The Reserve Bank of Australia (RBA) increased interest rates yesterday by 25 basis points percent to 4.5 percent as house prices in Western Australia’s Pilbara region continue to soar.
The Reserve Bank of Australia has again moved to increase interest rates, taking the official cash rate to 4.5 percent as the Australian economy faces inflation fears as it continues to recover.
The Reserve Bank of Australia (RBA) will raise the official cash rate 25 basis points to 4.25 per cent, effective 7 April 2010, surprising the markets that had predicted the cash rate would remain unchanged.
Treasurer Wayne Swan has warned against expectations of a budget surplus despite the global recession economic recovery as tax receipts continue to be depressed.
The outlook for Australia’s economy might be improving, but there appears to be no end in sight to the cash flow pressures hitting most SMEs, with a higher than average number of debtors defaulting on what they owe due to insolvency, said cash flow finance specialist, Oxford Funding.
The Federal Government has removed the bank large deposit and wholesale funding guarantee established to stabilise banks due to the Global Financial Crisis.
Councils have won in the High Court in a case over their right to pursue claims against the collapsed bank Lehman Brothers, both in Australia and overseas.
Australian shoppers are yet to resume spending since the global financial crisis, with many concerned over the security of their jobs as the economy recovers.
The NSW Government will tomorrow host a seminar to educate business owners on strategies to achieve sustainable growth, Minister for State and Regional Development Ian Macdonald said.
Australian retail sales remained relatively flat over the month of February, according to the latest Commonwealth Bank Business Sales Indicator (BSI).
