August 2nd, 2006 at 08:14am
This morning at 9:30 the Reserve Bank Of Australia will announce their decision on interest rates, their decision, according to analysts, is most likely to see a rise of 25 basis points (0.25% for the humans amongst us)…but I doubt we will see this.
In my view, the citizens of this country are having a hard enough time managing their finances without the reserve bank adding an extra cost to everything. The ever increasing price of petrol and produce (amongst other things) are causing many prices to go up, and this is putting too much pressure on the economy for the Reserve Bank to put rates up.
Putting rates up is a move the Reserve Bank can use when we are spending too much money, not when we can’t spend any more.
I suppose it is up to the Reserve Bank, and somebody from there is smirking right now as they read this, as the decision was taken yesterday, but if they want the tabloid affairs television programs to have a field day with “The bank stole my house and forced me to live in their basement” stories, then that is their choice.
I won’t be near a radio when Lawsie makes the announcement at 9:30 (probably by crossing to a reporter), but I should find out around 11am when I have a break from work.