The Northern Territory news Sat 12 Dec 2009
The Northern Territory news; NewspaperNT
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Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin
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Nationwide News Pty. Limited
www.ntnews.com.au Northern Territory News, Saturday, December 12, 2009 37 P U B : NTNE-WS-DA-TE:12-DGE:37 CO-LO-R: C-M Y-K Call for applications: Youth In Communities funding opportunities To apply or for more information visit www.fahcsia.gov.au or contact Angela Dowling by phone (08) 8936 6468 or email Angela.Dowling@fahcsia.gov.au www.stopfamilyviolence.nt.gov.au G R E Y 1 8 8 3 1 _ B 1 DONT TURN YOUR BACK ON FAMILY VIOLENCE. numbers NOT COMPLAINING: Reserve Bank of Australia governor Glenn Stevens is surprised by the speed of Australias economic recovery The surprisingly strongjobs report will probably see the Reserve Bank raise the cash rate for a fourth time when its board next meets in February It means that it looks increasingly likely that the jobless rate is peaking, having shifted between 5.7 per cent and 5.8 per cent for seven months. Even if the rate eventually does breach six per cent, economists doubt that it would stay there very long. It also means that the Reserve Bank has kept faith with its normal strategy of only raising interest rates when there is a peak in unemployment, even if it was coincidental in this case. The surprisingly strong jobs report will probably see the Reserve Bank raise the cash rate for a fourth time when its board next meets in February. Money markets are pricing in a 70 per cent chance of a 25 basis point rate hike at the meeting, lifting the cash rate to 4.0 per cent from 3.25 per cent. Reserve Bank governor Glenn Stevens confessed this week that looking back to the beginning of the year he would not have expected to be raising interest rates 12 months later. I think at the beginning of the year, was I expecting to have the economy looking as good as it does?, he said addressing a forum of economists. I said we were in recession so I felt that things were going to turn out rather worse than they have, but whos complaining? Not me. Borrowers may not be so happy, but you get the governors drift. It could of all been so much uglier.
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