RBA’s Stevens less gloomy on resources even after iron ore price tumbles

Tue, 04 Sep 2012

Sept. 4 (BusinessDesk) - Reserve Bank of Australia Governor Glenn Stevens said the economy is growing “close to trend” while spending in the resources sector has increased, suggesting raw materials will help underpin the economy a while longer. The central bank kept the cash target unchanged at 3.5 percent as expected at its review today. His assessment of trend growth comes a day before second-quarter gross domestic product data, which is expected to show the economy grew 0.7 percent for an annual rate of 3.6 percent. “Most indicators avail...

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