Interest rate rise on the horizon
Monday the 27th of July, 2009 2 Comments »
Posted by Iden Money .
Coinciding with the experts’ suggestion that the worst of the recession is behind us, Prime Minister Kevin Rudd has indicated that interest rates will rise in the coming months.According to the Prime Minster, interest rates could start rising as early as December this year and expects the Reserve Bank of Australia’s (RBA) cash rate to be 90 basis points above its present 3 per cent by July next year.
Despite the signs of an easing recession, the government will continue with the remainder of its $77 billion stimulus program to guard against a rise in unemployment and will rein in spending in order to get the budget into surplus as soon as possible.
This announcement means borrowers should watch all rates closely with the view to taking advantage of fixed rates if the opportunity arises during the rest of this year.
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