Daily Banking Industry News
Monday 13th of October 2008

Banking Sectors:

By company:

By organisation:

Also see:

March 4, 2008

Australian interest rates continue to rise

by Richard Kilner

Story link: Australian interest rates continue to rise

Australia’s Reserve Bank today increased interest rates by a quarter of a point to 7.25%.

In addition to that rise, banks are thought to be about to increase their own rates, leading to yet more financial pain for homeowners.

Prime Minister Kevin Rudd said that the situation would be uncomfortable for families.

With fears of an impending US recession mounting, the Reserve Bank has signalled that it may hold off another consecutive increase to give consumers time to grow accustomed to their new financial situations.

Such a pause would also permit the central bank time to assess the impact and consequences of the recent rate increases.

Governor Glenn Stevens, the Reserve Bank’s chief, has said that there were early signs of family belt-tightening, but described the borrowing and lending changes as uncertain.

Inflation and interest rates will face further pressure in 2008 from a predicted 30% rise in export earnings, taking the total to $40bn.

However, Treasurer Wayne Swan has warned banks that should they pass on excessive costs to their customers that those customers will react harshly.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related stories to: Australian interest rates continue to rise

Australian banks profiteering  ...

Australian Treasurer aims to lower consumer fees  ...

Australian treasurer displeased by ‘excessive’ rate hikes  ...

Australian banks expected to raise rates  ...

Swan calls on Australian banks to consider families  ...

No Comments »

No comments yet.

Leave a comment


Previous: « Banks repay £750 million in unfair charges
Next: World Bank funds Rwandan project »

Visited 3895 times, 3 so far today


Savings & Investment News


Borrowing & Lending News