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RBA Raises Official Cash Rate
At its meeting today, the Board decided to raise the cash rate
by 25 basis points to 4.75 per cent, effective 3 November
2010.Statement by Glenn Stevens, Governor Monetary Policy
RBA
The global economy grew faster than trend over the
year to mid 2010. Global growth will probably ease back to about
trend pace over the coming year as strong recoveries in the emerging
world give way to a more sustainable pace of expansion and growth
remains subdued in the United States and Europe. At the same time,
concerns about the possibility of a larger than expected slowing in
Chinese growth have lessened recently and most commodity prices have
firmed, after a fall earlier in the year. The prices most important
to Australia remain at very high levels, with the result that the
terms of trade are at their highest since the early 1950s. The
turmoil in financial markets earlier in the year has abated, though
sentiment remains fragile.
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