RBA Lifts Cash Rate

By Find Investment Property | October 2009

In what would be considered a suprise move by many, the Reserve Bank of Australia (RBA) has raised the official cash rate by .25 points lifting it from the "emergency" cash rate of 3%.

Australia is thus the first economy to increase rates since the GFC started.

Glenn Stevens, governor of the RBA said, ''Economic conditions in Australia have been stronger than expected and measures of confidence have recovered,'' ...." basis for such a low interest rate setting has now passed,'' he said.

The increase in rates today will add about $40 to the avergae monthly mortgage of $300,000.

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