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To: Nadine Carroll who wrote (86632)	6/8/2002 10:48:41 AM
From: long-gone	Respond to of 116845

Australian central bank raises interest rates as report shows strong economic growth Tue Jun 4,11:28 PM ET By PETER O'CONNOR, Associated Press Writer CANBERRA, Australia - Australia's central bank raised its benchmark interest rate Wednesday for the second time in a month as new data showed the economy has been growing at an annual rate of 4.2 percent. In a move widely anticipated in financial markets, the Reserve Bank of Australia raised its benchmark interest rate a quarter of a percentage point to 4.75 percent, following the same sized increase on May 8. Two hours after the rate rise, the Australian Bureau of Statistics released its economic report for the first three months of the year which said the economy grew 0.9 percent in the quarter and 4.2 percent for the year to March 31. The result was below financial market forecasts of around 1.1 percent on the quarter and 4.8 percent for the year. Yet, citing a robust local economy and gathering global economic strength, Reserve Bank Governor Ian Macfarlane said the rate increase was necessary to keep a check on inflation. "With the global economy recovering and the Australian economy expanding strongly ... today's action is aimed at ... promoting sustainable expansion of the economy with low inflation," Macfarlane said in a statement. The bank's decision follows a string of economic data earlier this month that showed the nation's housing industry continuing to boom, a strong manufacturing sector, rising consumer spending and a vigorous labor market. "Business confidence, too, is at a high level, and businesses are reporting a(cont) story.news.yahoo.com