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The Latest Breaking News from Reserve Bank

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

The Guardian - AU

Michael Pascoe: Innocent victims of the great inflation conundrum

The Economics 101 picture the Reserve Bank paints of inflation fighting doesn’t tell anywhere near the full story.

The New Daily

Interest rates to keep rising as RBA warns it will do ‘what is necessary’ to curb inflation

Reserve Bank governor Philip Lowe says half percentage point increases to cash rate possible if economic conditions do not improve

The Guardian - AU

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Afternoon Update: More rate pain for borrowers; Gold Trip wins Melbourne Cup; and China unhappy with B-52 plan

The Reserve Bank makes its inevitable inflation response. And most Australians don’t care about the cup

The Guardian - AU

Why has the RBA raised interest rates for a record 7th straight month? High inflation – and worse is on the way

Pushing up interest rates isn’t something the Reserve Bank does lightly.

The Conversation

Mortgage stress on horizon after RBA cash rate hits 2.85 per cent

The Reserve Bank lifted the cash rate a further 25 basis points to 2.85 per cent.

Newcastle Herald

Australian borrowers hit again as RBA raises interest rates by 25 basis points to 2.85%

Reserve Bank raises rates for seventh time in attempt to bring inflation under control

The Guardian - AU

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Reserve Bank sticks to smaller interest rate hike despite inflation shock

The Reserve Bank opts against a return to super-sized rate hikes, announcing a 0.25 of a percentage point rise on Melbourne Cup Day, with major banks starting to follow.

ABC News

Interest rate updates: RBA lifts cash rate by 0.25 of a percentage point to nine-year high of 2.85pc, NAB first to pass on — as it happened

The Reserve Bank lifted interest rates for the seventh month in a row, taking the cash rate to 2.85 per cent — as it happened.

ABC News

ASX rises as Reserve Bank lift rates, Dow Jones posts biggest monthly surge in 47 years

Australian shares post significant gains as the Reserve Bank of Australia lift rates, while Wall Street's industrial index, the Dow Jones, records its biggest monthly gain since 1976.

ABC News

Treasurer says inflation ‘number one challenge’ – as it happened

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The Guardian - AU

Morning Mail: voters want power bill help, Kohli in hotel security breach, a taxing question for Plibersek

In today’s newsletter: a survey finds more than two-thirds of respondents want the government to intervene in energy market; Tanya Plibersek says she’d ditch tax cuts; and a flood rescue support package will be announced

The Guardian - AU

Declaring an interest

If the Reserve Bank does indeed raise interest rates by 0.25% today they will reach the heady heights of 2.85% — from 0.1% in May — and a bill to introduce mandatory cashless cards in NSW clubs has been shelved.

Crikey

Australian home prices fall for six months in a row as interest rate rises bite

Home prices have been dropping over the past six months as the Reserve Bank of Australia has raised interest rates from a record low in May to curb red-hot inflation. And with interest rates set to keep rising, more falls are expected.

ABC News

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ABC News

ASX rises ahead of the Reserve Bank's anticipated rate hike; Wall Street, global shares advance

Australian shares rise, tracking overnight gains on Wall Street as investors await the Reserve Bank's interest rate decision due on Tuesday.

The Guardian - AU

Rate rise expected on Melbourne Cup day likely to be followed by higher inflation outlook

Two of Australia’s biggest banks predict the Reserve Bank will revise the inflation rate to 8% – the highest since March 1990

Crikey

The treasurer’s talk of dark days ahead has just a hint of grim fairy tales

Jim Chalmers warned of tough times in his budget speech on Tuesday, but Crikey readers have other ideas — on that and many other topics.

ABC News

In an economy blighted by inflation, Australians like Dimuthu are collateral damage

Dimuthu Peterson is building a home and is trapped between rising rates and rents. The Perth mother feels hopeless in the current economy dogged by inflation.

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The Guardian - AU

Reserve Bank reports record $40bn loss on government bonds purchased during Covid pandemic

RBA will likely not pay government dividends for years until negative equity of $12.4bn is restored and built up

The Guardian - AU

Why is the cost of living going crazy even as the Reserve Bank raises rates?

Overseas issues and a wildfire housing market have combined to drive inflation growth that hasn’t been seen for decades

The New Daily

Alan Kohler: Jim Chalmers delivers a responsible budget, with no repair and no relief

The last time a new government brought down its first budget, in 2014, it was a disaster for all concerned.

The Conversation

Jim Chalmers’ 2022-23 budget mantra: whatever you do, don’t fuel inflation

Terrified by the prospect of further stoking the worst inflation in three decades, Treasurer Jim Chalmers and Finance Minister Katy Gallagher have delivered a budget that takes out of the economy about as much as it pumps into it.

ABC News

Sydney house prices have dropped by 10 per cent this year, according to latest data

House prices in Sydney fell by 10 per cent since the peak in February, with the median value in the city dropping to $1,042,276.

The New Daily

More than $100,000 wiped from Sydney property prices as rate hikes bite

Property prices are plunging fast as rising interest rates push down property prices, leaving the market mired in uncertainty.

Pedestrian.tv

Previously-Secret Documents Reveal The Reserve Bank Reckons House Prices Are Set To Drop By 20%

The Reserve Bank of Australia predicts house prices could fall by 20% by the end of 2024, which would be the biggest drop since the 1980s.

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