金华明清宫苑附近旅馆:Australia maintains interest rate at 4.75%

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Australia maintains interest rate at 4.75%

15:33, July 05, 2011      

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By Vienna Ma

CANBERRA, July 5 (Xinhua) -- As widely expected, the Reserve Bank of Australia (RBA) on Tuesday announced the cash rate is maintained at 4.75 percent.

All 11 economists surveyed last week by Australia Associated Press predicted the RBA would keep rates on hold. All 28 of the economists surveyed by Bloomberg before the decision also expected the official cash rate target to remain on hold at 4.75 percent.

Despite recent indication by the Reserve Bank's governor Glenn Stevens reiterating that interest rates would eventually need to move higher, economic figures over the past few months have generally disappointing.

That trend continued this week, with the Australian Bureau of Statistics showed retail sales fell 0.6 percent in May, and residential building approvals also fell 7.9 percent in May, much larger than the 0.5 percent drop economists were expecting.

Several different measures of house prices have also shown moderate falls over the past year and particularly the last six months, indicating that the RBA's rate rises last year are having an impact on consumers.

Stevens noted that the RBA's policy is slowing household borrowing and spending.

"Signs have continued to emerge of some greater willingness to lend and business credit has expanded this year after a period of contraction," Stevens said in a statement released after its regular monthly board meeting on Tuesday.

"Growth in credit to households, on the other hand, has slowed. Most asset prices, including housing prices, have also softened over recent months."

He said underlying inflation has been in the bottom half of the target range, though a gradual increase is expected over time.

"Year-ended CPI (consumer price index) inflation is likely to remain elevated in the near term due to the extreme weather events earlier in the year," Stevens said.

"However, as the temporary price shocks dissipate, CPI inflation is expected to be close to target over the next 12 months."

Meanwhile, HSBC chief economist Paul Bloxham also expects the Australian Bureau of Statistics on July 27 to announce an increased inflation reading for the June quarter, and he forecasts the next rate rise will be in August. "Although recent weaker domestic indicators - particularly softer employment growth and business conditions - provide some risk to this timeframe," Bloxham told Xinhua. "Nonetheless, we think hikes will be forthcoming and give little credence to the argument that the next move is down." The mining investment boom is a massive multi-year story and to stop it there would have to be a significant rout in iron ore and coal prices, which seems unlikely, given continued Chinese demand. "

The central bank said it would continue to "assess carefully the evolving outlook for growth and inflation".

The central bank's board last raised the rate from 4.5 percent in November 2010.

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