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The Latest Breaking News from RBA

Philip Lowe ‘appalled’ by PwC scandal but says firm will continue to audit Reserve Bank

At an estimates hearing on Wednesday, RBA governor also repeats the bank’s commitment to raising interest rates to reduce inflation

The Guardian - AU

‘Destroys trust’: Philip Lowe reveals RBA hired embattled PwC over staff underpayment scandal

Reserve Bank boss Philip Lowe has confirmed the central bank has underpaid staff, revealing embattled consultancy PwC was hired to help.

The New Daily

Queensland LNP criticised for ‘failure of leadership’ on voice – as it happened

This blog is now closed.

The Guardian - AU

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Nationals leader defends use of consultants, police search for gunmen after Florida shooting, and hundreds flock to see dead nun — as it happened

This is The Loop, your quick catch-up for this morning's stories as they happened.

ABC News

PwC stands down nine partners, chairman exits over tax scandal, ASX gains on US debt ceiling deal optimism — as it happened

After posting a weekly fall, the Australian share market has jumped at the start of trading, ahead of inflation data and the RBA governor speaking this week. Look back on the day's events and insights from our business reporters on the ABC News markets blog.

ABC News

RBA chief Philip Lowe in the hot seat at Senate hearing as interest-rate decision looms

Philip Lowe will field questions from senators six days before the Reserve Bank of Australia announces its next decision on interest rates

The New Daily

Will the Reserve Bank hike interest rates in June? The big banks can’t agree

The prospect of another painful interest rate hike is looming over already stretched family budgets heading into June, but will the RBA actually push up

The New Daily

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‘Significant turnaround’ in Australian house prices defies predictions as demand rises

CoreLogic says if increase is maintained, prices will be 4% higher at the end of 2023, defying forecasts of falls of 10% or more

The Guardian - AU

Michael Pascoe: Why you might never see that ‘wage growth’ we hear about

One thing we know for sure about the RBA – it knows even less about the outlook for wage growth than it does about inflation.

The New Daily

Housing prices gain pace as auction listings increase across Australia’s capital cities

CoreLogic researcher Tim Lawless says current spike in migration countering effect of Reserve Bank’s rate hike earlier this month

The Guardian - AU

‘Significantly weaker’: Unemployment rise sparks fears for Australian jobs

A surprise uptick in unemployment in April has stoked fears the labour market may be starting to turn, as forecasts predict a jobs downturn.

The New Daily

Alan Kohler: The confusing, ridiculous state of economic forecasting

There was a time when we were sure that interest rates wouldn’t change for three years. That illusion was cruelly dashed a year ago.

The New Daily

‘Highly probable’: RBA tipped to hike interest rates in June after wage data

Economists are predicting another interest rates hike after wage growth rose in the March quarter, with risks around low productivity growth.

The New Daily

Wages growth hits a decade high, but no smoking gun for another RBA interest rate hike

Wages growth is at its highest level since 2012, with around 50 per cent of workers seeing pay increases above 3 per cent, but it is still well behind inflation.

ABC News

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The Guardian - AU

Australian wages rise again but still lag behind cost of living, March quarter figures reveal

Wage price index increase to annual rate of 3.7% will be scrutinised by Reserve Bank

The New Daily

Wage data looms as key to another potential interest rates hike

The potential for another painful hike in interest rates is balanced on a knife’s edge ahead of crucial new wages growth data.

The New Daily

Threat of higher rates remains, but peak may be in sight

The Reserve Bank is prepared to hike interest rates again in June, but has signalled mortgage bills may now be high enough cool inflation.

ABC News

Interest rates unlikely to fall amid 'once-in-a-generation' inflation battle, warns former RBA boss Glenn Stevens

The Reserve Bank of Australia (RBA) warns further interest rate increases are still possible, as a former RBA governor says the low-rate era is over, leaving households feeling like Australia is heading for recession.

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The Guardian - AU

Decision to lift interest rates influenced by higher-than-forecast rent increases, RBA says

Minutes from recent meeting say surprise call was ‘finely balanced’ and aimed at diminishing the risks of high inflation becoming entrenched

The Guardian - AU

Treasurer wants energy transition to be his legacy – as it happened

This blog is now closed.

The New Daily

‘Slightly less terrible’: Why the budget won’t worsen inflation

Opposition Leader Peter Dutton has accused the Albanese government of delivering an inflationary budget, but not all experts think so.

The New Daily

Leading bank says budget won’t add to inflation

The federal government's latest budget is not expected to drive up inflation with the biggest bank saying the direction for rates is likely to be downward.

ABC News

RBA research finds Australia has up to an 80 per cent recession risk to get inflation under control

Previously unpublished internal research from the Reserve Bank estimates that Australia's risk of recession over this year and next could be as high as 80 per cent.

The Guardian - AU

Has Jim Chalmers’ budget really poured fuel on the inflation fire? Don’t believe the hype

Headlines stoked fears of ‘stimulatory’ measures but you only need to look at the big banks and markets to see the reception was calm

The Conversation

No, the budget does not make further interest rate rises more likely

Inflation, as Prime Minister Anthony Albanese has said, is “a tax on the poor”.

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