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The Latest Breaking News from Reserve Bank

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

SBI hikes deposit, lending rates

NEW DELHI: The country's largest lender SBI has raised its deposit and lending rates following the Reserve Bank's repo rate hike last week.

The Times of India

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

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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

RBI much ahead in containing inflation: SBI report

NEW DELHI: The Reserve Bank is much ahead of the curve in containing inflation, which appeared to have peaked, though it may go for an interest rate hike in August and October, said an SBI research report on Monday.

The Times of India

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

PMC Bank case fallout: RBI asks UCBs to make higher provisions for inter-bank exposures

MUMBAI: The Reserve Bank on Friday issued fresh provisioning norms for urban cooperative banks' inter-bank exposure as well as valuation of their perpetual non-cumulative preference shares and equity warrants, directing them to continue making provisions to the tune of 20 per cent for such exposures.

The Times of India

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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

Over 1.18 crore payment devices deployed across country till April : RBI data

MUMBAI: More than 4.11 lakh PoS, mobile PoS and other physical devices were deployed across the country under the Payments Infrastructure Development Fund (PIDF) scheme as on April 30, 2022, the RBI said on Thursday.

The Times of India

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

I am sure govt is mindful of inflation situation, says RBI governor

MUMBAI: Reserve Bank governor Shaktikanta Das on Wednesday said the government is "mindful" of the current inflation situation, and it is up to the Centre to take further supply-side measures to contain the price rise situation.

The Times of India

Sensex falls 215 points in volatile trade post RBI policy; logs 4th day of decline

MUMBAI: Equity benchmarks extended their decline for the fourth straight session on Wednesday, with the sensex falling 214.85 points after the Reserve Bank raised the key interest rate by 50 basis points.

The Times of India

RBI enhances e-mandate limit on cards for recurring payments to Rs 15,000

NEW DELHI: The Reserve Bank of India on Wednesday hiked the limit on the amount of recurring transactions that can be made sans additional factor authentication (such as OTP) via e-mandate to Rs 15,000 from Rs 5,000 currently.

The Times of India

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The Times of India

RBI allows credit cards to be linked with UPI platform

MUMBAI: The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform.

ABC News

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.

AAP

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.

ABC News

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.

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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

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.

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