Interest rate rises to 4.5%

The Reserve Bank of Australia has today lifted the official cash rate by an expected 25 basis points to 4.5 per cent, the third rate hike in a row.


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This and previous RBA moves are flawed as: - they are reacting to (only potential) inflation caused by China's current demand - raising interest rates to 100% would not stop this demand. This is akin to how they raised rates back in 2008 pre-crash - they could have caused a major crash only to be saved by Chinese demand - if we get some real inflation, interest rates will sky-rocket from such a high base - banks are already having to pass on increased costs of funding, so RBA moves exacerbate these for consumers and businesses - Australia needs more workers and worker mobility and less regulation to cut costs - Rudd has been too much of a tax and spender - he needs to cut back

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