Despite the fact that the property boom in Australia has recently slowed, the governor of Australias central bank gave a strong hint today that the bank may raise interest rates soon for the first time in over one year.

"Its more likely that interest rates will go up - we look around the world and see that this is happening in other countries as well," Reserve Bank of Australia Governor Ian Macfarlane told a federal parliamentary committee in Sydney.

Australian interest rates currently stand at 5.25%.