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(August 3, 2010) The Reserve Bank is expected to keep interest rates on hold today, giving borrowers another month of steady repayment costs. Analysts widely predict the RBA's board will keep the cash rate at 4.5 per cent, where it has been since May, following the release of weak inflation data last week. Come back at 2.30pm east-coast time for the rates decision “The RBA has ample flexibility to sit tight after having already restored mortgage lending rates to 'average' levels,” said TD Securities economist Roland Randall. The central bank raised the interest rate six times since October, adding a total of about $300 to the average monthly repayments on a 25-year, $300,000 loan. Credit markets are tipping no change to the interest rate when the RBA makes the announcement at 2.30pm AEST, according to Credit Suisse data – however over the next 12 months investors see the cash rate rising to 4.75 per cent. Some economists expect rates to the rise twice by the end of the year but the timing of any future moves has been pushed back after official June quarter consumer price inflation rose only 0.6 per cent last week, rather than the 1 per cent expected. Others are expecting rates to rise next year. (Source:theage.com.au) |
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