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The Latest Breaking News from Reserve Bank

The ASX opened strong after the US interest rate rise buoyed Wall Street. But it hasn't cancelled out Tuesday's losses

It's been a dramatic few days on the Australian stock market, with steep losses followed by a brief rise on Thursday morning. But there are still more twists and turns to come.

ABC News

Alan Kohler: Albanese’s note to self – Don’t get blamed for the Morrison crises

Governments usually change after a recession, not before one, so the job is a nice one – to manage the recovery. But this time is different.

The New Daily

Albanese welcomes pay rise for pandemic ‘heroes’

Prime Minister Anthony Albanese has welcomed the Fair Work Commission's decision to raise the minimum wage by 5.2 per cent amid concerns about inflation.

The New Daily

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Lucky dollar: 5.2% minimum wage increase is a significant early political win for the Albanese government

Backing the wage rise shows Labor is on the side of workers at a time when many are doing it tough

The Guardian - AU

Fair Work Commission gives a 5.2% – $40 a week – increase in the minimum wage

The Fair Work Commission has announced a rise in the minimum wage of 5.2% or $40 a week, taking it to $812.60 a week or $21.38 an hour.

The Conversation

Reserve Bank governor Philip Lowe warns it is unclear how high interest rates will go

Philip Lowe has warned Australians they need to be prepared for substantial interest rate rises over the rest of this year, conceding he is not sure how high they might go.

ABC News

ASX: Australian stocks close almost 3.6% down after global sell-off on inflation fears

Benchmark ASX200 index closes 246 points lower, after falling 360 points in the first 15 minutes of trading on Tuesday

The Guardian - AU

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Interest rates for savings accounts are rising after rate hike, but are they quick enough and by how much?

The Reserve Bank's cash rate hike may be doom and gloom for mortgage borrowers, but Inge Meldgaard is hopeful that higher rates will boost earnings from her savings.

ABC News

Australia's Reserve Bank has got a lot right, but there's still a case for an inquiry

Treasurer Jim Chalmers is about to commission an independent review of the Reserve Bank of Australia. Refreshingly, his election promise was bipartisan – both sides of politics want it.

The Conversation

Alan Kohler: The two great stupidities behind our inflation

Here’s a wild idea for economists to smile at condescendingly: How about the Reserve Bank stands back and lets this inflation episode run its course.

The New Daily

Payroll jobs grow more slowly than 2021

The Australian Bureau of Statistics said payroll jobs grew by 0.2 per cent in the month to May, recovering after the impact of the Easter holiday in April.

AAP

The Loop: Banks expected to lift interest rates, Socceroos win, and NASA to launch rockets from the NT

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

ABC News

Chalmers does not see risk of recession

Treasurer Jim Chalmers says he is not worried about the Australian economy going into recession, but he acknowledges inflation poses a major challenge.

AAP

Commonwealth Bank, ANZ and NAB join Westpac to raise variable mortgage rates by half a percentage point

The Commonwealth Bank, ANZ and NAB join Westpac in passing on the Reserve Bank's interest rate rise to mortgage borrowers in full.

ABC News

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The Guardian - AU

Treasurer warns of ‘severity and magnitude of inflation challenge’ after RBA hikes official interest rate

Jim Chalmers responds to Reserve Bank decision to lift cash rate 50 basis points as Anthony Albanese declines to comment during Indonesia trip

The Conversation

The housing game has changed – interest rate hikes hurt more than before

The Reserve Bank has lifted the cash rate for the second time in two months, this time by 0.50 points to 0.85%.

The Conversation

Expect the RBA to go easy on interest rate hikes from now on – we can't afford rates to climb as steeply as the market expects

By lifting its cash rate by 0.5 points, from 0.35% to 0.85%, the Reserve Bank has added about another $120 per month in payments for a A$500,000 mortgage.

The Guardian - AU

Reserve Bank hikes official interest rate by 50 basis points to 0.85% to curb inflation

Decision exceeded predictions from economists while Westpac was the first of the big banks to pass on the rise in full to customers

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ABC News

Reserve Bank lifts interest rates by higher-than-expected half a percentage point, causing more pain for borrowers

The Reserve Bank increases interest rates by 50 basis points, taking the cash rate target to 0.85 per cent — well ahead of most economists' expectations.

The New Daily

Reserve Bank hikes cash rate to 0.85 per cent

The Reserve Bank has lifted the cash rate from 0.35 per cent to 0.85 per cent in a bid to curb rising inflation. It is the second hike in as many months.

ABC News

Interest rate decision: RBA raises official cash rate to 0.85 per cent amid soaring inflation — as it happened

The Reserve Bank announces a cash rate rise of half a percentage point. Look back at how the day unfolded in our live blog.

The Guardian - AU

Morning mail: Boris Johnson wins confidence vote, gas ‘trigger’ at the ready, RBA rate decision looms

Tuesday: Rising fuel, food and energy prices have people meticulously tracking their spending. Plus: the bike desk shows us why we can never relax

The Conversation

Memo RBA: we ought to live with inflation, more of it

Later today, everyone expects the Reserve Bank board will push up its cash interest rate for the second consecutive month.

The New Daily

‘Mortgage prison‘: Home owners facing budget squeeze as interest rates rise

Australians are being hit with a double whammy of rising mortgage costs and falling property prices as interest rates rise.

The Guardian - AU

Interest rates: RBA weighs up risk of ‘climb shock’ ahead of decision

Economists split on how much Reserve Bank will lift cash rate on Tuesday as it looks to rein in inflation

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