RBA's Battelino kills rate cut hopes; says Australia no longer catches cold when US sneezes

By Business editor Peter Ryan  - analysis

The deputy governor of the Reserve Bank has painted an upbeat picture of the Australian economy, signalling that interest rates are unlikely to be cut.

Speaking in New York overnight, Ric Battelino says Australia's fortunes are now largely tied to China and that any downturn in the US won't necessarily resound here.

Mr Battelino also cast doubt over the recent increase in Australia's jobless rate warning there was no firm evidence that labour market is weakening.

Here's my story on ABC News Online, and you can listen to the item broadcast on The World Today.