December could see third monthly rate rise

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By Robert Carry

The RBA may be prompted to introduce a third consecutive interest rate rise this December by growing business confidence, experts believe.

According to reports in the Sydney Morning Herald, a recent survey from National Australia Bank showed businesses were now twice as likely to be planning to take on workers as let them go.

"Taken literally this suggests annual employment growth of 2 per cent,” said UBS economist, George Tharenou. "It adds weight to our view that the Reserve Bank will raise rates by a further 0.25 percentage points in December, although it's a close call.”

However, upcoming unemployment figures are likely to be a key factor in the Reserve Bank of Australia's decision, according to ANZ economist, Shane Lee.

"Any significant fall in the unemployment rate on Thursday would ensure a December rate rise,” he said.

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