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The Reserve Bank has raised the cash rate for the third consecutive month. The rise of 25 basis points takes the rate to 3.75 percent, effective from tomorrow. In a statement, RBA governor Glenn Stevens said they decided to raise the rates because the downturn has been “relatively mild, and measures of confidence and business [...]
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Fairfax newspaper The Age has implicated the Reserve Bank of Australia (RBA) and Austrade in a scandal over a banknote printing deal in Vietnam. Polymer banknote exporter Securency, half-owned by the RBA, allegedly bribed Vietnamese government officials with hefty commissions – more than $12 million – in a case now being investigated by the Australian [...]
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The Reserve Bank of Australia (RBA) yesterday raised the cash rate to 3.5 percent, a rise of 25 basis points and the second consecutive increase after October’s 25-point rise. In a statement, RBA governor Glenn Stevens attributed the increase to global events: “The global economy has resumed growth. With economic policy settings likely to remain [...]
...read moreThe Australia dollar yesterday jumped to its highest level in a year, surging to US85.39c before closing at US85.18c. Icap senior economist, Adam Carr has predicted the Australian dollar will continue to rise against the US dollar as the likelihood of a rate hike increases. “I think we will get above US90c when the RBA [...]
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China’s demand for Australian commodities has helped cushion our economy from the global recession, says Reserve Bank governor Glenn Stevens. Their purchases over the past 12 months has supported Australia’s exports. Stevens said he was in the “optimistic camp” on China because of indicators late last year showing that Chinese production was once again starting [...]
...read moreYesterday’s smaller trade deficit figures, and Reserve Bank governor Glenn Stevens’ comments about the resilience of the export sector, has increased the focus on export as a means to economic recovery. “Economic conditions in Australia have been stronger than expected a few months ago, with both consumer spending and exports notable for their resilience,” said [...]
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Following the monthly meeting of the Reserve Bank, RBA governor Glenn Stevens announced that they would keep the cash rate at the current three percent. “With considerable economic stimulus in train around the world, the global economy is stabilising after an earlier sharp contraction in demand,” he explained. “Downside risks to the global outlook have [...]
...read moreReserve Bank governor Glenn Stevens has flagged a possible rate rise at next week’s RBA meeting, following a strong performance by the Australian dollar and the financial markets over the past month. While there is a convention for the RBA to keep rates low if unemployment rises, Stevens says he’s not bound by it. “I’ve [...]
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The Reserve Bank has left Australia’s cash rate unchanged at three percent following their monthly meeting this afternoon. RBA governor Glenn Stevens recognised that while the global economy has stabilised since the contraction experienced in the December 2008 and March 2009 quarters, and downside risks have been reduced, the Australian economy is still experiencing tight [...]
...read moreThe Reserve Bank will hold their monthly meeting on interest rates tomorrow, where economists expect them to retain the current interest rate of three percent, according to a survey conducted by Australian Associated Press. If this is the case, it will be the third month in a row that the rate has remained the same. [...]
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