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Rates pressure eases

The Reserve Bank board decided to leave official interest rates unchanged in August at 4.75 per cent as expected. The RBA's decision reflects signs of slowing in the Australian economy and volatile global markets. Another fall in employment this month has added to fears the economy is tapering off. The predicted cool-off in the Australian housing market probably will probably now be delayed as evidence on housing approvals already shows. But if housing does remain strong and global share markets calm down, the RBA may well move to push rates up further. It’s probably too soon to say rates are on hold for the rest of the year. All eyes turn now to the RBA’s Statement on Monetary Policy Report out on Monday for clues. Meanwhile, fixed rates are edging back down again too as the interest rate outlook changes, offering the best value for some months.



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