ANNUAL GENERAL MEETING 2003

Central Banks are moving to less expansionary interest rates 7.0 % Official interest rates 6.5 6.0 5.5 5.0 4.5 4.0 2000 2001 Sources: RBA; RBNZ; Economics@ANZ New Zealand Australia 7.0 % Forecast - 6.5 2002 2003 2004 - 6.0 5.5 - 5.0 4.5 4.0 ZNY

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