NATIONAL Australia Bank chief executive officer Ross McEwan said on Thursday that inflation was easing in Australia and interest rates appear to have peaked.

“I am positive about the Australian economy. It’s slowing but we should avoid recession and are well placed to improve later this year. Inflation is easing and it appears interest rates have peaked,” the outgoing CEO said at an Australian Banking Association event in Sydney.

McEwan retires in April and will replaced by Andrew Irvine. REUTERS