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Australian gov't works to ease another hike in interest rates: Treasurer

07-15-2010 10:24 BJT

CANBERRA, July 15 (Xinhua) -- The Australian federal government has been doing everything it can to ease the inflationary pressures that could lead to another hike in interest rates, Treasurer Wayne Swan said on Thursday.

There are concerns surging consumer confidence and better-than- expected economic data will give the Reserve Bank cause to consider a rate increase in August.

But Swan said the economic situation was not that simple, citing Treasury forecasts that have trimmed Australia's predicted growth rate.

When asked whether rates would rise (before) from an election, Swan told ABC Radio on Thursday: "That's entirely a matter for the Reserve Bank.

"From a government perspective we are doing everything we possibly can to invest in capacity in the economy and ease inflationary pressures," Swan said.

Prime Minister Julia Gillard was about to present her government's economic record when she gives her first address as leader to the National Press Club later on Thursday.

On Wednesday Treasurer Wayne Swan gave an update on the nation' s economic health, which revealed Australia was on track to return to surplus within three years, and with a 3.1 billion dollars (2.73 billion U.S. dollars) surplus, which is 2 billion dollars (1.76 billion U.S. dollars) more than anticipated.

Editor:Jin Lin |Source: Xinhua

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