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Australia hit by lower commodity prices: Treasury

Posted on 18 October 2012

Australia’s economy has been hit by weaker commodity prices this year, but recent interest rate cuts should soften the blow. David Gruen, the Treasury’s head of economic forecasting, said Australia’s central bank has scope to cut interest rates further “if it sees fit” as inflation is low.
Slowing growth in China, the country’s biggest trading partner, has led to sharp falls in key industrial commodity prices in recent times, buffeting Australian exports. Mr. Gruen said there is “no question” that those falling prices will impact growth and budget revenues………………………………………..Full Article: Source


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