RBA's Macfarlane on prospects for the economy

In a speech given on 18 February Ian Macfarlane of the Reserve Bank of Australia said looking ahead, we forecast gradual rises in underlying inflation, with it reaching 2.5 per cent by end 2005 and 3 per cent by end 2006.

Macfarlane said the RBA's assessment "is that the risks are more likely to be on the upside, as we do not see any obvious downward source of risk unless there was a sharp weakening in the world economy, an eventuality on which we would place a low probability."

"I suppose you

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