Interest Rate Rises

The decision has been made as the global economy starts to resume pace, with forecasts of continuing growth through 2010.

Strong growth with Australia's trading partners also showing signs of future economy improvements. The cash rate was lowered to a 49 year low in 2009 with expectations of weak conditions, these conditions are now expected to improve, with the RBA's board meeting today. They decided to raise the official cash rate by 0.25 basis points bringing it up to 3.25%, the new cash rate will take effect on the 7 October 2009.