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The Latest Breaking News from Reserve Bank

Profits have driven inflation while wages lag behind, argue economists

Increasing profits going to corporate Australia account for more than two-thirds of the nation's inflation problem, according to new research from the Australia Institute.

ABC News

Uni students are lining up for free food and struggling to pay rent

Students are lining up for free food — but it's no sausage sizzle. They're queuing for basic groceries they can't afford.

ABC News

'Please don't profiteer': Rising prices worry builders in cyclone aftermath

Some construction suppliers are 'jumping on the gravy train' – and builders say they won't forget. Jonathan Milne reports.

Newsroom.co.nz

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Wages up 3.3 per cent as competition drives pay packets

Wages have grown by 3.3 per cent, with weaker-than-expected reading likely to dampen concerns of a wages breakout keeping inflation sticky.

AAP

NSW police criticised for ‘outrageous’ midnight arrest of student who protested at RBA

Cherish Kuehlmann woken up by officers who ‘barged into the house’ and took her to a police station, where she was charged with a trespass offence

The Guardian - AU

See when Australia's biggest banks stopped paying proper interest on your savings – and what you can do about it

Whenever interest rates went up in the past, I used to get told it wasn’t all bad news. At least it was good for some people: savers – people with money in the bank.

The Conversation

Australia to flirt with recession this year, warns NAB

Economists are warning Australia is at a heightened risk of recession in 2023 as the Reserve Bank keeps aggressively raising interest rates, with a per capita recession looking likely.

ABC News

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Rising interest rates may be Labor’s kryptonite – but remember it never ended up killing Superman

Are the Reserve Bank’s decisions to keep hiking the cash rate damaging the Albanese government’s economic credentials?

The Guardian - AU

Morning Mail: Biden’s surprise Ukraine visit, rates take shine off Labor, ‘gobblefunk’ row

US president promises more weapons for Kyiv; Guardian Essential poll shows voters think RBA is wrong on rates but also blame Albanese; another earthquake in Turkey

The Guardian - AU

New insight into the logic behind February rate rise

The Reserve Bank's board minutes will be scoured for fresh insights into the central bank's cash rate decisions and how many more hikes are to come.

AAP

Skyline chair bucks market downturn with year's biggest house sale profit

The record sale highlights the extremes gains and losses of a polarised property market – and the challenge facing the Reserve Bank in hiking interest rates this week.

Newsroom.co.nz

Shock and Orr: Rate hikes kill off housing affordability and development

With the cost-of-living and housing crises, the need for Government intervention in the housing market is becoming more urgent. What that intervention will be may determine the colour of our next Government, argues Edward Miller

Newsroom.co.nz

Reserve Bank faces difficulty balancing cyclone inflation and devastation

If the country is to begin ‘futureproofing’ itself against more frequent climate change related flooding, the rebuild cost will rise dramatically – and that's worrying for Governor Adrian Orr. Andrew Patterson reports.

Newsroom.co.nz

Wages, Reserve Bank minutes to take the spotlight

The pace of wage growth will take centre stage, with the Reserve Bank hoping for a moderate reading that doesn't make its inflation challenge harder.

AAP

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The Guardian - AU

A ‘fantastic place to live’, Philip Lowe? Tell that to those struggling under high interest rates

RBA governor says ‘capitalism works’ but maybe just a little bit of slack from his institution is what the country needs

AAP

Savers need to keep pressure on banks: RBA

Savers should switch to more competitive rates if banks aren't passing on cash rate hikes, the head of the Reserve Bank of Australia says.

The Conversation

The Lowe road – the RBA is treading a 'narrow path' between inflation and recession

It’s a tough time for central bankers the world over, but especially for Reserve Bank of Australia governor Philip Lowe.

ABC News

RBA boss Philip Lowe says rate rises hurting households, indications are they will go higher

Reserve Bank governor Philip Lowe has given a strong indication more interest rate rises are on the cards despite nine back-to-back rises causing many households significant pain and leaving them struggling to make repayments on their mortgages.

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The New Daily

Watch: Nationwide heatwave, SA bushfire, Lowe grilled

Watch: Severe weather warnings are in place for large parts of the country as the nationwide heatwave sends temperatures soaring. Reserve Bank Governer

AAP

RBA urges mortgage holders to hunt down better deals

Reserve Bank officials say record high rates of refinancing are keeping average home loan rates relatively low.

AAP

RBA governor sticks to the script on future rate rises

Not spooked by an unexpected uptick in the headline jobless rate, the Reserve Bank has stuck with its hawkish stance on interest rates.

The New Daily

ACCC asking why banks are slow to lift interest rates on savings accounts

The landscape for Australian savings rates is changing fast as banks begin to relent after the RBA’s February interest rate hike.

The Guardian - AU

More light and less heat would be appreciated at Philip Lowe’s next grilling on Friday

Lost in the questioning from hostile senators was much insight into why the Reserve Bank wants to keep raising rates

The Guardian - AU

The RBA’s predictions are so dire it’s no wonder people are less confident than they were when the pandemic hit

To survive the next two years of economic growth as predicted without tipping into a recession would be astonishing

The Guardian - AU

Afternoon Update: RBA boss defends job at Senate grilling; public school enrolments drop; and a sit-down with Lidia Thorpe

Philip Lowe tells Senate estimates interest rates will continue to rise, ‘but how far they need to go, we’re still unsure’

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