RBA’s Stevens flags impact of flood on terms of trade
Glenn Stevens, the governor of the Reserve Bank of Australia, on Friday said Australia was experiencing a once-in-a-century rise in its terms of trade.
Stevens told the House of Representatives Standing Committee on Economics in Canberra: "We are experiencing a terms of trade event of very large size, of the type that happens only once or twice in a century. Our job is to try to manage this so as to avoid, as far as possible, the instability that has accompanied most previous such episodes. "
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