Reserve Bank of Australia Interest Rates Increased By 25%
2009 October 6
Australia is now the first country in the G20 to raise rates.
Cash rate is now 3.25%
In explaining the decision, RBA Governor Glenn Stevens says that the global economy is resuming growth, economic conditions here are stronger than expected and unemployment has not risen as far as expected.
RBA says it’s now prudent to “gradually lessening the stimulus provided by monetary policy”
According Saul Eslake, the global financial crisis was “almost if not completely over”‘, and most parts of the economy no longer needed the support of very low interest rates.
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