The Reserve Bank of Australia released its November 2003 Statement on Monetary Policy on 10 November. The RBA said it expects inflation to fall in the short term as the higher $A flows through to import prices, but then sees it picking it up again to return to the middle of its 2-3 per cent target range by the second half of 2005. "The balance of risks around this medium-term central forecast, however, seems now to be shifting to the upside," the RBA said.

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