RBA head Stevens:
Australian firms and households getting less optimistic
- Decline in exchange rate assisting economic transition
- Most likely outcome is period of below-average growth
- Any Federal Reserve rate rise would be a positive development
- Fed policy likely expansionary for some time
- If fed raises rates, likely some disruption in markets
- Transiton from mining boom not as seamless as would like
- Says will continue to lend what support we can to economy
- Says decline in A$ is assisting the transition, but cannot fine tune it
- Period of sub-par growth favourable compared to aftermath of past mining booms
- Says global outlook improved by US recovery, lower oil prices
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