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« Back to articles from category "Business Management"

The following article was published in our article directory on November 29, 2010.
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Australia Monetary Policy Debate Reflects the Imbalance of Economic

Article Category: Business Management

Author Name: Amanda xzh

In view of increasing inflationary pressures in Australia, the Australian central bank rate hikes recently. But keep interest rates on consumer and real estate industries have a significant impact in the country stirred up no small opposition.

Australia's central bank governor Glenn Stevens testified in parliament last weekend to justify raising interest rates, and openly oppose the government supported the idea of promoting competition among banks. This will be months of monetary policy in Australia struggle to a climax, reflecting the post-crisis era of unbalanced development in different economic sectors Australian reality.

Open conflict with the central bank

Australia's central bank this month raised the benchmark interest rate further by 4.75%. Stevens said the government implemented during the financial crisis, a massive economic stimulus plan, leading to inflationary pressures, the central bank for the purpose of repeatedly raising interest rates to curb inflation, strong economic growth in the Australian context is understandable.

As the central bank to raise interest rates immediately after the major commercial banks substantially increased the credit interest rates on funding costs stoked concerns about rising too fast, which some people complained,. To cater for the public, including the Prime Minister Julia Gillard, including the recent call by some government officials to promote the development of mutual aid-based financial organizations, strengthening the banking sector competition, and to curb the rapid rise in market interest rates.

In this regard, Stevens pointed out that the banking industry, more competition is not a good thing. He believes that competition will force banks to relax credit standards, so that not enough qualified people to obtain loans, thus increasing credit risk.

Bank profits and livelihood concerns

As monetary authorities, Stevens's "theory of interest rates are" clearly has an inherent logic. However, in the eyes of ordinary consumers, have been making huge profits of commercial banks took the opportunity to substantially higher interest rates, can not help but suspect promising heartless.

Australia's central bank earlier this month to raise interest rates by 25 basis points after the Commonwealth Bank of Australia has four major commercial banks raised the variable mortgage rates 35-45 basis points, up 7.67 to 7.86 percent of historic highs. At the same time, the four major banks report shows that recent profits have reached record highs. This provoked strong resentment borrowers.

An anonymous staff of Commonwealth Bank of Australia told Xinhua that some customers round of rate hikes by the blow, a housing credit customers informed of relevant news was feeling out of control, clashed with the bank employees.

In addition to debt-ridden house slaves, the ordinary people also felt the pressure to raise interest rates. According to the Australian mortgage broker Loan Market survey, 35% of the respondents believed that bank interest rate will affect people's Christmas shopping plans.

Who will pay for the high interest rates

Interest rates also exacerbated the conflict between different sectors of Australia, led to higher interest rates on who should pay for the debate.

Stevens acknowledged that mineral resources in recent years, rising commodity prices led the Australian mining industry export revenues, but also the achievements of the Australian economic growth. This has led some industry profit, while some industries suffer.

Stevens was referring to damage to the industry and the consumer credit-related industries. Premier Investment Company of Australia, chairman of retail giant Solomon Lu said recently that the development of lead mining magnate strong economic growth, inflationary pressures, the central bank's tightening policy should not be taken accordingly at the expense of the interests at the expense of retail and other industries. He said the appreciation in the Australian context, the retail industry has been suffering a series of external shocks, the central bank in setting monetary policy should take into account the capacity of the industry.

In addition, the real estate industry has been raising interest rates as bad sectors. Sydney real estate agent David Morrell told reporters today the market place from a year ago "180-degree reversal" in the thick of the wait and see mood, some sellers take the initiative to start real estate prices shot.

Some comfort to the consumer market is, Stevens said that despite the "mid-term inflation" risk remains "too high", but he expressed satisfaction on the level of interest rates right now. This may mean that the RBA is likely to remain for some time the current interest rate levels.

Market analysts expect the first quarter of next year, the RBA will not mention interest rates. However, with the interest rate debate continues to ferment, the Australian authorities need to run as soon as possible to ensure economic stability, balance between industry interests and take into account public opinion to find the right focus.

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