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Rate rise appropriate says RBA
3 March 2010 |
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| At its meeting yesterday, the Board of the Reserve Bank of Australia decided to raise the cash rate by 25 basis points to 4.0 per cent, effective 3 March 2010. This is an edited copy of the RBA statement accompanying the rate rise notification.
In Australia, economic conditions in 2009 were stronger than expected, after a mild downturn a year ago. The rate of unemployment appears to have peaked at a much lower level than earlier expected.
New loan approvals for housing have moderated a little over recent months, however, as interest rates have risen and the impact of large grants to first-home buyers has tailed off. Inflation is expected to be consistent with the target in 2010.
With the risk of serious economic contraction in Australia having passed, the Board moved late last year to lessen the degree of monetary stimulus that had been put in place when the outlook appeared to be much weaker.
Lenders generally raised rates a little more than the cash rate and most loan rates rose by close to a percentage point. Interest rates to most borrowers nonetheless remain lower than average. The Board judges that with growth likely to be close to trend and inflation close to target over the coming year, it is appropriate for interest rates to be closer to average.
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| Source : RBA |
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| 31 March 2010 | - Young people not coping with debt |
| | - Banks profiting from card debts |
| | - RBA says banks face more competition |
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| 30 March 2010 | - Can you handle higher rates? |
| | - Our banks never in doubt says RBA |
| | - Term Deposit rates may have peaked |
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| 29 March 2010 | - CUA says customer service stacks up |
| | - Rates are going up again |
| | - 1000 Auction weekend in Melbourne |
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| 26 March 2010 | - First home owners are doing fine, thank you |
| | - Mortgage stress is not rising |
| | - Deposit rates at record highs |
| | - Rates to go up at least 0.5% |
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| 25 March 2010 | - Westpac says get used to rate rises |
| | - Big banks still rule lending |
| | - Govt considers cutting deposit tax |
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| 24 March 2010 | - CUA cuts mortgage rates |
| | - Buying a house can be risky behaviour |
| | - Westpac to pocket huge $$ from card charges |
| | - GFC not over yet says ANZ |
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| 23 March 2010 | - Savings accounts feature bonus rates |
| | - Banks say rates are going up |
| | - Westpac credit cards charge interest on interest |
| | - Credit card surcharging under fire |
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| 22 March 2010 | - AMP cuts variable mortgage rate |
| | - Sydney auction clearance rates continue to improve |
| | - No deposit home loans get thumbs down |
| | - Mortgage rates go up |
| | - Investors reject NAB bid for Axa |
| | - Eftpos cheaper than ATMs for Cash out |
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| 19 March 2010 | - UBank heading for mobile phones |
| | - St George giving away business training |
| | - Jump in new housing starts |
| | - Competition not yet back in banking |
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| 18 March 2010 | - Home price timebomb is ticking |
| | - Competition returning to mortgages says RBA |
| | - New lenders undercut the big four |
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| 17 March 2010 | - ASIC warns on Term Deposits |
| | - Direct debits can hurt the indebted |
| | - Most can’t understand credit card statements |
| | - Shoppers choosing debit over credit |
| | - Credit card tricks and traps |
| | - Banks make big promises to do better |
| | - RBA says Aussie banks are strong |
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| 16 March 2010 | - Banks lower some term deposit rates |
| | - Savers willing to move for better rates |
| | - Aussies don’t know about deposit guarantee |
| | - Westpac to launch new online bank |
| | - Rudd says banks are gouging profits |
| | - New home finance numbers plummet |
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| 15 March 2010 | - Best performing property markets over 10y |
| | - Affordable suburbs recording strong price growth |
| | - ANZ internet banking helps E*Trade |
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| 12 March 2010 | - Mortgage stress hits first home buyers |
| | - Average mortgage up 40 per cent |
| | - Rates to go up another two per cent |
| | - Banks reap profits from extra margins |
| | - Term deposit rates at historical highs |
| | - Investors like ANZ |
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| 11 March 2010 | - High interest rates spook buyers |
| | - Big banks still dominating market |
| | - ING targets internet mortgages |
| | - ING growing as a mortgage lender |
| | - Now is a good time to pay off debt |
| | - Banks take more on credit card rates |
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| 10 March 2010 | - ANZ team to fix mortgage problems |
| | - Brokers offer cash back on mortgage commissions |
| | - Insurers dealing with 40,000 claims |
| | - Bank of Queensland builds war chest |
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| 09 March 2010 | - CBA lowers LVRs for investors |
| | - Property getting unaffordable again |
| | - First home buyers giving up |
| | - NAB, ANZ hindered by back office delays |
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| 08 March 2010 | - Auctions results dip down |
| | - Aussies like debt again |
| | - Interest free deals not so free |
| | - Interest free deals not so free |
| | - Aussies choose weekends over cash |
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| 05 March 2010 | - Brace for 2 years of rate rises |
| | - Rate rises hit credit cards |
| | - ATM fee reforms a failure |
| | - ANZ, CBA go to India |
| | - Westpac goes to London |
| | - CBA to join Facebook, Twitter |
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| 04 March 2010 | - Westpac and NAB hike rates by 0.25% |
| | - How high will rates go? |
| | - Sydney needs more house sellers |
| | - St George customers get wrong statements |
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| 03 March 2010 | - CBA, ANZ, St George move up by 0.25% |
| | - All eyes on mortgage rates |
| | - Swan warns banks on rate rises |
| | - 1 in 5 chance of April rate rise |
| | - More travellers choosing HSBC account |
| | - SENSE account helps with saving |
| | - Police advise: open a bank account |
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| 02 March 2010 | - RBA lifts rates by 0.25 |
| | - ASIC warns of dual pricing on term deposits |
| | - Term deposits not set and forget |
| | - ING aiming for growth in loans |
| | - Charged thousands for own money |
| | - Investors, upgraders drive new home sales |
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| 01 March 2010 | - BoQ leads on personal service |
| | - Westpac has fastest mortgage turnaround times |
| | - NAB buckles under mortgage overload |
| | - Borrowers reject fixed rate mortgages |
| | - Auction results improving for vendors |
| | - Aussies owe more than ever |
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