian economy

In a statement to the House of Representatives given on 12 August Ian Macfarlane of the Reserve Bank of Australia said that inflation was largely under control and the economy strong.

"We are not expecting to change monetary policy in the near term, and when we look further into the future we no longer see a clear probability of it moving in one direction rather than the other," he said.

But he cautioned that the changed tone did not mean further rate increases were being ruled out.

"I know some of

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