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The Reserve Bank of Australia (RBA)  is due to announce its decision on interest rates at 2.30pm (AEST) on Tuesday.
The economists surveyed by AAP said the cash rate will remain at a 49 year low of three per cent after the central bank’s board meeting on August 4.

“The RBA appears to have no intention of reducing the cash rate any further,” said Matt Robinson, an economist with Moody’s Economy.com. reserve_bank_400

“I think a housing market bubble is starting to form, and given the sentiment that governor Stevens expressed in his speech to the Australian Business Economists, that is something that the RBA is watching and that would be a reason for them to maybe hike interest rates earlier.”

There were doubts about whether the RBA would be deterred from raising rates if unemployment continued to rise.

The RBA has kept the cash rate at 3 per cent for three consecutive months.

Michael Turner, an economist with financial markets research group 4Cast, said the prospect of rising unemployment would mean the cental bank could keep rates steady until well into 2010.

“We’re still of the opinion the worse is yet to come and things look better now than they did a couple of months ago, which is why we’re now calling it on hold (in August) rather than going lower,” he said.

“But we still think there’s enough of a story in the lack of utilisation in the economy at the moment that price pressure might be moderate enough at 3 per cent.

“We’re currently chewing on a rate rise in 2010 at the moment. It’s possible, but not until late 2010.”

If you look at the split in the market or the way the debate was being conducted it was very much the idea that the RBA isn’t going to hike because they never have while the jobless rate has been rising.

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For the 1000’s hot footing it Down Under to live in Perth every year, it can be in the search of a better job, a better life or just the chance of a sun tan.

It can be a daunting decision to pack up your life, leave your family and make the move.  Not knowing what to expect when you get here can oftwestern-australia-kangaroo-beachen be the biggest nail bitter of all, and sometimes the reason used for not making the move at all.

Many people I know, including me I might add, move to Perth without even coming over for a nose around first.

Some, like me again, have never even set foot on Australian soil before coming.

While this to some might seem like a crazy thing to do, for those who have, the chance at a better life is validation enough for such an otherwise impulsive and risky decision.

So if you’re thinking of packing up your sunnies and heading south and your knowledge of Aussie life is limited only to your in-depth knowledge of the neighbours of Ramsey Street and Summer Bay, then here is the inside scoop on what life can really be like at the bottom of the world…

Just to state the blindingly obvious and save any possible cyber bashing, everything I write about is only based on my opinions, experiences and life here in Perth and yes, although the odd thing about this place really does make you scratch your head in disbelief, on the whole, I can’t think of a place that I would rather live. 

Source  :  www.rachelhenwood.com

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