Added over 9 years ago

Australia to Weigh Rate Rise Timing as Housing Cools

Australia’s central bank will decide tomorrow whether higher interest rates are needed to avert faster inflation amid signs that past increases are cooling the nation’s property market.

The Reserve Bank of Australia will raise the overnight cash rate target to 4.75 percent from 4.5 percent, 19 of 25 economists surveyed by Bloomberg News said. Futures traders estimated a 60 percent chance of a move, contracts showed at 5 p.m. in Sydney. The decision is scheduled for 2:30 p.m. tomorrow.

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