First Reserve Bank Rate Rise for 2010
Wednesday, 03 March 2010
On March 2nd, the Reserve Bank lifted its key interest rate by 25 basis points to 4.00%, adding $50 to the average Australian monthly mortgage repayment. While this is the first rate rise for the year, it comes on top of three consecutive months of interest rate rises to close out 2009.
Government Guarantee Update
Tuesday, 09 February 2010
In October 2008, the global financial industry was being walloped. To ease some of the worry that financial institutions and their customers were experiencing the Australian government put in place a range of guarantees on deposits held with financial institutions and the raising of overseas investment.
On Sunday 7th of February, the Treasurer Wayne Swan announced that the government’s guarantee would expire this year. The government guarantees for both wholesale funding and deposits of more than $1 million will expire on March 31. The guarantee for bank deposits of less than $1 million, will remain until at least October 2011 Mr Swan added.
Reserve Bank Rates on hold
Tuesday, 02 February 2010
At its meeting today, the Reserve Bank Board decided to leave the cash rate unchanged at 3.75 per cent.
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