RBA July minutes: borrowing costs at a 12-year high is restraining the economy and will slow inflation, suggesting interest rates will be left unchanged this year. Evidence is tightening is working to restrain demand, credit expansion has weakened significantly, some tentative signs of easing in the labour market. The rise in Australia's terms of trade that is currently occurring will work in the opposite direction. It will add substantially to national income and ability to spend, even with the slowing in global growth to below-trend pace that the Australian Banks is assuming. At the same time, rising prices of oil and a range of other commodities are adding to global inflationary risks.
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Pounds to Australian Dollars last at 2.0465
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