RBA restates need for currency drop to balance below-average growth

Sydney

AUSTRALIA'S central bank reiterated the need for deeper currency declines to balance economic growth that's predicted to remain below average until the latter part of 2016.

"A lower exchange rate would have an immediate beneficial effect on some sectors such as tourism," the Reserve Bank of Australia (RBA) said in minutes of its June policy meeting in Sydney on Tuesday. "It would need to be lower for a sustained period to have a significant effect on large investment decisions in other trade-exposed sectors."