| Sports Betting Online |
RBA Cuts Cah Rate By 75bps
4 November 2008 |
| |
| STATEMENT BY GLENN STEVENS, GOVERNOR
MONETARY POLICY
At its meeting today, the Board decided to reduce the cash rate by 75 basis points to 5.25 per cent, effective 5 November 2008.
World financial markets have remained turbulent over the past month. Global equity prices have been volatile and fell further in net terms, and there have been significant exchange rate movements, including a sharp depreciation of the Australian dollar. A number of governments have announced measures to strengthen their financial systems, which should help to stabilise conditions over time.
International economic data have continued to point to significant weakness in the major industrial economies, and there have been further signs that China and other parts of the developing world are slowing as well. These conditions have contributed to further falls in world commodity prices.
In Australia, the overall path of economic activity appears until recently to have been close to what the Board had expected, with a needed moderation in demand occurring after a period of earlier strength. Recent reductions in borrowing rates, the depreciation of the exchange rate and the fiscal stimulus announced in October will work to assist growth in the period ahead, but deteriorating international conditions and falling commodity prices will have a dampening influence. On balance, it appears likely that spending and activity will be weaker than earlier expected.
Consumer price inflation in Australia remained high in the September quarter. As expected, CPI inflation in year?ended terms picked up to 5 per cent, while underlying measures were just over 4½ per cent. Nonetheless, capacity pressures are now easing and, given the outlook for more moderate growth in demand and activity, it is reasonable to expect that inflation in Australia will soon start to fall. Global disinflationary forces will assist in this regard, though the depreciation of the exchange rate means that the decline of inflation to the target could take longer than would otherwise be the case.
Weighing up these international and domestic developments, the Board judged that a further significant reduction in the cash rate was warranted. The Board will continue to monitor developments and make adjustments as needed to promote sustainable growth consistent with achieving the 2–3 per cent inflation target over time
|
| |
| Source : |
| |
|
|
|
| |
| 28 November 2008 | - Women don't talk money |
| | - Only Rabo not offering guarantee |
| | - Card rates not coming down |
| | - Banks to issue debt bonds |
| | - ANZ, St George most popular banks |
| |
| 27 November 2008 | - Mortgage company closes doors |
| | - Big depositors get to opt out of guarantee |
| | - ANZ and Macquarie have the most bad debts |
| |
| 26 November 2008 | - Soft landing for house prices |
| | - Netbank customers can get cash |
| |
| 25 November 2008 | - Suncorp pummelled by storms and markets |
| | - NAB is least popular bank |
| |
| 24 November 2008 | - Mortgages dry up for Liberty |
| | - Deposit guarantee favours big banks |
| | - Adelaide launches guarantee account |
| |
| 21 November 2008 | - Westpac running ‘stand-alone’ St George |
| | - Sharia loans hard to find |
| | - Credit Unions offering best interest rates |
| | - Banks complain about credit union rates |
| | - Aboriginal home ownership scheme launched |
| |
| 20 November 2008 | - Traders betting on 1% rate cut |
| | - Visa card for solar hot water |
| | - Traders betting on 1% rate cut |
| | - Lenders bid for loan business |
| | - Credit unions object to guarantee fees |
| | - Credit card rates going up |
| | - Banks to launch Guarantee accounts |
| | - Credit unions object to guarantee fees |
| | - Banks to launch Guarantee accounts |
| | - Visa card for solar hot water |
| | - Lenders bid for loan business |
| | - Traders betting on 1% rate cut |
| | - Credit card rates going up |
| |
| 19 November 2008 | - Banks to shed 10,000 staff |
| | - ING launches PowerSuper loans |
| | - Commonwealth ends no deposit home loans |
| | - RBA puts rates policy into full reverse |
| | - Credit card rates remain too high |
| | - Bank chiefs get pay rises as staff cuts loom |
| | - Foreign banks retreat from Aussie businesses |
| | - Lower spending means more rate cuts |
| | - House prices crash in October |
| |
| 18 November 2008 | - Foreign banks retreat from Aussie businesses |
| | - Credit card rates remain too high |
| | - House prices crash in October |
| | - Bank chiefs get pay rises as staff cuts loom |
| | - More big rate cuts on the way |
| | - ANZ toughens mortgage lending rules |
| | - Westpac and Nab advising wealthy customers to deposits under different accounts |
| | - Tax office looks carefully at kid’s accounts |
| | - Lay-by making comeback |
| |
| 17 November 2008 | - ANZ Cuts Credit Card Interest Rates |
| |
| 11 November 2008 | - Credit Unions take on the banks |
| | - Weak city auction results continue |
| | - Easy savings on home loans |
| | - More flights for credit card holders |
| |
| 10 November 2008 | - First signs of recovery in property market |
| | - Members Equity Bank passes on full rate cut |
| | - Banks get debtors’ super |
| |
| 06 November 2008 | - Commbank keeps $50 per month from home buyers |
| | - Rates headed down to 3 per cent next year |
| | - RBA worried about recession |
| | - Card rates slow to come down |
| |
| 04 November 2008 | - RBA may cut by 0.75 per cent |
| | - Non-banks struggle to survive |
| | - UBank trims term deposit rates |
| | - Buyers market at top end of town |
| |
|
|
| |
