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Interest rates have been tipped to rise when the Reserve Bank of Australia meets on Melbourne Cup Day.
Some economists believe interest rates could rise by as much as 50 basis points, after the RBA revealed it was becoming increasingly concerned the economic recovery could stoke inflation.
Minutes from the October RBA board meeting reveal that the surprise 25 basis point increase that pushed the official cash rate up to 3.25 per cent was brought on by worries about inflation.
There was however some descent from one board member, believed to be the Treasury Secretary Dr Ken Henry, who argued ...
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Categories: Home Loans and Mortgages, Interest Rates. Tags: Interest Rates, RBA.
Financial markets have tipped an interest rate rise as soon as next month after the economy reported better than expected growth figures in the June quarter.
The economy grew 0.6 per cent last quarter, beating expectations of a sluggish growth of only 0.2 per cent.
The positive result now means the economy has recorded two quarters of positive growth, after a contraction in the December quarter of 2008.
On the back of the positive growth, financial markets moved swiftly today to price in the greater risk of a rate rise as soon as next month.
The interbank financial markets predict there is about a ...
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Categories: Banking and Finance, Home Loans and Mortgages, Interest Rates. Tags: Interest Rates, RBA, RBA Rate Cuts.
There were no surprises at today's Reserve Bank board meeting that left interest rates steady at 3 per cent.
Economists had widely tipped that interest rates would remain on hold, as the local global economies remained in recovery mode.
In a statement released after the meeting, RBA Governor Glenn Stevens said that major economies appear to be approaching a turning point, but the economic growth in 2010 will still be slow.
Mr Stevens also said that consumer spending, exports and business investment have been strong in Australia, but probably due to Government initiatives and therefore may not hold over the coming months.
He believes ...
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Categories: Home Loans and Mortgages, Interest Rates. Tags: Interest Rates, Investment Loans, Property Finance, RBA.
The Reserve Bank of Australia has urged homeowners to prepare for an interest rate rise as a return to growth begins to look more likely than a recession.
The central banks announced yesterday that it would leave official interest rates at 3 per cent for the fourth consecutive month.
But this time, in its accompanying monetary policy statement, it removed references to the scope for "further easing if needed".
In a shift from an easing to a neutral bias, RBA governor Glenn Stevens indicated the chance of a severe recession hitting Australia had diminished.
"Economic conditions in Australia have been stronger ...
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Categories: Interest Rates. Tags: Interest Rates, RBA.
There were no surprises today as the Reserve Bank of Australia left interest rates on hold at 3 per cent for the fourth consecutive month.
Citing tentative signs that the US economy was approaching a turning point and the strong growth of the Chinese economy, the RBA said the global economy was stabilising after an earlier sharp fall in demand.
Financial markets had widely tipped that the RBA would leave interest rates on hold with less than 5 per cent chance that there would be a downward movement.
The futures market is pricing that there could be more than five interest rate increases ...
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Categories: Home Loans and Mortgages, Interest Rates. Tags: Interest Rates, RBA.
The Reserve Bank of Australia has today left interest rates unchanged for the third consecutive month.
Prior to the decision, economists had tipped interest rates to remain on hold following minutes from its June meeting that revealed the board did not see any pressing reason for a further interest rate reduction.
Despite interest rates remaining steady since April, there is still some conjecture as to the direction rates will go in the months ahead with some economists predicting further reductions and others warning of inevitable rises.
At its board meeting this afternoon, the RBA said the downside risk to the global economic ...
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Categories: Interest Rates. Tags: Interest Rates, Investment Loans, Mortgage Rates, Property Finance, RBA.
Housing credit increased by 0.5 per cent over May, following an increase of 0.6 per cent over April, the RBA revealed today.
According to RBA figures, housing credit rose by 7.0 per cent over the year to May mostly as a result of owner occupiers.
Propped up by historically low interest rates and the generous first home buyers boost, the owner occupier segment experienced strong growth in lending .
Lending to investors on the other hand, experienced weak growth with an increase of 0.1 per cent for the month and 3.8 per cent.
Source: RBA, Mortgage Business
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Categories: Home Loans and Mortgages, Interest Rates. Tags: Investor Lending, Owner Occupiers, RBA.
The RBA today left interest rates unchanged at 3 per cent in a move that had been tipped by economists and financial markets.
The RBA attributed the decision to mortgage interest rates and market rates remain at historically low levels, the considerable support provided by government stimulus and the strengthening of the global economy.
In a statement after the rates decision, RBA Governor Glenn Stevens said that prospects were improved by better conditions in global financial markets.
Evidence that the global economy was continuing to stabilise and the considerable policy stimulus in most countries that have been helping to contain the global ...
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Categories: Interest Rates, News. Tags: Investment Loans, Mortgage Interest Rates, Property Finance, RBA.
Borrowers may have a long wait before the RBA delivers further interest rate cuts, as the central bank maintains a watchful eye on early signs of an economic recovery.
Minutes from the May 5 RBA board meeting showed that the choice came down to either easing monetary policy or keeping interest rates on hold "pending further information on how economic and financial conditions were unfolding."
The RBA decided to leave interest rates unchanged at a 49-year low of 3 per cent.
In assessing the need for further interest rate cuts, the RBA indicated that they "would continue to monitor the strength and durability of ...
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Categories: Interest Rates. Tags: cash rate, Interest Rates, RBA.
