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With the RBA and a string of other central banks poised to make rate announcements this week any cuts will be welcomed by the the International Monetary Fund.
According to The Australian, the IMF has told central banks to cut rates aggressively in a bid to avoid house prices from falling too far.
IMF deputy managing director John Lipsky, said falling house prices were one of the biggest risks to the world economy.
“Avoiding damaging undershooting is justification for a strong policy response,” he said.
The Reserve Bank is widely tipped to reduce the cash rate by 50 basis points to 5.50 per cent when it meets today.
Published: 04-11-08
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