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The Latest Breaking News from Reserve Bank

Massive overhaul of Reserve Bank to change how rates are set

The Reserve Bank of Australia is facing a major overhaul that would change how interest rates are set after a review into its future.

The New Daily

Reserve Bank to have two boards after overhaul by inquiry

The long-awaited independent review of the Reserve Bank commissioned by Treasurer Jim Chalmers will be released on Thursday, with the treasurer already flagging in-principle agreement with all its recommendations.

The Conversation

The RBA's interest rate pause was a close call that could change as early as next month

The Reserve Bank reveals its decision to pause its aggressive interest-rate-hiking strategy was a close call, while again warning that more hikes might be needed to tame inflation.

ABC News

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Government will not lift welfare payments despite recommendation – as it happened

This blog is now closed.

The Guardian - AU

Did the Reserve Bank's interest rate hikes put Australia's economy on a 'knife-edge'? A major consulting firm thinks so

A major consulting firm forecasts a "consumer recession" in 2023, warning hundreds of thousands of Australian households are bleeding cash every month.

ABC News

Come inside the RBA's media lock-ups to see how we report on interest rates and financial risks

Every now and then, the Reserve Bank of Australia locks up a group of financial journalists and the ABC's Michael Janda is often one of them. He explains why this is good for reporters, and for you.

ABC News

The mining sector made more than half of Australia's corporate profits, so why do economists want to ignore it?

Australia's mining sector has generated windfall profits over the past two years, the result of dramatically higher prices for fossil fuel energy, but has it driven inflation?

ABC News

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Raw Politics: Goodbye Jacinda, hello recession?

In episode 2 of Raw Politics: Jacinda Ardern's final farewell from Parliament, the Reserve Bank's hawkish interest rate move and the gentle crackdown on lobbyists.

Newsroom.co.nz

ASX down after Wall St falls on weak economic data, RBA says banks, households resilient but some pockets of stress

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.

ABC News

Mexican standoff: The untold story of Adrian Orr's war against inflation

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.

Newsroom.co.nz

RBA governor Philip Lowe says pause 'does not imply that interest rate increases are over'

The Reserve Bank boss warns households to brace for more interest rate rises, especially if businesses keep putting up prices or workers demand bigger pay rises.

ABC News

Philip Lowe in spotlight after welcome cash rate call

The Reserve Bank has kept interest rates on hold but a public appearance from the bank's boss could shed some light on the likelihood of more hikes.

The New Daily

Reserve Bank interest rate pause welcomed by mortgage borrowers as Lifeline prepares to meet with governor Philip Lowe

After 10 consecutive rises, the Reserve Bank has pumped the brakes on interest rates — much to the relief of mortgage borrowers and Lifeline, which has seen more first-time home owners suffering financial distress.

ABC News

Sure, the RBA froze interest rates this time, but there's plenty of pain to come

Australia’s Reserve Bank has hit pause on interest rates after ten successive hikes, but for many Australians, the pain it has inflicted is about to begin.

The Conversation

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ABC News

Reserve Bank flags 'further tightening' to tame inflation after leaving interest rates on hold at 3.6pc, ASX closes higher

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.

ABC News

Oil prices surge after OPEC+ surprises the market with supply cuts, ASX rises to 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.

AAP

Hope builds for possible end to interest rate hikes

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 New Daily

Michael Pascoe: RBA has already made the case for stopping its rate rises

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,

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The New Daily

Legislative changes could be coming to RBA: Treasurer

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

ABC News

The Reserve Bank doesn't need an overhaul, Australia needs fairer policies, says former governor

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.

Newsroom.co.nz

Credit Suisse rescue package shows why our banks shouldn't pay big dividends

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?

The Conversation

How can Australia pay $368 billion for new submarines? Some of the money will be created from thin air

Australia’s decision to buy three nuclear-powered submarines and build another eight is so expensive that, for the A$268 billion to $368 billion price tag, we could give a million dollars to every resident of Geelong, or Hobart, or Wollongong.

The New Daily

RBA says it’s harder to break the bank in Australia

Reserve Bank assistant governor Christopher Kent says Australian banks are on a firm footing despite strained conditions in global financial markets.

AAP

RBA says Australian banks strong despite global turmoil

Reserve Bank assistant governor Christopher Kent says Australian banks are on a firm footing despite strained conditions in global financial markets.

Newsroom.co.nz

Credit Suisse is the car crash in its own Bonfire of the Vanities

The name's Bond – unhedged Treasury bond. Jonathan Milne argues that bond traders have again become sexy, for all the wrong reasons.

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