RBA's Stevens on the Australian economy

In a speech to the House of Representatives given on 21 February Glenn Stevens of the RBA said it is more likely that interest rates will rise than fall although the central bank is more comfortable with the outlook for inflation than it was six months ago.

Stevens, in a testimony before a parliamentary economics committee, said the bank sees Australia's inflation rate falling to 2.75 pct in about a year's time.

At the same time, he said a very serious drought has strengthened its grip on the

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