Glenn Stevens, the governor of Reserve Bank of Australia hopes that economic infrastructure with record job growth is adequate to absorb the demands of rebuilding efforts in flood affected regions of the country.

He bets to curb the inflation rates under control or what can be a standard citing the global economic depression by non-increment in interest rates by Reserve Bank. He pledged to boost-up and support every step that will be required by rebuilding efforts in demolished areas.

The consumer price inflation remains slowest since last two years bolstered the confidence of RBA. However the Economists from major banks insisted that RBA will have to raise interest rates by mid of this fiscal year to cope with inflation pressures due to surge in national spending and income growth on wages. Apart from that they hoped and forecast the downfall of unemployment rates below five percent.

The governor said that the reconstruction efforts in Queensland and other coastal areas will not have a major effect on inflation rates. He and his board targeted a cash rate around 4.75%. It was insisted that the already stretched economy and labor market will primly focus on urgency for reconstruction. Investors have shown confidence in Glenn Stevens’s ability to curb inflation.

The recede of flood-water and rebuilding efforts will create a great employee demand as well as job competition between builders and mining industries both will push resource companies for labor supply.

Prospective surge in mining and energy investment will ramp-up skilled workers demand in Australia. The unemployment rates are already pulled down by mining industries.

Glenn Stevens said that there is a growth in wages since last year reviving from the significant slump in 2009 and further increment is likely in future. He added further that employment growth was robust last year suggesting further growth over future period.

Australian economy saw 2,300 job additions by employers during December, entitling as the strongest job growth year. The unemployment rate toppled to five percent the lowest mark since January 2009.

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