For the third consecutive month, the Reserve Bank of Australia (RBA) has raised interest rates, lifting the cost of borrowing from 3.5 percent to 3.75 percent. RBA Governor Glenn Stevens notes that “measures of confidence and business conditions suggest the economy is in gradual recovery”.
“The effects of the early stages of the fiscal stimulus on consumer demand are fading, but public infrastructure spending is starting to provide more impetus to demand,” he added.
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