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Interest rates in Australia will be lower this time next year than they were at the end of 2006, ANZ Bank chief economist Saul Eslake predicts. Speaking at an Australian Industry Group forum, Mr Eslake said rates would not drop significantly but he believed they had already peaked.

“Although both inflation and interest rates are higher than they were in 2002, by historical standards they are both extremely low,” Mr Eslake said. “And I suspect that both of them have peaked towards the end of last year and that they will probably be lower in a year’s time than they were at the end of 2006.” More….

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