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利息又涨了！ The Reserve Bank has lifted interest rates by 0.25 percentage points to 7.25 per cent, increasing the official cash rate to the highest in almost 12 years, while Australia's banks are expected to add another 0.15 percentage points to absorb higher loan funding costs. Reserve Bank Governor Glenn Stevens reiterated his previous statement that "a significant slowing in demand'' was necessary to reduce inflation over time implying that more interest rate rises could be necessary to hold the economy in check. But he added that there was "tentative evidence'' that some moderation in household demand was beginning to occur. "There is tentative evidence that some moderation in household demand is beginning to occur, with business and consumer sentiment softer recently, and household credit demand slowing somewhat. The extent of that moderation is uncertain, however,'' he said. "Fragile" sentiment in global financial markets was also not enough to sway the Reserve Bank given the strong demand for resources has "further strengthened prospects for Australia's terms of trade". The move represents the central bank's first back-to-back rate rise in more than four years. For a standard 25-year, $200,000 mortgage, today's rise increases repayments by about $34 a month. Those on a $300,000 mortgage over the same period would face an extra $57 in repayments. That extra burden, though, assumes the commercial banks will pass on only a 25 basis-point increase, raising the standard variable mortgage to at least 9.25 per cent. Since the end of last year, the main banks have raised their lending rates by more than the RBA's moves, citing increased borrowing costs overseas. Some economists are tipping the banks will raise their rates by as much as 0.4 percentage points - including the Reserve Bank's 0.25 percentage point raise. A Credit Suisse Index was tipping a 94 per cent chance of such a rise earlier today. Today's increase is the 12th consecutive rate rise since May 8, 2002 when the benchmark rate sat at 4.25 per cent. But the RBA continues to grapple with high inflation. Its own inflation gauge is at 3.6 per cent - well above its preferred band of 2-3 per cent. An unofficial inflation gauge from TD Securities and the Melbourne Institute yesterday showed prices surged at an annual rate of 4 per cent in February, adding to fears that the Reserve Bank would have to lift rates further by mid-year, even after today's expected increase. Economists, though, don't expect a further rise in official rates until the RBA's next meeting, scheduled for April 1. One factor in the delay is that the central bank won't see the March quarter inflation figures until April 23. |
