RBA could cut in January

Thursday 11 December 2008

Article by Mozo

The Reserve Bank of Australia (RBA) could slash rates again at an emergency meeting in January, governor Glenn Stevens has indicated.

In an interview with Nine MSN, he said that while no meeting had yet been planned, a major financial event could spur the group to meet early.

When asked where he would be on January 9th – the day that the RBA would convene if their monthly meeting was held in January – he said that he would be away from the office.

“But I won’t be far from the office. In truth, the option is open in any month to do something intermeeting if there’s a big event to cause it,” he said.

If the Bank does decide to cut rates again, consumers could find a new wave of low-interest home loans flooding the market in the new year, while car loans and credit card rates may also come down.

Indeed, treasurer Wayne Swan recently called on banks and other lenders to bring out more cheap credit cards in a bid to help struggling consumers through the economic turbulence.ADNFCR-1761-ID-18925300-ADNFCR

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