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December 1, 2009

Australia raises rates to 3.75%

by Richard Kilner

Story link: Australia raises rates to 3.75%

The Board of the Reserve Bank of Australia has today chosen to increase the country’s interest rate by 25 basis points to 3.75%.

This is the third consecutive month that the Reserve Bank has added 25 basis points to interest rates.

Growth across the world will continue into 2010, the institution has forecast, but will be moderate in major economies which will still be dealing with the after-effects of the financial crisis.

China and the rest of Asia will do better than the rest of the world, as will Australia itself where the downturn was milder than in much of the developed world.

The Reserve Bank of Australia has, over the past few months, gradually decreased the monetary stimulus that was put into effect during the financial crisis and global recession, and may continue this into the future.

 

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