Extract courtesy of Saxo Bank 7th July:
Australia’s central bank kept interest rates unchanged for a seventh month amid signs the housing market has slowed and as the inflation rate is at a four-year low. Reserve Bank of Australia Governor Ian Macfarlane and his board left the overnight cash rate target at 5.25 percent, as forecast by all 23 economists surveyed. The bank has kept rates unchanged this year as reports showed house prices fell and fewer homes are being sold after borrowing costs increased a half percentage point last year. Still, signs the economy is rebounding from its slowest growth in a year have prompted some economists to forecast a rate increase by December.
– Australian employment probably rebounded in June, keeping the jobless rate at a 23-year low and adding to signs the economy is recovering after growing at its slowest pace in a year. The economy probably added 25,000 jobs last month following the loss of 41,100 positions in May, according to the median forecast of 23 economists surveyed. The jobless rate probably stayed at 5.5 percent as more people sought work. The report will be released tomorrow at 11:30 a.m. in Sydney. Figures the past two weeks have shown exports rose to a 16- month high in May, retail sales rebounded and credit is growing at its fastest annual pace in more than 14 years. A pickup in growth may support some economists’ expectations the Reserve Bank of Australia will raise interest rates this year.
There are known knowns which we know, there are unknown knowns which we dont know we know and there are known unknowns which we know we dont know but wish we had known but there again I dont know.
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