THE RESERVE BANK GOVERNOR... GLENN STEVEN.... HAS INDICATED THE AUSTRALIAN ECONOMY IS YET TO REAP ALL THE BENEFITS OF THE BANKS LAST SIX INTEREST RATE CUTS.

MR STEVENS HAS TOLD A PARLIAMENTARY COMMITTEE.... THERE IS STILL A GOOD DEAL OF INTEREST RATE STIMULUS IN THE PIPELINE.

HE SAID THE 175 BASIS POINTS OF REDUCTIONS OVER THE PAST 16 MONTHS ....REPRESENT A BIG CHANGE IN POLICY AND WILL HAVE AN ECONOMIC EFFECT.

THE COMENTS HAVE PUSHED THE AUSTRALIAN DOLLAR HIGHER AGAINST THE GREENBACK - AS TRADERS TAKE THEM TO MEAN FEWER RATE CUTS MAY BE ON THE WAY,

INVESTORS HAVE LOOKED PAST THE GROWTH CONCERNS....THAT CAUSED A RETREAT ON GLOBAL MARKETS OVERNIGHT ...

THE ALL ORDS IS RECOVERING SOME OF YESTERDAY'S MORE THAN TWO PER CENT LOSS - UP one-point-four percent

STOCKS IN THE UNITED STATES HAVE FALLEN FOR A SECOND CONSECUTIVE DAY....

SPOT GOLD PRICES CONTINUED TO RETREAT OVERNIGHT - IN ASIAN TRADE

TO REPORTING SEASON....

THE OIL AND GAS PRODUCER, SANTOS HAS REPORTED A FALL IN ITS ANNUAL NET PROFIT.

SANTOS MADE AN AFTER TAX PROFIT OF 519-MILLION DOLLARS LAST YEAR -

THAT'S DOWN 31 PER CENT ON ITS 20-11 PROFIT.

SHAREHOLDERS WILL GET AN INTERIM DIVIDEND OF 15 CENTS, FULLY FRANKED, WHICH TAKES THE TOTAL DIVIDEND FOR THE YEAR TO 30 CENTS.