Australia’s central bank announced Tuesday 6 October that it is raising its key interest rate from 3.00 to 3.25 percent, and analysts say more increases are on the way. The Reserve Bank cited improved economic conditions and a stronger Australian economy. The country thus becomes the first in the group of 20 major economies, the G20 countries, to raise rates after the cuts seen worldwide in the past 12 months. The Age reports that if banks pass along the rate hike to clients it will mean Aus$40 a month more on a home loan of Aus$300,000.
Links to other sites: ABC News, Australia, The Age, Financial Times
Posted by Ellen Wallace on 6 October 2009 at 8:41 | permalink
This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.
News story, GenevaLunch, 6 October 2009.
Filed under: World news
Tags: Australia, G20, improved economy, increase, interest rates
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