The Latest Breaking News from Reserve Bank

The local share market has snapped its eight-session winning streak but still managed a gain for the week. Here's how the day's events unfolded, with insights from our business reporters.

Mexican standoff: Desperate to hold onto their lending share in a declining property market, banks have ignored Reserve Bank pressure to raise mortgage interest rates. But the standoff must end. Brokers reckon the first of the banks will blink next week. You can see the whites of their eyes, writes Jonathan Milne.

The Reserve Bank has left interest rates on hold at 3.6 per cent, but says some further tightening of monetary policy may be needed, while the Australian share market hit a fresh three-week high.

Australian shares rise to their highest level in three weeks, while oil prices surge after a surprise decision by Saudi Arabia and OPEC nations to cut production by more than 1 million barrels per day, and Scott's Refrigerated Logistics is now in liquidation.

The Reserve Bank will be hogging the limelight this week with a nail-biter cash rate call and a public appearance from the governor Philip Lowe.

The Reserve Bank board minutes released on March 21 made a show of officially agreeing “to reconsider the case for a pause at the following meeting,

The Reserve Bank could be facing legislative changes under a review, due to be handed to Treasurer Jim Chalmers on Friday.

Former governor Bernie Fraser says the Reserve Bank of Australia's attempt to improve the welfare of all Australians has been undermined by decades of neoliberalism.

This is why bank shareholders shouldn't expect such big returns – their risk is lower. In what other industry, asks Jonathan Milne, would they be rescued by regulators?