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Reserve Bank slashes rates

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posted on Oct, 7 2008 @ 12:20 AM
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Reserve Bank slashes rates


www.abc.net.au

The Reserve Bank of Australia has suprised financial markets by slashing interest rates by 1 per cent because of the severe international financial conditions.

Most economists had been predicting a cut of 0.5 per cent.

Today's cut is the first official one-percentage point move since 1994, when rates increased by 1 per cent.
(visit the link for the full news article)

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[edit on 7/10/2008 by Badge01]




posted on Oct, 7 2008 @ 12:20 AM
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This took me completely by surprise. I guess it's one way o tackle a slowing economy, but then it didn't do the US much good.


Ms Kevans also says another rate cut is likely before Christmas.

"We'll definitely see a follow up cut in November," she said.

"It depends what happens in financial markets between now and then as to how drastic that cut is.

"But we're likely to see at least 25 basis points in November."


www.abc.net.au
(visit the link for the full news article)

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Mod Edit: Title fixed to reflect original article



[edit on 7/10/2008 by Badge01]



posted on Oct, 7 2008 @ 01:25 AM
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reply to post by Shere Khaan
 


I just turned on 774 ABC and heard them raving on about it. Good news I guess, however, like all interest rates changes, they are only temporary either way. I'll just cross my fingers now in the hope that America doesn't pull us down the *snip* chute with them.


IRM



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[edit on 7/10/2008 by Badge01]



posted on Oct, 7 2008 @ 02:16 AM
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www.abovetopsecret.com...

Already posted in the thread above.



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