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While the Reserve Bank of Australia refuses to be drawn on exactly if and when interest rates will rise, AMP Capital’s head of investment strategy and chief economist Shane Oliver has said rates will not rise until next year.
Mr Oliver said he expects interest rates to grow to ‘normal levels’ throughout 2010.
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“Assuming the economic outlook continues to improve as we expect, then the cash rate is likely to be up to around 5 per cent by late next year or early 2011,” he said.
According to Mr Oliver, recent Australian data is consistent with a gradual economic recovery.
Housing finance rose for the seventh month in a row in June, business confidence rose to its highest level since August 2007 and consumer confidence rose to its highest level since October 2007.
