As the UK readies itself for the General Election, desperate for a leader strong enough to make the decisions that will pull the country out of the current crisis and offer a vision of industrial growth and prosperity for us all, isn’t it a drag to read that our commonwealth cousins in Australia are having to increase the interest rate on borrowing to curb rising inflation.
It is the sixth increase in eight months in Australia and the indications are that it will remain at 4.5% for the foreseeable future, having risen from 3% in October 2009.
Australia is one of the few developed nations that have survived the credit crisis virtually intact, thanks mainly to the rich natural reserves and commodities that make up the countries strong mining industry.
The mining sector has in turn been helped by rising commodity prices and strong demand from developing economies including China.
The growth in the economy in Australia has led to the increase in interest rates as a measure to curb the increase in house prices in the country, property has increased by 20% over the last 12 months.
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