Australia economy on path for gradual recovery
Published on Mar 12, 2014 4:24 PM
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.