Reserve bank of Australia (RBA) raises GDP growth forecast from now onwards

Australia’s central bank, Reserve Bank of Australia (RBA) has raised the country's gross domestic product (GDP) forecast to 1.75 percent for this year and 3.25 percent in 2010.

Three months ago, Reserve Bank of Australia (RBA) had initially forecast GDP growth of 0.5 percent and 2.25 per cent for current year and 2010 respectively.

Earlier this week, the Reserve Bank of Australia (RBA) became the first central banker this year to raise borrowing costs twice this year, citing a rebound in consumer confidence and strengthening Chinese demand for exports.