Australia raises interest rates

The model of a sound economy today, Australia's wealth is underpinned not by an excessive service economy but by raw materials people can't do without. This helps explain why the 'land down under' experienced one of the milder recessions of major industrialized nations. Aside from natural geologic advantages though, Australia has pursued a decidedly more prudent monetary policy. See:http://uk.news.yahoo.com/18/20091006/tbs-australia-first-big-economy-to-lift-5268574_1.html

Australia's regulators are already raising interest rates in a still weak world economy in a bid to stave off the full negative effects of their monetary 'easing.' Compare that to zero percent interest rates and continuing 'quantitative easing' in America. Of course, this is contingent on the idea that the Fed can, at the last moment, raise rates sharply to prevent rampant inflation from occurring. But with so many academic voices extolling the benefits of low interest rates and the economy far from positive growth, the Fed seems unlikely to tighten monetary policy soon enough and to the necessary extent.
see: http://mises.org/story/3432