Aussie dollar's fall below 75 US cents not enough to appease RBA chief

Sydney

GLENN Stevens isn't satisfied yet. He wants more even after the Aussie dollar fell 8 per cent this year and dropped below the 75 US cent level the Reserve Bank of Australia chief said last year would be preferable.

"Further depreciation seems both likely and necessary," Mr Stevens reiterated on Tuesday, as he held the cash rate at a record-low 2 per cent.

The RBA's push for an ever-weaker currency comes as the economy grows more slowly than it has historically, while plunging iron ore and coal prices drive down Australia's terms of trade. With concern growing that unprecedented policy stimul…