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Publish date: 08-11-2009 02:29:18 | Contact Name: Real Estate Amateur | 243 times displayed
Good news from the RBA this past friday the 6th of november 2009. The RBA has released its latest statement regarding adjusting the monetary policy to the Australian economic forecast. All indicators are up, the economy expected to increase with the RBA growth forecast adjusted to the positive.
Not so positive for variable mortgage rate holders as the chances of another rate hike in december is being put at over 60%. Most likely the rate increase will again be at 25 basis points.
The expected GDP growth for the fourth quarter of 2010 has been set at 3.25% up from the RBA August forecast putting the same growth period at just 2.25%. At the same time inflation is expected to fall to 2.25% which is slightly higer from the previously forecasted 2%. Todays inflation rate is at 3.5% and falling.
It seems to me that the Reserve Bank of Australia is getting confident that the recession is close to being over and the economy on the way up. I sure hope they are right and the confidence is not premature. While Australia is confident the global financial institutions seem to think so, warning the Reserve to hold off from further rises. But surveys also show confidence among business and consumers is higher than they have been in a long time.
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