Reserve Bank hikes its official cash rate to 4.25pc

THE major banks have moved quickly to hike their standard variable home loan rates after the Reserve Bank raised its cash rate to 4.25 per cent today.

The Reserve Bank’s decision to hike by 25 points was another step towards “average” rates, the board said.

March 2, 2010: Reserve Bank increases its official cash rate to 4pc

HOMEOWNERS will pay more on their mortgages after the Reserve Bank increased its cash rate for the first time this year.

February 2, 2010: Reserve Bank keeps its interest rate on hold

THE Reserve Bank board has surprised the market, and left home owners relieved, by leaving its official interest rate on hold today.

Jobless rate increases to 5.3pc

ECONOMISTS are split on whether the latest jobless data will pressure the Reserve Bank into raising the cash rate in April.

The unemployment rate was a seasonally adjusted 5.3 per cent in February, compared with an downwardly revised 5.2 per cent in January, the Australian Bureau of Statistics said.

February 11, 2010: Unemployment rate in surprise fall

THE Australian economy continues to power along with another drop in the unemployment rate.

The seasonally adjusted jobless rate fell by 0.2 percentage points as 52,700 new jobs - mainly part-time - were created in January, the Australian Bureau of Statistics said today.

This is the largest rise in employment since December 2006.

Surprise jump in Australian jobs market

THE jobless rate has fallen to 5.7 per cent with the number of employed people increasing by an unexpected 31,200 in November, figures from the Australian Bureau of Statistics show.

Read more about the unemployment rate at news.com.au.

This story also features an interactive chart comparing Australia’s unemployment rate to other developed nations.