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Rates to rise again before christmas

10/08/2010

Good business confidence data and job ads numbers indicate that another rate rise by the Reserve Bank is a real possibility later in 2010. The latest ANZ employment survey showed that job ads on the internet and in newspapers grew 1.3 per cent in July. That is up 36.1 per cent from its low point a year ago and close to its May 2007 peak in annual job ads growth of 40.2 per cent.

The latest Dun & Bradstreet quarterly survey of national business expectations has shown business confidence to be improving strongly. Australian executives are expecting a sharp turnaround in sales and profits during the December quarter. ANZ chief economist Warren Hogan forecast the RBA would lift the cash rate to 5 per cent from 4.5 per cent by the end of the year. TD Securities senior strategist Annette Beacher also predicted that rates would hit 5 per cent before Christmas.

Source: Herald Sun



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