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The Latest Breaking News from Reserve Bank

Will the Reserve Bank review achieve anything? What difference could it make to interest rates?

A government-ordered review of the Reserve Bank — the first in more than a generation — is expected to ask searching questions of our key financial institution. The leadership of the central bank, the composition of its board, missed targets and broken promises are all elements under examination.

ABC News

Reserve Bank would back a Commerce Commission probe into bank profits

Some retirees could face a cold and hungry winter, as costs rise and banks slow-pedal their term deposit interest rates. It's allowing the big banks to maintain high margins and send record dividends back to their Australian owners. Jonathan Milne reports.

Newsroom.co.nz

Profits again outstrip wages amid accusations 'corporate Australia is driving inflation'

While workers' pay packets are growing at the fastest pace in a decade, profits are still rising even faster, according to official data.

ABC News

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Business profits rebound in December quarter

Australian company profits have bounced back after dropping off steeply last quarter, with business inventories returning a softer-than-expected result.

AAP

Australia’s big banks are passing on all the interest rates hikes – but not the cuts

While the banks have been quick to pass on RBA’s every cash rate increase, they have not matched all the decreases since June 2019

The Guardian - AU

Profits have driven inflation while wages lag behind, argue economists

Increasing profits going to corporate Australia account for more than two-thirds of the nation's inflation problem, according to new research from the Australia Institute.

ABC News

Uni students are lining up for free food and struggling to pay rent

Students are lining up for free food — but it's no sausage sizzle. They're queuing for basic groceries they can't afford.

ABC News

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'Please don't profiteer': Rising prices worry builders in cyclone aftermath

Some construction suppliers are 'jumping on the gravy train' – and builders say they won't forget. Jonathan Milne reports.

Newsroom.co.nz

Wages up 3.3 per cent as competition drives pay packets

Wages have grown by 3.3 per cent, with weaker-than-expected reading likely to dampen concerns of a wages breakout keeping inflation sticky.

AAP

NSW police criticised for ‘outrageous’ midnight arrest of student who protested at RBA

Cherish Kuehlmann woken up by officers who ‘barged into the house’ and took her to a police station, where she was charged with a trespass offence

The Guardian - AU

See when Australia's biggest banks stopped paying proper interest on your savings – and what you can do about it

Whenever interest rates went up in the past, I used to get told it wasn’t all bad news. At least it was good for some people: savers – people with money in the bank.

The Conversation

Australia to flirt with recession this year, warns NAB

Economists are warning Australia is at a heightened risk of recession in 2023 as the Reserve Bank keeps aggressively raising interest rates, with a per capita recession looking likely.

ABC News

Rising interest rates may be Labor’s kryptonite – but remember it never ended up killing Superman

Are the Reserve Bank’s decisions to keep hiking the cash rate damaging the Albanese government’s economic credentials?

The Guardian - AU

Morning Mail: Biden’s surprise Ukraine visit, rates take shine off Labor, ‘gobblefunk’ row

US president promises more weapons for Kyiv; Guardian Essential poll shows voters think RBA is wrong on rates but also blame Albanese; another earthquake in Turkey

The Guardian - AU

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AAP

New insight into the logic behind February rate rise

The Reserve Bank's board minutes will be scoured for fresh insights into the central bank's cash rate decisions and how many more hikes are to come.

Newsroom.co.nz

Shock and Orr: Rate hikes kill off housing affordability and development

With the cost-of-living and housing crises, the need for Government intervention in the housing market is becoming more urgent. What that intervention will be may determine the colour of our next Government, argues Edward Miller

Newsroom.co.nz

Reserve Bank faces difficulty balancing cyclone inflation and devastation

If the country is to begin ‘futureproofing’ itself against more frequent climate change related flooding, the rebuild cost will rise dramatically – and that's worrying for Governor Adrian Orr. Andrew Patterson reports.

Newsroom.co.nz

Skyline chair bucks market downturn with year's biggest house sale profit

The record sale highlights the extremes gains and losses of a polarised property market – and the challenge facing the Reserve Bank in hiking interest rates this week.

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AAP

Wages, Reserve Bank minutes to take the spotlight

The pace of wage growth will take centre stage, with the Reserve Bank hoping for a moderate reading that doesn't make its inflation challenge harder.

The Guardian - AU

A ‘fantastic place to live’, Philip Lowe? Tell that to those struggling under high interest rates

RBA governor says ‘capitalism works’ but maybe just a little bit of slack from his institution is what the country needs

AAP

Savers need to keep pressure on banks: RBA

Savers should switch to more competitive rates if banks aren't passing on cash rate hikes, the head of the Reserve Bank of Australia says.

The Conversation

The Lowe road – the RBA is treading a 'narrow path' between inflation and recession

It’s a tough time for central bankers the world over, but especially for Reserve Bank of Australia governor Philip Lowe.

ABC News

RBA boss Philip Lowe says rate rises hurting households, indications are they will go higher

Reserve Bank governor Philip Lowe has given a strong indication more interest rate rises are on the cards despite nine back-to-back rises causing many households significant pain and leaving them struggling to make repayments on their mortgages.

The New Daily

Watch: Nationwide heatwave, SA bushfire, Lowe grilled

Watch: Severe weather warnings are in place for large parts of the country as the nationwide heatwave sends temperatures soaring. Reserve Bank Governer

AAP

RBA urges mortgage holders to hunt down better deals

Reserve Bank officials say record high rates of refinancing are keeping average home loan rates relatively low.

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