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RBA's Stevens says economy showing signs of rebalancing

Published 03/26/2014, 12:07 AM
Updated 03/26/2014, 12:09 AM

Investing.com - Australia's economy is rebalancing from mining investment to broader domestic activity with monetary policy at an accomodative level, Reserve Bank of Australia Governor Glenn Stevens said Wednesday.

Stevens, in a speech titled "The Economic Outlook" delivered in Hong Kong to the 17th Annual Credit Suisse Asia Investment Conference, said monetary policy settings with a cash rate at a record low 2.5% signal the RBA will help rebalance the economy.

There is encouraging early evidence that the so-called 'handover' from mining led demand growth to broader private demand growth is beginning," Stevens said in prepared remarks.

He did not comment on the Australian dollar, but did say the RBA is aware that housing prices could accelerate and bring a "renewed increase in household leverage with all the associated risks to the housing market and the economy more generally, that would be unwelcome."

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