Pollies to put Stevens under the spotlight

Federal politicians will get the chance to tease out the Reserve Bank's current thinking on the economy and interest rates when its boss goes under the spotlight.

Governor Glenn Stevens and his top officials appear before the House Economics Committee in Sydney on Friday, the first of two public hearings held each year.

The three-hour grilling comes after a week of largely upbeat data, including strong retail spending and building approvals figures, along with the national accounts that showed the economy growing at a smarter pace of 2.8 per cent over 2013.

But in leaving the cash rate unchanged again at an all-time low of 2.5 per cent at this week's board meeting, Mr Stevens warned that unemployment could rise further, while mining investment is set to decline significantly.