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Australia economy on path for gradual recovery

Published on Mar 12, 2014 4:24 PM
 
Australia's economy is on a path to gradual recovery thanks to low interest rates and a lower exchange rate, a top central banker said on Wednesday, while playing down data showing a decline in consumer confidence. -- FILE PHOTO: AFP

SYDNEY (REUTERS) - Australia's economy is on a path to gradual recovery thanks to low interest rates and a lower exchange rate, a top central banker said on Wednesday, while playing down data showing a decline in consumer confidence.

Reserve Bank of Australia (RBA) Deputy Governor Philip Lowe said the broad suite of indicators across the economy were pointing to a pick up in growth and it was a mistake to concentrate on just one or two monthly numbers.

Earlier on Wednesday, a private survey of consumer sentiment dropped to 10-month low for March with respondents apparently fretting about the outlook for the economy and employment.