AUSTRALIA

Inflation Hits 30-Year Low: Australia has achieved the lowest inflation rate in the developed world, according to figures released last week. But Treasurer John Dawkins quickly dampened hopes that the good news would lead to another interest rate cut, saying the latest figures had no implications for monetary policy. The consumer price index rose 0.5% in the final quarter of 1992, for an annual 0.3% inflation rate, the lowest in 30 years, Bureau of Statistics figures show. Economists said the result was overwhelmingly good economic news. “The CPI is a very low and very positive outcome,” said Macquarie Bank economist Janet Torney. The Bureau of Statistics said the inflation rate was the lowest since the March quarter of 1963, when inflation was also at 0.3%. Lower interest rates were a major contributor to the fall, with mortgage interest charges down 17.2% from the December quarter of 1991 and consumer credit charges 11.1% lower.