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Australian fiscal polices are working: central bank

Xinhua, June 15, 2015 Adjust font size:

The Reserve Bank of Australia (RBA) has said its fiscal polices are working, despite the Australian economy growing at a sluggish rate with record low interest rates, local media reported Monday.

Australian fiscal data released in early June shows the Australian economy is growing at an annual rate of 2.3 percent despite a low cash rate of 2 percent.

RBA Assistant Governor for economics Christopher Kent told an audience in Canberra on Monday that monetary police is "clearly working" to support demand.

Kent said the Australian dollar exchange rate too "continues to offer less assistance then would normally be expected in achieving balanced growth in the economy."

The RBA said it was working with regulators to assess and contain risks that may arise from the Australian housing market. Endi