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Economists tip RBA to keep rates on hold for third month straight: The News Wrap
THE NEWS WRAP: Economists tip RBA to keep rates on hold for third month straight
By Oliver Milman
The Reserve Bank of Australia is expected today to keep interest rates on hold at 3.5%, for the third month in a row.
An AAP survey of 13 economists found that none thought that the RBA would adjust the cash rate this month, although 11 felt that a rate cut was on the cards before the end of 2012.
The last interest rate cut was in June, when the RBA lowered the case rate by a quarter of a percentage point.
Retail slips back into negative territory
Retailers slid back into the mire in July as consumers’ carbon tax handouts lost their potency, with spending slipping by 0.8%, according to new figures.
The Australian Bureau of Statistics says that retail sales rose by 0.6% and 1.2% in May and June respectively, fuelled by household assistance linked to carbon pricing.
However, the recovery came to a halt last month, with department store spending particularly badly hit – down 10.2%.
Job ads fall for fifth month in a row
The number of job advertisements posted in Australia fell for the fifth consecutive month in August, dropping by 2.3%.
According to ANZ, newspaper ads fell by 6.1% and online ads were down 2.1%. The overall job ad market is down 9.6% on the same period last year.
The Australian dollar fell to US 102.49 cents.
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