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The Latest Breaking News from Reserve Bank

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’

The Guardian - AU

Australia’s banks are not a source of economic dynamism but a drag on our economic and social welfare

The financial sector is not contributing as much to the national economy as it takes out

The Guardian - AU

Strong bank profits a 'positive', says RBA boss

The Reserve Bank governor has defended robust profits made by banks and says higher rates will eventually start eroding their earnings.

AAP

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RBA boss reveals ‘disturbing’ letters from families as mortgage bills skyrocket

Reserve Bank boss Philip Lowe has revealed he's received a series of "disturbing" letters from families about their financial hardships.

The New Daily

Watch: RBA boss questioned, CBA bumper profit, Children’s cancer breakthrough

Watch: The Reserve Bank Governor Philip Lowe is currently being questioned over consecutive interest rate rises. The Commonwealth Bank has posted a bumper

The New Daily

Two missing after Queensland mine collapse – as it happened

This blog is now closed

The Guardian - AU

Expensive houses cop biggest Hunter property price hit

A buyer's agent says vendors' price expectations have not shifted with the market.

Newcastle Herald

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Million households 'vulnerable' to rising interest rates, and their cuts could cause recession

A prominent economist now puts the risk of recession at 50 per cent, as households face the prospect of making substantial spending cuts to meet rising home loan repayments.

ABC News

Flawed RBA predictions have 'damaged credibility'

The Reserve Bank's former governor has delivered a scathing assessment of its recent performance as current chief Philip Lowe faces a parliamentary grilling.

AAP

Interest rates could peak at 4.1% amid sinking consumer confidence in Australia, says NAB

Major bank believes business conditions and confidence are improving as it sets cash rate prediction higher than other banks

The Guardian - AU

Consumer confidence plummets as cash rate lifts

The latest cash rate hike has mortgage holders worried as consumer confidence plunges to its lowest level since April 2020.

AAP

'Nothing untoward' in RBA head meeting bankers: Shorten

Cabinet minister Bill Shorten has defended Philip Lowe's decision to give a private briefing to bankers about interest rate rises.

AAP

Morning Mail: sporting concussion’s hidden trauma, asylum seeker visa change, Gabrielle hits New Zealand

The death toll of 33,000 in the Turkey-Syria quake could double as parts of NZ hunker down as a second major storm in as many weeks

The Guardian - AU

Alan Kohler: The undemocratic independent Reserve Bank

Politicians refer so often to the “independent” Reserve Bank that its initials should change to the IRBA, writes Alan Kohler.

The New Daily

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ABC News

Overworked, underpaid and fed up: How these Aussies have been pushed to the brink

These people say they're overworked, underpaid and fed up. The reason behind their frustrations is on the rise in Australia, and rated the number-one issue for voters in the country's most-populous — and expensive — state.

ABC News

Treasurer says government's energy market intervention is already working to provide household relief

Treasurer Jim Chalmers tells ABC Insiders the federal government's intervention is putting downward pressure on electricity prices, and inflation remains the economy's greatest challenge.

The Guardian - AU

Jim Chalmers confident Australia will avoid recession despite warnings of more interest rate rises

The treasurer also noted ‘very encouraging’ signs on power prices falling, saying Labor’s energy price relief package was working

AAP

RBA governor faces grilling on 'hawkish' rate hike talk

Reserve Bank governor Philip Lowe will appear before parliamentary committees this week after what's been labelled as a "hawkish" shift for the central bank.

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AAP

Intervention for energy prices working, says treasurer

Treasurer Jim Chalmers says intervention in the energy market is working and that a decision will be made mid-year on the fate of RBA governor Philip Lowe.

The Guardian - AU

Australia’s economy running hot despite rising interest rates, but experts urge caution

Building and business insiders warn the Reserve Bank’s recent hawkish approach risks long-term harm for households and commerce

The Guardian - AU

The RBA’s latest inflation and wage predictions help explain why Australia’s interest rate nightmare isn’t over

The main worry is workers might demand more pay, employers will pass that on to prices, and a wage-price spiral will take off

ABC News

The Reserve Bank will keep raising interest rates, but don't expect more supersized jumps

The Reserve Bank confirms that Australians can expect to see at least two more rate rises, but appears to favour a slow and steady approach over any more supersized hikes.

AAP

RBA backs power bills relief plan to help ease costs

As Treasurer Jim Chalmers has seized on support for a power bill relief plan as he meets his state and territory counterparts online.

The Guardian - AU

Reserve Bank causing households ‘too much pain’ with rate rises, says union chief Sally McManus

Australian union leader says the absence of labour market expertise on the RBA board had caused ‘missteps’

The Guardian - AU

The Reserve Bank wants unemployment to rise. It should be careful what it wishes for

We had all better hope the coming slowdown doesn’t happen before the full effect of rate rises is felt

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