VOA常速英语2008年-Interest Rate Hike Spells Gloom for Australian

By Phil Mercer
Sydney
04 March 2008

A rate increase by Australia's central bank is putting a heavy burden on many of the nation's homeowners. Rates have been increased to more than seven percent, in a move aimed at curbing¹ rising inflation. Phil Mercer reports from Sydney.

 

 

Australia's central bank has raised its key interest rate to its highest level in 12 years, in an attempt to combat inflation.

 

The hike takes the cost of borrowing to 7.25 percent.

 

Home owners with a typical $280,000 (US) mortgage will face extra repayments² of about $50 a month.

 

Although that might seem a relatively³ small amount, there have now been a dozen rate increases in the last six years.

 

Many mortgage holders⁴ in Australia will be feeling the pain and others simply cannot afford to take out a loan to buy a house.

 

"I can't afford one, to be honest. I've got a family of two sons and I can't afford to pay a mortgage," says a man.

 

"I have to increase my work hours to five days a week, just to keep on top of the mortgage. So, it's been a big struggle," says a woman.

 

"I pay 1,200 on the mortgage, so I had to work very hard," says a taxi driver. "I had to cut down so much from the food shopping for the mortgage and that's what's happened to us. That's me but what about the others? They can't even afford to eat."

 

It is estimated 300,000 Australians risk losing their homes, if interest rates continue to rise.

 

Market analysts⁵ believe further increases are likely in the months ahead.

 

Tuesday's increase was widely expected.

 

The Reserve Bank is using interest rates to fight inflation in the Australian economy.

 

Inflation means that the value of wages goes down and it takes more money to buy goods and services.

 

Australia has experienced more than a decade-and-a-half of solid economic growth, thanks largely to a commodities boom fueled by exports to China and India.

 

Analysts say the economy is overheating and that interest rates rises are needed to reduce strong domestic demand, which has driven up prices.

 

The Australian Prime Minister Kevin Rudd says combating inflation is a priority.

 

"The key challenge for us is what can we do about it," he explained. "And, when it comes to try to bring down some pressure on interest rates, what we must do therefore is bring down some of the pressure on inflation, which means in the upcoming budget we have got to do everything we can to take some of the pressure off unnecessary government spending and that is what we believe is the responsible thing to do."

 

The decision to raise interest rates in Australia goes counter to the trend among major international central banks, which have either cut rates to try to stimulate⁶ their economies or are considering reducing the cost of borrowing.

1 curbing   

n.边石，边石的材料v.限制，克制，抑制( curb的现在分词 )

参考例句：

• Progress has been made in curbing inflation. 在控制通货膨胀方面已取得了进展。
• A range of policies have been introduced aimed at curbing inflation. 为了抑制通货膨胀实施了一系列的政策。

2 repayments   

偿还，报答，偿付的钱物( repayment的名词复数 )

参考例句：

• The repayments of the loan are spread over 10 years. 贷款可在十年内分期偿还。
• The repayments of the loan are spread over 25 years. 这笔贷款分摊二十五年偿还。

3 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

4 holders   

支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物

参考例句：

• Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
• It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。

5 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

6 stimulate   

vt.刺激，使兴奋；激励，使…振奋

参考例句：

• Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
• Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。