Unemployment has continued to rise, but at a slow pace favoured over a sharp jump, according to economists. The slight rise in the month of November to 5.3 percent reflected a weakening global economy and softening hiring intentions.
The Reserve Bank (RBA) has cut the national interest rate to 4.25 percent, the second consecutive cut it has made in its monthly meetings—the first back-to-back monthly cuts since April 2009.
The Reserve Bank has decided to leave the cash rate at 4.75%, announced RBA governor Glenn Stevens.
Businesses that hire employees at the minimum wage will need to note that the Federal Minimum Wage has increased by $19.40 per week.
A rate rise may be on the way for Australians but not yet. A number of factors are helping to keep inflation down, including the recent spate of natural disasters, though the possibility of a rate rise has not been entirely ruled out.
The Reserve Bank of Australia Board in its meeting today decided to hold official interest rates unchanged at 4.75 percent due to the dampening effect on inflation and economic activity as a result of the floods in Queensland.
Consumers remain positive despite successive interest rate increased from the Reserve Bank of Australia and increases in home loan lending rates above and beyond the RBA in November by all major banks.
Interest rates in Australia remain unchanged by the Reserve Bank of Australia at 4.5 percent after earlier expectations that the RBA would increase official interest rates 25 basis points to 4.75 percent.
Australian interest rates are set to increase again by 25 basis points when the Reserve Bank of Australia board meets today, taking official interest rates to 4.75 percent.
The Westpac – Melbourne Institute Index of Consumer Sentiment has bounced back 17 percent over the last two months as consumers burned by six RBA interest rate increases in nine months recover.
