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Australia's central bank raises key rate to 4.5%, widening gap with NZ

The Reserve Bank of Australia raised its benchmark interest rate by a quarter point to 4.5%, saying inflation will move into the top half of ithe average 2%-to-3% range it targets in the coming year.

Wednesday, May 5th 2010, 5:24PM

by BusinessDesk

The increase was anticipated by economists, according to a Reuters survey. Still, the Australian dollar weakened after Reserve Bank Governor Glenn Stevens said borrowing costs are now at about "average" levels, suggesting the RBA has less need for further increases in interest rates. 

The increase is the sixth in seven meetings for the RBA board, which has led the world in hiking interest rates in the wake of the global economic crisis. Australia skirted recession, helped by demand from China for minerals such as iron ore and coal and today Stevens said economic growth in Asia has continued to be strong, "contributing to pressure on prices for raw materials."

The increase widens the gap with New Zealand's 2.5% official cash rate to 2 percentage points, with Governor Alan Bollard saying he is likely to lift the OCR in coming months though not to the same extent as in previous tightening cycles. Australia is New Zealand's biggest export market and source of tourists, and the strength of its economy helped soften the impact of the global economic slump.

Stevens said forecasts for world GDP have recently been revised up again, with growth expected to be at trend or above through 2010. While conditions in Europe remain "quite weak," recent data in the U.S. suggest growth there is becoming more established, while Asian growth is "strong."

While worries about Greece's parlous fiscal state have reverberated in world markets, "to date there has been very little contagion outside Europe," Stevens said.

The RBA predicts Australia's output growth will exceed that in 2009, as the nation's terms of traded improves more than expected, lifted incomes and investment in the resources sector.

The Australian dollar fell to 92.23 U.S. cents from 92.44 cents immediately before the RBA's statement. The kiwi dollar traded at 78.88 Australian cents from 78.81 cents.

Australian inflation accelerated to 0.9% in the first quarter, from 0.5% three months earlier. Core inflation rose 3.1 percent from a year earlier.

« Bollard gives himself "wiggle room" on first rate hikeBig shift to floating mortgages as rate hikes draw near »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼8.10 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.07 5.79 5.69

Last updated: 4 November 2024 9:31am

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