The Reserve Bank of Australia last week cut rates by half a percentage point.
The Reserve Bank of Australia raised interest rates by 25 basis points, to 6.25%.
Mr Redican said more action will be required from the Reserve Bank of Australia.
The Reserve Bank of Australia did cut its interest rate by 0.25%, to 3.25%.
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The Bank of England and the Reserve Bank of Australia both recently raised rates because of such concerns.
Earlier Tuesday, the Reserve Bank of Australia cut its benchmark interest rate to a record low 2.75%, from 3%.
On April 3, the Reserve Bank of Australia said it might cut rates if inflation doesn't become a problem.
The rate cut is the second since October and came after the Reserve Bank of Australia's monthly policy meeting.
The Reserve Bank of Australia became the first rich-country central bank to raise interest rates in this economic cycle.
That has prompted some analysts to predict that the Reserve Bank of Australia may once again increase borrowing costs at its next meeting.
The Reserve Bank of Australia is expected to remain on hold later this evening, in line with consensus and market pricing.
The Reserve Bank of Australia on Tuesday announced that it was raising interest rates for the fifth time in six months, to 4.25%.
The Reserve Bank of Australia lowered their key interest rate by 25 basis points to a record low of 2.75%, pressuring the Australian dollar.
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Japanese stocks surged on Tuesday, hitting a fresh multi-year high, while the Australian dollar fell after the Reserve Bank of Australia cut interest rates.
In Australia, the Australian dollar fell after the Reserve Bank of Australia cut interest rates by a quarter of a percentage point to 2.75%.
The Reserve Bank of Australia raised interest rates twice in the last quarter of 2003, partly because of concerns about debt and house prices.
The Reserve Bank of Australia (RBA) said it had "on occasion been the target of cyber attacks", following a report in an Australian newspaper.
In Australia, the Reserve Bank of Australia surprised investors by lowering its benchmark interest rate by 0.25 percentage point to a record low of 2.75%.
The Reserve Bank of Australia's policy meeting minutes, which came out early in the session, provided no clues as to the direction of local interest rates.
It has pushed up inflation by much less than expected, even though the Reserve Bank of Australia has cut interest rates as the currency has fallen.
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Since the announcement, the AUD is off the boil after the Reserve Bank of Australia comment that the February employment data is subject to some statistical error.
In Sydney, meanwhile, banking stocks advanced after quarterly inflation data appeared tame enough to keep hopes alive for an interest-rate cut from the Reserve Bank of Australia.
The Reserve Bank of Australia last month warned that the national drought was likely to slow economic growth, as a result of a drop in farming output.
The Reserve Bank of Australia (RBA) was among the first rich-world central banks to start raising interest rates after virtually all countries had slashed them during the crisis.
Securency International is part-owned by the Reserve Bank of Australia.
Analysts said that the central bank, the Reserve Bank of Australia (RBA), needed to do more to ensure that its rate cuts were fully passed on the home buyers.
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BIS, and Philip Lowe, at the Reserve Bank of Australia, have tried to shift the emphasis of this debate away from the question of whether central banks should prick a bubble.
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Bernie Fraser, a former governor of the Reserve Bank of Australia, has even proposed creating a new regional central bank for central bankers, rather like the Bank for International Settlements in Basle.
Soft housing demand will help frame Tuesday's meeting of the Reserve Bank of Australia's policy-making board, with some in the market saying the chance of a cut in the 4.25% cash rate is evenly balanced.
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