This might be another reason for the sell off as well:
Australia treasurer says inflation to stay high
Friday December 14, 2007, 1:22 pm
SYDNEY, Dec 14 (Reuters) - Australia's new Treasurer, Wayne Swan, said on Friday that the country faces a period of elevated inflation, adding it would take a long time for price pressures to turn lower.
Swan assumed the post when the Labor Party won last month's general election. (Reporting by Anirban Nag)
thursady thunking, page-160
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