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interest rates Tag

Borrowers hoping for a rate cut will have to wait at least another month with the Reserve Bank of Australia keeping the official cash rate on hold at 3.5 percent at its August meeting today. The RBA board has already slashed the cash rate by 75 basis points this year — a half-percentage reduction in May followed by a quarter-percent drop in June. Nine finance editor Ross Greenwood said the RBA is overlooking historically low inflation and concerns about a potential rise in unemployment, which would "enhance the case for a rate cut". "The decision is based on a potential turn around in the economic fortunes of the US and Europe," Greenwood said. "It's a long shot but it's colouring their thinking at this time." A freeze on the official rate was widely tipped with an AAP survey of 15 economists published on Monday revealing...

  [dropcaps]T[/dropcaps]here's a very public stoush going on between the banks and the politicians about out-of-cycle rate rises. While each side argues its case, consumers are left confused about whether they are getting a raw deal. Since the RBA began cutting interest rates by 125 basis points from last November, there has been a shift in the tradition of lenders moving their rates in line with the RBA. Lenders have instead chosen in many cases to withhold part of each reduction and to make their rate announcements up to two weeks after the RBA's first-Tuesday-of-the-month announcement. We have lately fielded many questions from confused clients, asking  'who is driving rates', 'am I being ripped off', 'why are out-of-cycle rates rises happening'? Here we'll take a look at both sides of the argument and what it means for you as a mortgage holder. The government argues ...

[dropcaps]M[/dropcaps]ortgage holders hoping for a third successive rate cut will have to wait at least another month after the Reserve Bank of Australia today left the official interest rate on hold at 3.5 percent. Announced at 2.30pm AEST, the RBA board's decision comes as no surprise to economists who widely backed no change to the official cash rate this month. "At today's meeting, the board judged that, with inflation expected to be consistent with the target and growth close to trend, but with a more subdued international outlook than was the case a few months ago, the stance of monetary policy remained appropriate," RBA governor Glenn Stevens said in a statement. A survey of 21 economists conducted by AAP earlier this week found unanimous belief that rates would stay on hold following the release of positive employment and GDP figures. The RBA has slashed...

Lower rates are eroding the retirement savings of many Australians,  writes Chris Zappone. The Reserve Bank's recent rate cuts are benefiting young people at the  expense of the old, retirees say. For John Logan, a 66-year-old Melbourne  mainframe computer programmer  preparing for his retirement, a slide in interest rates has eroded the growth of  his term deposits and he is unmoved by complaints of younger mortgage  payers. "I put up with 18 per cent interest rates when I was their age,'' he said. Mr Logan holds little hope that rates rates will be nudged up to protect the  savings and cash holdings in his self-managed super fund. His frustration is felt by a generation of people at or near retirement age  who shifted funds out of shares to avoid the losses seen in the past few years,  only to watch in dismay as the banks...

The current interest rate cutting cycle, which began in November, is not aimed at boosting house prices or “re-igniting a boom in borrowing,” says RBA governor Glenn Stevens. Delivering a speech in Adelaide today called “The Glass Half Full”, Stevens said one thing Australia should not do is “try to engineer a return to the boom”. Stevens said he agreed that there was a need for more confidence in the economy among households and businesses, but said it had to be “the right sort of confidence”. “The kind of confidence based on nothing more than expectations of ever-increasing housing prices, with the associated willingness to continue increasing leverage, on the assumption that this is a sure way to wealth, would not be the right kind. “Unfortunately, we have been rather too prone to that misplaced optimism on occasion. “You don’t have to be a believer...

[blue]Article by Michael Pascoe - Sydney Morning Herald - http://www.smh.com.au/business/dont-cut-rates--were-happier-whingeing-20120604-1zra9.html [/blue] Australia has marked the Queen's Diamond Jubilee by relieving the Poms of the  burden of being the world's biggest whingers – the UK now can enjoy the long  weekend and have a happy Olympic Games. Australians, though, have nothing but concentrated misery ahead of them: if  the economy is good, it will only get worse; if the economy is not good, it's  sure to become terrible; if the sun shines, we'll all get melanomas; and so  on. The national talent for highlighting the silver cloud's dark lining is on  display in the fevered calls for the Reserve Bank to cut its cash rate by 50  points tomorrow. Apparently Australia is in dire straits and urgently needs  greater monetary stimulus. Unemployment is skyrocketing, our key trading  partners are down the gurgler, there's no investment...