Rate cuts promise $1000 in pockets
29/01/09 09:25
MORTGAGE holders will be about $1000 a month better off in total next week, as the Reserve Bank resumes its most aggressive interest rate-cutting campaign in decades against the most bleak global economic backdrop since World War II.
The biggest three-month fall in the cost of living for more than a decade has raised expectations of another full percentage point interest rate cut on Tuesday.
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The biggest three-month fall in the cost of living for more than a decade has raised expectations of another full percentage point interest rate cut on Tuesday.
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Updated forecasts released by the International Monetary Fund highlight the precarious outlook for the world. Advanced economies are expected to shrink by 2 per cent this year, the first contraction in more than 60 years. Chinese growth forecasts have also been slashed to 6.7 per cent. But the IMF expects strong action from governments and central banks to help restore global growth to 3 per cent next year, after only 0.5 per cent this year.