Australia increases key interest rate
By Kristen Gelineau |
May 5, 2010, Wednesday
|
Print Edition
Print Edition
AUSTRALIA'S central bank raised its key interest rate yesterday for the sixth time since October, as the country's economy continues to improve amid soaring demand for its vast mineral resources.
The Reserve Bank of Australia's 0.25 percentage point rise took the benchmark rate to 4.5 percent, a move widely predicted by analysts.
"Australia's terms of trade are rising by more than earlier expected, and this year will probably regain the peak seen in 2008," Reserve Bank Governor Glenn Stevens said in explaining the decision. "This will add to incomes and foster a build-up in investment in the resources sector."
Burgeoning demand from China for Australia's iron ore and other mineral resources has helped the country weather the global economic crisis better than most developed nations. The economy was also bolstered by a A$42 billion (US$39 billion) stimulus package.
The Reserve Bank of Australia's 0.25 percentage point rise took the benchmark rate to 4.5 percent, a move widely predicted by analysts.
"Australia's terms of trade are rising by more than earlier expected, and this year will probably regain the peak seen in 2008," Reserve Bank Governor Glenn Stevens said in explaining the decision. "This will add to incomes and foster a build-up in investment in the resources sector."
Burgeoning demand from China for Australia's iron ore and other mineral resources has helped the country weather the global economic crisis better than most developed nations. The economy was also bolstered by a A$42 billion (US$39 billion) stimulus package.
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