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The Latest Breaking News from RBA

Consumer confidence has tumbled to multi-year lows in the face of sharply rising interest rates, but low paid workers may gain a lift from a large pay rise.

AAP

Decisive rate rise was needed: RBA's Lowe

Reserve Bank of Australia governor Philip Lowe has justified the decision to raise the cash rate by 50 basis points last week in the face of rising inflation.

AAP

Reserve Bank governor Philip Lowe warns it is unclear how high interest rates will go

Philip Lowe has warned Australians they need to be prepared for substantial interest rate rises over the rest of this year, conceding he is not sure how high they might go.

ABC News

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ASX plunge: Here's what's happening in the Australian share market and why we're talking about recession again

There are fears we could be on the verge of another global recession and investors are spooked.

ABC News

Confidence likely curbed by rates, prices

A series of confidence readings for consumers and business are likely to have been undermined by the latest interest rate rise and escalating inflation.

AAP

Australia's Reserve Bank has got a lot right, but there's still a case for an inquiry

Treasurer Jim Chalmers is about to commission an independent review of the Reserve Bank of Australia. Refreshingly, his election promise was bipartisan – both sides of politics want it.

The Conversation

Double-digit drops in capital city property prices likely after RBA rate hikes

Borrowers may find themselves in a ‘mortgage prison’ but low jobless rate means most households should still be able to pay off their loan, experts say

The Guardian - AU

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The Perm passes on RBA rates rise in full

The increased rates will apply to variable home loans and business loans

Newcastle Herald

Will your bank pass on the rise? What about interest rates for savings accounts? Your interest rate questions answered

Following the RBA's decision to raise the cash rate, many Australians have been left with more questions than answers. Here are your interest rate questions answered.

ABC News

Alan Kohler: The two great stupidities behind our inflation

Here’s a wild idea for economists to smile at condescendingly: How about the Reserve Bank stands back and lets this inflation episode run its course.

The New Daily

Payroll jobs grow more slowly than 2021

The Australian Bureau of Statistics said payroll jobs grew by 0.2 per cent in the month to May, recovering after the impact of the Easter holiday in April.

AAP

Why savers are unlikely to benefit much from the RBA rate hikes

RBA governor Philip Lowe jacked up the cash rate by a surprise 50 basis points on Tuesday. But savers are unlikely to benefit much in the short term.

The New Daily

The Loop: High Court rules on citizenship, banks pass on rates rise, and why lettuce is so pricey

Here's your TL;DR for today's news.

ABC News

The RBA interest rate rise will hit WA most, and it's not just mortgage loan holders who will hurt

With the highest inflation rate in the nation, West Australia is expected to be hit especially hard by the interest rate hike, leaving many questioning how they're going to manage.

ABC News

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The New Daily

Michael Pascoe: The RBA is hunting down the bezzle

Most of what is pushing up prices now won’t be affected by increasing interest rates – but higher rates will wound the bezzle.

AAP

Chalmers does not see risk of recession

Treasurer Jim Chalmers says he is not worried about the Australian economy going into recession, but he acknowledges inflation poses a major challenge.

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

The New Daily

‘A taste of what’s to come’: Home owners slugged with second rate hike

Home owners could see their monthly mortgage bills rise by hundreds of dollars in coming weeks after a second RBA rate hike in as many months.

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ABC News

Commonwealth Bank, ANZ and NAB join Westpac to raise variable mortgage rates by half a percentage point

The Commonwealth Bank, ANZ and NAB join Westpac in passing on the Reserve Bank's interest rate rise to mortgage borrowers in full.

The Guardian - AU

Treasurer warns of ‘severity and magnitude of inflation challenge’ after RBA hikes official interest rate

Jim Chalmers responds to Reserve Bank decision to lift cash rate 50 basis points as Anthony Albanese declines to comment during Indonesia trip

The Guardian - UK

London’s economic recovery shows ‘levelling up’ struggles; stagflation fears rise – as it happened

Rolling coverage of the latest economic and financial news

ABC News

A 'difficult' day for homeowners as Treasurer Jim Chalmers predicts more pain before inflation is brought under control

Jim Chalmers says a rise in interest rates is "difficult news" for home owners and warns life in Australia is set to become even more expensive.

The Guardian - AU

Reserve Bank hikes official interest rate by 50 basis points to 0.85% to curb inflation

Decision exceeded predictions from economists while Westpac was the first of the big banks to pass on the rise in full to customers

The New Daily

Reserve Bank hikes cash rate to 0.85 per cent

The Reserve Bank has lifted the cash rate from 0.35 per cent to 0.85 per cent in a bid to curb rising inflation. It is the second hike in as many months.

ABC News

Interest rate decision: RBA raises official cash rate to 0.85 per cent amid soaring inflation — as it happened

The Reserve Bank announces a cash rate rise of half a percentage point. Look back at how the day unfolded in our live blog.

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