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The Latest Breaking News from Cherelle Murphy

Australia's central bank raises interest rate to 3.85% after 3 cuts

Australia’s central bank has lifted its benchmark interest rate by a quarter percentage point to 3.85%, after three rate cuts last year and as inflation surges

The Independent UK

Illicit cigarettes surge clouds modest spending lift

A 0.2 per cent rise in household spending in September would have been twice as strong if not for a fall in legal tobacco sales, according to official figures.

AAP

Productivity pickle a top priority for upbeat treasurer

Falling interest rates and Australia's competitive advantages are reasons for optimism, says the treasurer as he sets his sights on improving productivity.

AAP

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Coalition costings reveal larger deficit over coming two years with cuts to foreign aid and environment programs

Long-awaited costings of more than 200 policies show Coalition would gut long list of environment and clean energy programs if returned to power

The Guardian - AU

Productivity slump worsens Australia's deficit dilemma

Australia needs to get productivity growth back on track to pay for structural spending increases and avoid endless deficits, economists warn.

AAP

Does Trump’s US victory mean Albanese will lose the next Australian election?

The countries share a 4.1% unemployment rate. What other clues might indicate the political fate of Australia?

The Guardian - AU

Australia's inflation down, but not out

There were few surprises in the inflation read-out, with economists broadly of the view underlying price pressures should keep the cash rate on hold until 2025.

AAP

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Inflation may be about to hit a three-year low. Does that mean the cost-of-living crisis is over?

Not really, because CPI is just one factor. A better measure of how we’re faring is household disposable income

The Guardian - AU

Fading economy yet to unlock rate cuts for watchful RBA

The economy might be slowing but the Reserve Bank chief wants inflation to moderate further before opening the door to interest rate cuts.

AAP

Golden zone: could Australia’s economy pull off a miracle in 2024?

Signs suggest inflation and interest rates may fall considerably without killing growth or employment. The government will be desperately hoping so

The Guardian - AU

Bracket creep is cooling Australia’s economy – it’s good news for interest rates but not for household budgets

The weak economy probably means the next RBA rates move – short of an inflation surprise next month – will be a cut

The Guardian - AU

Inflation eases to 7 per cent – but still too high for RBA

Official inflation data shows consumer prices rising seven per cent annually in the March quarter, down from 7.8 per cent in the previous quarter.

The New Daily

‘Resilient’ jobs market foreshadows more interest rate hikes, economists say

Australia’s jobs market showed little signs of slowing in March despite almost a year of interest rate hikes, economists said.

The New Daily

Economists back tourists and international students to keep Australia out of recession

Sharp interest rate hikes are putting families under pressure, slowing economic growth, but a tourism rebound is providing recession optimism.

The New Daily

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The New Daily

How high will interest rates go? RBA flags more mortgage pain in 2023

Australians are being warned to brace for even more interest rate hikes after the Reserve Bank began 2023 with a fresh mortgage squeeze.

The New Daily

‘Mighty’ shoppers drive the economy as millions splurge before Christmas

The strength of consumers spending right now has many economists scratching their heads ahead of Christmas but a "reckoning" looms.

The Guardian - AU

Anyone hoping for cost-of-living relief will be disappointed but probably not surprised

Treasurer’s statement lacked surprises but lays down markers for what’s to come – both in the budget and beyond

The Guardian - AU

First homebuyers will likely be hit hardest by Australia’s interest rate rises

Analysts warn economic consequences of RBA’s ‘blunt instrument’ attempt to limit inflation will fall disproportionately on outer suburbs

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The New Daily

‘Resilient’: Consumers help economy weather Omicron, floods as household outlook sours

Australian households spent more money eating out and traveling the country over the March quarter, helping the national economy weather disruptions.

ABC News

The cost of living is surging, so why will the RBA add to it by raising interest rates?

The Reserve Bank is increasingly likely to start raising interest rates next Tuesday. But why would it add increased interest costs to household budgets at a time when Australians are struggling with a surging cost of living? Michael Janda explains the economics behind it.

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