May Australian Economy and Interest Rate

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 2.75 per cent, effective 8 May 2013.

Well it is happening. Just as I and most other industry analyser’s predicted, the Australian property market is on the rise.

It is a slight increase at this stage but it is steady enough to be confident of its continuity. Consumer confidence is on the rise. Interest rates are low and stable. The much talked about overseas economic dramas proved to have no noticeable effect on Australia.

The doomsayers such as Steve Keen and their supporters like Neil Jenman have had their predictions well and truly demolished.

Steve Keen is still preaching the ‘Great Property Crash’, but he has learnt from his past disastrous predictions not give a time frame. This way he can never be wrong. He can keep saying “It’s going to happen sometime in the future”.