RBA Expected to Increase Interest Rates Again in February |
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Written by Marc Pallisco
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Thursday, 24 January 2008 |
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Rising interest rates will once again haunt the newly elected Labor Government, with speculation the Reserve Bank of Australia will lift the official rate again next month – for the third time in six months.
The rise – expected to be around 0.25 per cent - will be over and beyond the recent rise many major banks imposed earlier this month, as a result of exposure to the US loan market meltdown.
Treasurer Wayne Swann cited new inflation figures released this week, showing an increase of 1.05 per cent for the December quarter, and 3.6 per cent for the year. Typically the RBA aims to contain annual inflation to around 2 to 3 per cent per annum.
Higher petrol charges, as well as increased housing costs have contributed to the spike in inflation.
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