RBA’s deputy governor, Ric Batellino has said that the Australian economy has entered an upswing phase which was likely to last a few years. His upbeat speech this morning noted that Australia has done better than other nations. The speech will fuel talk that there is another 0.25% rise in rates coming in December.
He went on to say that he sees a substantial rise in mining investment over the next 5 years, incomes to rise solidly and households to have the capacity to sustain rising house prices.
AUD rises above 92, up 10 pips on the comments.
