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The Latest Breaking News from RBA

New federal treasurer Jim Chalmers says motorists are being punished at the bowser again, but won't promise to retain the fuel excise cut beyond September.

AAP

Australia's economy holds plenty of pitfalls for election winner

Whichever party takes the reins of power at Australia's election on Saturday faces an economic road pitted with pot holes, from runaway inflation to rising interest rates, ballooning debt and an over-heated housing market.

Reuters

Jobless rate holds at 3.9 pct in April

The unemployment rate remained at 3.9 per cent in April after the Australian Bureau of Statistics downwardly revised the March result from four per cent.

AAP

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‘Devastating’: Households suffer biggest real pay cut since 2001

Australian households are suffering the worst cost-of-living squeeze in more than two decades, with real wages falling at the fastest pace since 2001.

The New Daily

Rates, inflation to take edge off growth

New data suggests the sharp rise in inflation and an expected rapid rise in interest rates will take the edge off Australia's economic expansion.

AAP

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

RBA contemplated larger cash rate hike

The minutes of the Reserve Bank of Australia's May board meeting show there was concern among board members about waiting to raise the cash rate.

AAP

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Market wrap: Federal election and hawkish RBA move expected to dominate markets this week

The month of May has lived up to its reputation as a volatile one for markets. The ASX200 closed the week 1.8 per cent lower at 7075.

The New Daily

Scott Morrison faces a storm of anger as latest data reveals standard of living is nosediving

Scott Morrison’s claim to strong economic management will be tested in the final week of the campaign, as new data reveals a rise in dissatisfied voters.

The New Daily

New regulations coming to payment systems

The government is developing a new framework for regulating payment platforms, Reserve Bank of Australia deputy governor Michele Bullock says.

AAP

Morrison’s objection to lifting wages in line with inflation puts spotlight on pensions linked to CPI

Prime minister says such a move would be ‘incredibly reckless’ but payments such as pensions are already tied to cost-of-living changes

The Guardian - AU

‘Not necessarily good news’: Property plunge no panacea for housing affordability crisis

House prices will need to fall by more than 20 per cent to offset the declining affordability of owning a home due to rising interest rates, new data shows.

The New Daily

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

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ABC News

Labor leader Anthony Albanese backs minimum wage increase in line with inflation

In an unusual move, Opposition Leader Anthony Albanese endorses a 5.1 per cent increase to the minimum wage as inflation skyrockets.

The Conversation

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.

AAP

Spending up in March quarter despite COVID

Retail spending grew 1.2 per cent in the March quarter to a record $93.2 billion, to be 4.9 per cent higher than a year earlier.

AAP

Many struggled even before rate increase

A new survey has found almost one-in-three borrowers were struggling to make ends meet even before the Reserve Bank of Australia raised the cash rate last week.

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Newcastle Herald

Letters: Darby Street plan raises parking questions

Newcastle Herald readers have their say.

AAP

Confidence data to provide rate response

Confidence surveys this week will provide a guide to how consumers and businesses are handling rising interest rates and inflation.

The Guardian - AU

Real wages to fall by 3% this year as inflation surges, says RBA

Australians’ wages are tipped to grow over the next two years, but are not predicted to catch up with rising prices until 2024

AAP

RBA sets scene for steady rise in rates

The Reserve Bank of Australia has jacked up its inflation forecasts, indicating there will be a steady rise in interest rates for the rest of this year.

Newcastle Herald

Greater Bank, Newcastle Perm make call on RBA rate increase

The Hunter-based lenders say "many" of its customers were prepared for the decision

The Guardian - AU

Laden with ‘world-beating’ debt, Australian households are at increased risk as rates rise, expert says

Policies encouraging property investment have fuelled soaring debt ratio to create ‘big potential problem’, researcher warns

The Guardian - AU

More interest rate hikes are coming, and housing affordability is about to get crunched

Rock-bottom rates provided a buffer to soaring house prices, but that is over. Repaying a mortgage will be harder than ever

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