RBA sees the Australian Economy cooling but not facing the same challenges as the US and UK

Reserve Bank of Australia's Stevens: Clear some key parts of demand are slowing. Likely that inflation will go higher before coming down again. Financial conditions are tight and have tightened further in last month. Doesn't expect Australian Economy to face same challenges as US and the UK economies.
The chances of keeping Australia's inflation rate low over the medium term are good as the highest borrowing costs in 12 years cool the economy. ``This outlook does involve a period of significantly slower growth in demand in Australia." "But controlling inflation has always involved being prepared to slow'' the economy.

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