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The Latest Breaking News from Philip Lowe

An (ongoing) shitshow in the Shire, Aussies doing us ‘proud’ in the US, and RBA love letters

This week, we chronicle some of the (increasingly weird) Australian interventions in the US election, and check in on the Liberal machinations in the Shire.

Crikey

Hope you enjoyed your wages growth, that’s it for now

So much for the wage-price spiral — or even for real wages growing. The latest Wage Price Index data show wages growth has peaked and is now falling.

Crikey

RBA’s Michele Bullock sticks to narrow path as she plots course to a soft landing

The central bank’s governor warned Australians will get sick of her repeating that she won’t rule anything in or out as she tries to tame inflation

The Guardian - AU

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Partying like it’s 1978: Inflation and its discontents dominated 2023

Falling inflation around the world has shown just how out of touch the Reserve Bank and many commentators are with how modern economies function.

Crikey

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

Michele Bullock and the fine art of painting oneself into a corner

With the Reserve Bank governor repeatedly saying she has a low tolerance for inflation, she’s put pressure on herself to lift rates.

Crikey

RBA’s top two executives saw 10% pay increase over past year, report reveals

Annual report notes Philip Lowe and Michele Bullock’s remuneration increase was recommended by an independent committee

The Guardian - AU

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Reserve Bank of Australia records $6b loss for 2022/23

The Reserve Bank of Australia has reported a loss of $6 billion for 2022/23, including valuation losses from higher bond yields.

AAP

The Albanese government blew its shot at setting a historic new unemployment target

Treasurer Jim Chalmers says the federal government’s employment white paper is “ambitious”. I’m not convinced.

The Conversation

No, the RBA review won't mean handing the bank's decisions to part-time outsiders

Misinformation is circulating about recommendations concerning the Reserve Bank board made by the RBA Review, of which I was a member.

The Conversation

Jim Chalmers warns soft landing ‘not assured’ for economy despite Treasury forecasts

Exclusive: Treasurer expects ‘bumpy’ year ahead as Australia feels the squeeze of higher interest rates and China’s slowdown

The Guardian - AU

Outgoing RBA governor Philip Lowe says tough decisions made him ‘very unpopular’

At a speech in Sydney, Philip Lowe has said some of his economic explanations ‘missed the mark’ but that media should avoid ‘clickbait’

The Guardian - AU

Australians are working harder than ever. Big companies are the real productivity problem

If there’s a ‘productivity crisis’ in the Australian economy, it’s one created by big businesses enjoying market power, not workers who have been punished for years.

Crikey

The RBA’s interest rate-rising looks done – and a soft landing for the economy could be on

Australia’s economy might be just where Philip Lowe wants it – barring any nasty surprise – as he hands over to Michele Bullock

The Guardian - AU

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The Conversation

What's to stop Philip Lowe moving to a private bank after he leaves the RBA? It's what his predecessors did

Surely Reserve Bank Governor Philip Lowe won’t move to a private bank after his term as governor ends next week.

The Guardian - AU

RBA interest rates: official cash rate left unchanged by Reserve Bank of Australia at 4.1% for a third month

The final rates decision under outgoing RBA governor Philip Lowe was widely expected

Crikey

PM ‘can’t be clearer’ over Qantas

Philip Lowe will chair his last meeting of the Reserve Bank of Australia board today, and Anthony Albanese has declared he received ‘no lobbying’ from Qantas over blocking Qatar Airways from offering more flights to Australia.

The Guardian - AU

No interest rates rises predicted for Philip Lowe’s final RBA board meeting

Economists say interest rate pause likely for about a year as ABS releases weaker-than-expected economic data

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Crikey

Hope you enjoyed your wages growth — the ‘spiral’ is heading downwards

The latest wages data shows workers are going backwards, a far cry from the wage-price spiral the RBA calls a threat.

The Guardian - AU

RBA says slowing economy and acute pressure on household budgets behind interest rate pause

Minutes from the Reserve Bank’s August meeting show the board considered lifting the cash rate to 4.35% but decided to allow more time to look at economic data

Crikey

Energy profiteering not quite as detached from the main economy as we’re told

The RBA says wages are a threat to inflation, but not energy sector profits. Construction materials giant Boral’s results tell a different story.

The Guardian - AU

Philip Lowe’s final inquisition leaves out some tough questions

More scrutiny of the outgoing RBA governor’s views on interest rates, profit-gouging and rent controls would have been welcome at his final appearance before parliament

The Guardian - AU

PM won’t make journalist’s release a condition of trip – as it happened

This blog is now closed.

Crikey

Matt Comyn rakes it in at the CBA — but what about Josh and Phil?

The Commonwealth Bank wants a brighter future for us all, but chiefly its shareholders and senior executives. The rest of us can make do.

The Canberra Times

Households buckle under pressure, retail sales plunge to three-decade low

First annual fall in retail sales volumes since 1991, except for pandemic.

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