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The likelihood of a March rate rise increased significantly yesterday after the Reserve Bank of Australia governor Glenn Stevens declared Australia was “open for business”.
Speaking at a business forum in Melbourne, Mr Stevens said despite the immense challenges facing the United States, Europe and Japan, Australia was well positioned to take advantage of the strong growth in Asia.
“We can come out of this episode as the country which didn’t have to buy its banks; government finances are in terrific shape; [there is] strong regulatory framework [and we] didn’t have to do very unconventional fiscal measures. The conventional methods worked a treat, actually,” Mr Stevens said.
“So, it’s not Pollyanna-ish, [not] everything’s rosy. But how many other countries are on that list? Not many. We remain open for business, plugged into the part of the world where all the growth is.”
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