The Reserve Bank of Australia released its quarterly monetary policy statement today expecting economic growth to accelerate this year. The RBA said the economy will grow 2.5% in the year ending June 2010 compared with earlier forecasts of 2.25%, while the GDP is anticipated to grow 3.25% in 2011.

The RBA said interest rates are not at exceptionally low levels anymore and borrowing costs will be raised to make sure inflation remain within the bank's target range of between 2% and 3%. Yet, mining investment will increase more than its very high level, and exports of resources are projected to grow strongly, the RBA said.