ISCOVER
Interest rates climbed to 6.75 per cent this morning following yesterday’s RBA board meeting.
The 25 basis point rise was partially in response to underlying inflation – which was 0.9 per cent in the September quarter and close to three per cent over the past year.
On a more positive note, the RBA stated that tightening credit conditions sparked by global turmoil have been “less pronounced” in Australia.
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“Wholesale funding costs have risen a little compared with official rates, and some borrowers have experienced an increase in interest costs as a result, but the flow of credit to sound borrowers does not appear to have been impaired,” said RBA Governor Glenn Stevens.
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