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The Latest Breaking News from Reserve Bank

Bank profits jump but rising interest rates are a double-edged sword

Australia's big four banks raked in nearly $30 billion in profits over the 2022 financial year as people struggled with the cost of living. And higher interest rates will put more mortgage borrowers at risk.

ABC News

Reserve Bank of Australia rejects 'scorched earth' policy to tame inflation with faster interest rate rises

The Reserve Bank of Australia will not hesitate to raise interest rates "quite quickly" if there are signs inflation is getting too far out of control, its deputy governor says.

ABC News

Open banking will give control to customers – but it comes with risks

To those who have grown up with the idea that keeping our money safe means a heavy bank vault inside a big stone building, opening up access to third parties sounds scary.

Newsroom.co.nz

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You can’t eat GDP: why Australian households are in for a massive, historic hit

Very smart people are nodding and suggesting the economy needs to slow to get inflation under control and, well, damn the consequences

The Guardian - AU

Energy prices top of mind for RBA

The second in command at the Reserve Bank says soaring energy prices could throw out its forecast and drive inflation even higher.

AAP

New data shows the economy is going to slow significantly over the coming two years

ABS and CommSec data shows there are already signs of a slowdown as average household spending goes up 15 per cent in the past five years.

ABC News

In defence of RBA Governor Philip Lowe: an easy scapegoat for record interest rate rises

Reserve Bank Governor Philip Lowe is getting terrible press, most of it undeserved.

The Conversation

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The RBA knows so much about us — but what do we actually know about it?

The Reserve Bank’s experts hold Australians’ financial lives in their hands, but do they live in the real world where the cost of living is crippling?

Crikey

Leading economists back federal government action to curb rising gas and electricity prices

Australia’s top economists have overwhelmingly endorsed intervention to restrain gas and electricity prices, with only three of the 47 leading economists surveyed believing the best thing the government can do is to leave things to the market.

The Conversation

Fighting inflation doesn’t directly cause unemployment – but that's still the most likely outcome

You may have seen the news: in its attempts to tackle inflation, the Reserve Bank is going to increase unemployment. The idea can even seem to come right from the mouths of experts, including the bank’s governor, Adrian Orr. Speaking recently to an industry conference, he said:

The Conversation

Consumer habits in the RBA spotlight

How consumers and government agencies are spending their money will be closely watched by Australia's central bank as inflation bites.

AAP

The Australian Greens say the Reserve Bank needs to be more democratically accountable

The Australian Greens say the federal government's review of the Reserve Bank should re-imagine how monetary policy should work for the 21st century.

ABC News

Can Labor provide cost-of-living relief without feeding inflation and interest rates? An expert panel responds

Anthony Albanese says the government can’t afford to provide energy payments or other relief because to do so would put even more pressure on the RBA to raise interest rates – is he right? Three economists have their say

The Guardian - AU

New Zealand the ‘kiwi in the coalmine’ as house prices slump and repayments rise

World is watching as experts warn some borrowers could soon owe more than their house is worth

The Guardian - AU

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The New Daily

‘Wouldn’t want to trade’: Why Australia’s inflation battle pales in comparison to global woes

Times are tough in Australia right now, but Reserve Bank boss Philip Lowe doesn’t think you’d want to be anywhere else.

ABC News

The Loop: Reserve Bank warns of tough years, bitter debate erupts over repatriation, Twitter staff await fate

Get up to speed on today's headlines with The Loop.

The Guardian - AU

Reserve Bank predicts inflation to peak at 8% – the highest rate since 1990

Interest rates will likely continue to rise to subdue inflation, bank’s quarterly statement says

ABC News

Reserve Bank warns Australians to brace for tough years ahead to get inflation under control

The Reserve Bank expects a couple of tough years for Australians, with real wages continuing to fall as inflation persists, economic growth slows and unemployment starts to rise.

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The New Daily

Alan Kohler: Economists disagree on where interest rates are heading – shock

It’s hard to recall a time when the interest rate forecasts of economists were as widely, and wildly, different as they are now.

Newsroom.co.nz

Women and youth dragged into the labour force

Rising wages and pressure on household finances are forcing people into the workplace who would prefer to be home with their families or studying to provide NZ a high-skilled workforce.

The Guardian - AU

Now that Australia’s house prices are falling, does the RBA really need to raise rates yet again?

The Reserve Bank is still on its quest to kill inflation, but what exactly still needs to be put to the sword?

ABC News

What changes are banks making to interest rates?

A flurry of banks have passed on interest rate rises to borrowers after the Reserve Bank increased the cash rate by 0.25 percentage points on Tuesday.

ABC News

Interest rates have gone up again, pushing some Australian mortgage borrowers beyond their 'stress test' limits

The latest rate hike by the Reserve Bank of Australia means mortgage borrowers have been pushed to the limits — and beyond — of their "stress test" buffer.

Newsroom.co.nz

Plea for banks to support families and businesses under serious stress

Households and banks will be 'challenged' by rising interest rates and cost of living, the Reserve Bank warns.

The Guardian - AU

Morning Mail: RBA rate warning, thousands miss power bill rebates, four-day work week trial

In today’s newsletter: more than a third of households could be losing out on crucial cost-of-living relief; Unilever staff to trial shorter week; and why the BMI index might be bad for you

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