AUSTRALIA: The decision to raise interest rates 25 basis points to
4.0% on March 3 took rates “another step” in the “direction” of
normality, the Resereve Bank said in the minutes of its meeting. The
minutes said the RBA expects inflation of 2.5% this year and that while
renewed turmoil due to fiscal problems in Europe could not be ruled out,
it was not the likeliest outcome.