Live Like You Were Dying

07 October 2009, 9:36 am (Wed)

Good News from DownUnder

Filed under: News

emoticon Finally have some good news coming from southern part of the globe….

SYDNEY — Australia’s central bank unexpectedly raised interest rates by a quarter point Tuesday, becoming the first major economy to increase the cost of borrowing amid signs its recovery from the global slump is gaining momentum.

The Reserve Bank of Australia raised its cash rate to 3.25 percent from a 49-year low of 3 percent. Between September 2008 and April this year, the rate was slashed a total of four and a quarter percentage points as the financial crisis morphed into a global recession.

The rate hike, which comes after recent data showed the economy was improving, sent the Australian dollar soaring to a 14-month high against the U.S. dollar.

1 Comment »

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  1. yo planning to stay downunder soon…plus yr good friend over there.

    Comment by sui — 09 October 2009, 9:33 am (Fri) @ 9:33 am

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