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The Reserve Bank of Australia cuts rates for the seventh time in 18 months, taking the benchmark...

The Reserve Bank of Australia cuts rates for the seventh time in 18 months, taking the benchmark cash-rate down 25 basis points to a record low 2.75%, surprising some forecasters who expected the rate to remain unchanged. At 2.5%, inflation in Australia is within the central bank's target range and the strong aussie has weighed on mining companies who say it undermines their export competitiveness. The aussie (FXA) fell by more than half a cent against the dollar following the announcement.
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  • goldmember steve
    , contributor
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    As I posted in another I will post here also..................... RBA of Australia is now taking the leadership it would seem, doing the heavy lifting in regards to the economy. Australian lead Government by Ms Gillard should have been stimulating the economy encouraging business and private enterprise instead her greedy and irresponsible Government have been wrecklessly borrowing more and more money whilst increasing taxes from almost every private sector and every private citizen. RBA knows the Australuan enconomy soon will be in potential crisis if they dont act and act quickly. Of course now the retail banks need to pass on rate cuts to the public and business which they have been loathe to do in full over the past 18months. The Australian economy is no longer riding on the resource boom of previous years, the Socialist left Government is now only just waking up to the fact after they , the Government have promised social monetary giveways to the public and have now renigged on their promise as ABC news in Australia now reporting "A key component of last year's federal budget, a boost in family payments linked to the Minerals Resource Rent tax, has been dumped. The Finance Minister Penny Wong says it is a regrettable decision but defends it, saying it is responsible given the economic circumstances" . Still this hen house Government lead by headless chooks will still crushingly tax the public and business as well as introduce more and more red tape as they have done over the last few years. Big Government needs to get their snouts out of every day lives of the people so the people can make things work. Wake up Socialist Australian Government you can no longer take the credit and accolades for what private enterprise has achieved and you are destroying. God save Australia.
    7 May 2013, 05:18 AM Reply Like
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