The Reserve Bank of Australia released its August 2003 Statement on Monetary Policy on 11 August. While the Australian economy remains in a position to perform relatively well against a weak international background, the pace of growth of the non-farm economy is likely to ease during the remainder of 2003. The growth of domestic demand is now in the process of slowing from its recent rapid pace, and in the short term this is unlikely to be offset by stronger external conditions, the Report