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The Latest Breaking News from Philip Lowe

The cost of living has reached a record high, businesses are struggling, and interest rates are rising. Is a recession coming?

A day after the Reserve Bank controversially raised interest rates, new data shows living costs are at an all-time high and businesses are contracting, prompting concerns a recession may be on the horizon.

ABC News

‘Smashing families’: Premiers take aim at RBA rate rises

Three premiers have taken aim at the RBA over rapidly rising interest rates, following Tuesday's decision to impose another hike.

The New Daily

Michael Pascoe: You want more RBA independence, Treasurer? Cop this

“So you think the Reserve Bank board lacks ticker, Jim? You think the focus on getting inflation down needs to be sharpened? Well cop this.”

The New Daily

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RBA surprise interest rate hike catches out seasoned pundits and borrowers alike

For many of the Reserve Bank’s first 10 increases, the question was the size of the hike – not whether one was coming

The Guardian - AU

‘Deadly serious’: Why Philip Lowe thinks interest rates could rise again amid inflation fears

Interest rates will force another round of painful mortgage bill hikes to ensure inflation keeps falling from 30-year highs, Philip Lowe says.

The New Daily

RBA boss Philip Lowe defends shock interest rate rise, saying 'there is a limit' to inflation patience

The Reserve Bank of Australia's governor says an acceleration in the cost of services and a rebound in house prices were among the factors prompting it to raise rates again, just a month after pausing its string of hikes.

ABC News

Philip Lowe says rebounding property market among reasons for shock RBA rate increase

Governor of central bank says rate pause in April had given board ‘more time to assess the pulse of the economy’ before Tuesday’s increase to 11-year high

The Guardian - AU

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‘Whiplash’: Mortgage bills to rise again as Reserve Bank signals inflation battle isn’t over yet

The Reserve Bank has resumed heaping pain onto Australian home owners, raising interest rates in May for the eleventh time in a year.

The New Daily

Australian central bank hikes interest rate to 3.85%

Australia’s central bank has surprised markets by increasing its benchmark interest rate by a quarter percentage point to 3.85% despite pausing its climb last month and new evidence that inflation is slowing

The Independent UK

Australia hikes rates despite signs of slowing inflation

Sydney (AFP) - Australia's central bank announced a surprise interest rate hike to an 11-year high on Tuesday, dashing hopes it would hold them steady as inflation shows signs of slowing.

AFP

RBA interest rates: Reserve Bank increases official cash rate to 3.85% in shock decision

In a decision reached at its meeting today, Australia’s reserve bank will lift interest rates, causing further strain to borrowers

The Guardian - AU

Reserve Bank hikes interest rates in May despite slowing inflation

The RBA has dashed hopes of another pause in interest rates, resuming hikes in May amid fears inflation - though slowing - is still too high.

The New Daily

Australians have been scared off loans – and that’s exactly what the RBA wants

The majority of Aussies have been spooked off of loans and have lost faith in the decisions of the RBA, research shows.

The New Daily

Michael Pascoe: How the RBA is making inflation worse

Is there a better example of the deficiencies of monetary policy than the RBA prolonging higher rent inflation by lifting rates to theoretically reduce inflation?

The New Daily

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Crikey

The flinty contradiction at the heart of Labor’s support for the RBA review findings

The recent review into the central bank was radical, but more for what it says about the Albanese government

The New Daily

Workers should be on the Reserve Bank of Australia’s board

These representatives bring expert knowledge of how the real economy works and labour market operations. Workers must have a say.

The Conversation

Inflation has fallen, but one or two more interest-rate rises are still likely

Australia’s inflation rate has fallen from its 30-year high of 7.8% in the December quarter of 2022 to 7.0% in the March quarter of 2023. But it’s still likely the Reserve Bank of Australia will push up interest rates again before the end of the year to drive inflation back…

ABC News

Quarterly inflation is expected to ease, but the Reserve Bank may still lift interest rates

Even if inflation eases, a leading economist and strategist believes today's consumer price index figures will give the Reserve Bank of Australia reason to resume its rate-hiking cycle at its next meeting.

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The New Daily

If the RBA were a company, the governor would be out of a job

If the RBA were a company, the board would have and should have sacked Philip Lowe long ago. But they couldn’t; they knew it and he knew it.

ABC News

The criticisms behind the Reserve Bank review's recommendations for a new board, updated mandate

The Reserve Bank review wants to remove economic prosperity as an objective of monetary policy, with some economists arguing house prices and household debt are outside its domain.

The New Daily

Michael Pascoe: The fallacy at the heart of the Reserve Bank of Australia review

Instead of tackling the fallacy and lie, the review came up with this: 'There should be increased joint work between Treasury and the RBA'.

ABC News

Does everyone welcome the Reserve Bank overhaul?

Economists have welcomed many of the proposed changes to the Reserve Bank of Australia, but some have raised concerns.

The New Daily

Reserve Bank revolution: Jim Chalmers reshapes the RBA for the 21st century

The scale of the RBA changes recommended by the review is large – there is an entire section devoted to a year-long implementation process.

ABC News

What does the Reserve Bank of Australia review mean, and how will it affect interest rates and mortgage payments?

A scathing review of the Reserve Bank of Australia is set to deliver a shake-up of the central bank not seen in a generation. Here's what it means for interest rates, your mortgage, and RBA governor Philip Lowe.

The Guardian - AU

Afternoon Update: Lowe responds to RBA shake-up; rare solar eclipse in images; and K-pop star dies at 25

RBA governor welcomes review of central bank as treasurer announces all 51 recommendations will be implemented

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