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RBA says job losses to be expected -

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ALI MOORE, PRESENTER: The Reserve Bank says the structure of the Australian economy is changing
dramatically because of the strong demand for mineral resources.

The RBA's deputy governor Ric Battellino told a gathering in Sydney the current bout of extreme
market volatility, including the higher Australian dollar, could have serious implications for the
domestic economy.

Mr Battellino said the manufacturing sector has been particularly hard-hit, but there was little
that could be done.

RIC BATTELLINO, RESERVE BANK DEPUTY GOVERNOR: So, look, the manufacturing sector - not all the
manufacturing sector, but big parts of it, are finding life more difficult at this exchange rate
and we've seen the results of that in recent days. But, you know, I don't think anybody's really -
can work out what can be done about that.

ALI MOORE: Mr Battellino's speech offered few clues to the future direction of domestic interest
rates. He said those decisions will be dictated by how the Australian economy is affected by global
volatility.