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Higher rates are coming soon

09/11/2009

The Reserve Bank of Australia has upgraded its economic forecasts, raising expectations that interest rates will be raised higher over coming months. On Friday the RBA said growth in business investment and exports is expected to be strong.

The outlook for the next few years has improved said the RBA said in its quarterly statement on monetary policy.

"The cash rate remains at a low level, and a further gradual lessening of monetary stimulus is likely to be required over time if the economy evolves broadly as expected," said the RBA.

The official cash rate is now 3.50 per cent after two recent rate rises of 0.25 per cent each. Analysts expect the RBA to raise rates by at least another 1.5 per cent over the next 12 months.

Source: Herald Sun

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