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Rates to go up another two per cent

12/03/2010

The Reserve bank of Australia could raise interest rates by another two per cent by August 2011 say economists. Stronger than expected job market numbers released yesterday caused analysts to revise up their expectations for interest rate rises over the next year or so.

“With hours worked picking up and the unemployment rate at a low 5.3 percent, clearly the labour market has improved,” said John Horner, a currency strategist at Deutsche Bank AG in Sydney. Horner predicts the central bank will increase the benchmark lending rate by one percentage point to 5 percent this year before adding a similar amount by August 2011.

Source: Business Week



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