Australia Increases Interest Rates
Published / Last Updated on 07/10/2009
Australia Increases Interest Rates
by Ashley Clark, Director
Australia has become the first G20 Nation to raise interest rates as global recession nears its end in certain areas.
Australia was one of the few countries to experience growth in 2009, mainly fuelled by excellent mining company results and has increased interest rates from 3.0% to 3.25% as a precautionary measure.
This is an indication of their will to control any inflationary risk and we predict more interest rate increases around the globe next year in 2010 as other countries look to stem inflation risk and build a stable recovery.
We suspect the UK is at least a year away from positive results and therefore, interest rates may hold for between another 6 and 12 months.
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