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The Latest Breaking News from Reserve Bank

Reserve Bank minutes show a bigger interest rate rise was considered in May, still possible in June

Borrowers may only have narrowly escaped a bigger interest rate rise this month and should brace for the chance of a super-sized move in June, the Reserve Bank's latest minutes reveal.

ABC News

Michael Pascoe: Everyone is wrong about a 5.1 per cent minimum wage rise

The government knows how miserable the real-world outcome is for people on low wages suffering excruciating effective marginal tax rates.

The New Daily

Dallas Fed appoints first female president to succeed Rob Kaplan

Federal Reserve Bank of New York executive Lorie Logan will become the 13th president of the Dallas Fed and its first female chief following a seven-month search.

Tribune News Service

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Clive Palmer's United Australia Party is promising to cap mortgage interest rates. Can it be done?

With the cost of living surging and interest rates rising for the first time in more than a decade, a cap on mortgage repayments would come as welcome relief for millions of borrowers. But can it be done and who would end up paying for it?

ABC News

Markets turmoil and interest rate rises: the economic challenges facing Australia after the election

Soaring energy costs, stagflation fears and calls for higher wages are just some of the bumps in the road awaiting a new or returned government

The Guardian - AU

Scott Morrison says Anthony Albanese's 5.1 per cent pay rise intervention would send interest rates spiralling

The Prime Minister says Anthony Albanese's push for wages to keep pace with inflation is "reckless", but Labor says the alternative is for people's pay to go backwards.

ABC News

Gold Coast, Sunshine Coast property prices cool but CoreLogic's Tim Lawless says not to worry

The most expensive real estate market in regional Australia is officially cooling, but that doesn't mean it's any more affordable.

ABC News

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Stand by for the oddly designed Stage 3 tax cut that will send middle earners backwards and give high earners thousands

The Reserve Bank is pushing up interest rates to take money out of our hands.

The Conversation

How inflation gives you a hidden tax hike – and Govt pockets the proceeds

A suspicious person might worry the Government would not be too vigilant about the Reserve Bank reining in inflation, if it's earning lots of tax dollars. But there's a saner way to set tax.

Newsroom.co.nz

With high prices and soaring rents, what are political parties promising to do about housing?

In an election campaign largely centred around the cost of living, the spiralling cost of the single-biggest expense for most households — housing — is a key focus for policy. Here's what's being promised.

ABC News

Adelaide property prices push through ceiling, but house hunters optimistic after rate rise

On the first Saturday of house hunting since the RBA raised interest rates, prospective buyers in SA are keeping their fingers crossed for relief in the coming months, with the median Adelaide house price hitting $650,000 in the March quarter.

ABC News

‘I am who I am’: Anthony Albanese rushes towards his date with destiny

Can the Labor leader persuade Australians that his passion and emotional investment are the qualities they need in a PM?

The Guardian - AU

'RBI wants smooth policy measures; prefers smaller rate hikes'

MUMBAI: Battling a sharp surge in inflation, the Reserve Bank is all for a smooth monetary policy response and the desire to have smaller hikes led it to tighten the policy in an off-schedule meet, a source said on Thursday.

The Times of India

ICICI, Bank of Baroda revise lending rates after RBI's repo rate hike

NEW DELHI: ICICI Bank has revised the external benchmark lending rate (EBLR) to 8.10 per cent, and Bank of Baroda raised the rate to 6.90 per cent after the RBI hiked the key repo rate.

The Times of India

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The Conversation

Australia is investigating a digital currency, or e-dollar, but its benefits seem slight and the risks to privacy large

We are used to thinking of money as notes and coins, the kind most of us hold in our wallets. But most money – in Australia it’s 96.3% – is digital, held by financial institutions and moved around via bank transfers, debit cards and credit cards.

Newsroom.co.nz

Troubled Firefighters' Credit Union sparks concern about small finance institutions

As the Reserve Bank expresses concern about the scale and profitability of small finance businesses, firefighters will vote today on the future of their credit union.

The Conversation

The Coalition is guaranteeing essential services and lower tax. We can't have both

In the midst of Labor’s campaign about the cost of living, the Coalition has zeroed in on one of those costs – taxes – and guaranteed to stop them rising. Its Lower Tax Guarantee promises:

ABC News

ANZ half-year profit jumps; ASX loses ground after Wall Street makes modest gains

As the big four banks lift interest rates following the Reserve Bank's move, ANZ posts a rise in half year profit, the ASX loses early gains and investors await an expected rate increase from the US Federal Reserve.

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Newcastle Herald

As it happened: Andrew Barr gets a shoutout from Treasurer

The Reserve Bank decision to lift the cash rate on Tuesday has forced the Coalition to defend its handling of the economy.

ABC News

Higher interest rates and mortgage repayments will be 'the new normal' for home owners in 2022, analyst says

The Reserve Bank's 25-basis point increase is just the first of many on the horizon, and Queensland homeowners need to brace for higher home loan repayments over the next 18 months, a leading property analyst says.

AAP

Retirees need 'a fair go' from banks: PM

The prime minister wants retirees and deposit holders to be treated fairly by banks as Labor pressures him to take responsibility for the cost of living crisis

The Conversation

View from The Hill: The interest rate rise is a political wild card

The Reserve Bank, as expected, has thrown its wild card into the election campaign, but neither government nor opposition can be sure which side will be more damaged, or advantaged, by it.

The Guardian - AU

Labor says rate rise highlights PM’s shredded credentials but Morrison insists it’s part of pandemic journey

Scott Morrison says Reserve Bank has ‘made a very important statement about where we are now in our journey out of this pandemic’

The Conversation

RBA Governor Philip Lowe is hiking interest rates. Worst case, it'll mean an extra $600 per month on a $500,000 mortgage

Reserve Bank Governor Philip Lowe has announced he will lift the cash rate for the first time in a decade, by 0.25 percentage points, taking it from 0.10% to 0.35%.

ABC News

Prime Minister Scott Morrison says Australians ready for rate increase, as Labor warns nation faces cost-of-living crisis

The Prime Minister says households are prepared to deal with the first increase to interest rates in more than a decade, but Labor says his government is not doing enough to ease cost-of-living pressures.

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