Interest Rates in Australia have been raised by the central bank to 3.25%, a rise by 0.25 percentage point. According to Glenn Stevens, the bank's governor, the rise is due to stronger economic conditions than expected. Australia's banking system has held up well, national banks avoided subprime lending with the result that some banks made profits during the financial crisis. Due to its financial health, Australia's trading position with China is flourishing, now being its largest trading partner.
source: The Economist
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Interest Rates in Australia have been raised by the central bank to 3.25%, a rise by 0.25 percentage point. According to Glenn Stevens, the bank's governor, the rise is due to stronger economic conditions than expected. Australia's banking system has held up well. National banks avoided subprime lending with the result that some banks made profits during the financial crisis. Due to its financial health, Australia's trading position with China is flourishing, whith the result that Australia is its largest trading partner.
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