RBA's Macfarlane on the Australian economy

In his opening statement to the House of Representatives given on 17 February I.J. Macfarlane of the Reserve Bank of Australia said it is more likely that the next movement in Australian interest rates will be up rather than down. He also said the way people were appointed to the RBA's board was flawed.

In answers to questions Mr Macfarlane criticised the process of appointments to the RBA's board, saying giving a job to South Australian businessman Rob Gerard shows the system is flawed.

Mr

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