Reserve Bank Under Pressure To Lower Rates

The Reserve Bank of Australia could find themselves under pressure to reduce interest rates as there has been a slight rise in unemployment from 0.1% to 5.3% for the month of August.

This is as a result of a fall in full-time employment as the economy shed a further 9,700 jobs. This number has been slightly reduced as 2,900 people were able to find part time employment.

Bill Evans Westpac's economist has predicted that there would be a rise in unemployment for the first half of 2012, as a result of figures released by the ABS.

Evans also stated that there was even more reason for the Reserve Bank to cut interest rates as recent RP Data figures have shown a 3.7% year on year decline on property values.

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Published on September 9-th, 2011 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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