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RBA divided on rate rises

22/10/2009

Minutes of the October Reserve Bank of Australia board meeting reveal that at least one board member, believed to the Treasury Secretary Dr Ken Henry, argued strongly against any rate rise. The meeting approved a 0.25 per cent rate rise, taking the official cash rate from 3.0 per cent to 3.25 per cent.

Henry is believed to have argued that the improvements in the economy are largely the result of government stimulus measures and that there is still a danger of the global economy suffering another downturn.

Source: Sydney Morning Herald

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