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The Latest Breaking News from the Reserve Bank

RBI holds rates, vows to keep price stability

The Reserve Bank on June 8 decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50% and retained the GDP growth projection for current fiscal year at 6.5%, on the back of supportive domestic demand conditions.

The Hindu

As migrants, we were sold a home and an Australian dream of financial security. Now we feel cheated

The Reserve Bank lifts interest rates each month and Philip Lowe tells our family to slash spending. But what’s left to cut

The Guardian - AU

The cost of the Reserve Bank’s profit denialism will be counted in lives

The RBA insists there’s no link between rising profits and inflation. Why do other central banks and the OECD disagree?

Crikey

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$15,000 more a year: Australia’s homeowners brace as interest rate hikes bring ‘mortgage cliff’ closer

Rate rises mean that households with an average $576,985 mortgage will have to find an extra $1250 a month

The Guardian - AU

The economy is slowing yet the RBA seems desperate to ensure this is as good as it gets for a long time

Record interest rate rises are intended to stop households from spending, even though the economy is already in a precarious position

The Guardian - AU

Going down: the 6 graphs that show Australia's economic growth shrinking

The latest national accounts tell us Australia’s economy grew by just 0.2% in the three months to March.

The Conversation

Labor rejects claim wage rise to blame for rates hike

Ahead of the latest news on Australia's economic performance, the federal government says it's determined to provide as much cost-of-living relief as it can.

The New Daily

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Michael Pascoe: Is the RBA acting out of spite or just lost the plot?

Passing without notice in April, the Reserve Bank pulled a neat little trick, apparently making multiple billions of dollars in losses “disappear”. I’ve

The New Daily

Political point scoring over latest RBA rate rise won’t help those feeling the ‘painful squeeze’

How high must rates go to choke inflation? Blaming Labor’s budget, price-gouging businesses or the national wage increase isn’t an answer

The Guardian - AU

‘Difficult to understand’: Mortgage bills to rise again as RBA hikes interest rates in June

Australian households will be forced to endure a 12th hike in interest rates after the Reserve Bank moved to push up mortgage bills in June.

The New Daily

Official interest rates rise above 4 per cent as RBA hikes again

Interest rates climb above 4 per cent for the first time in more than 11 years, as the Reserve Bank moves aggressively to clamp down on inflation.

ABC News

A very Philip Lowe guide to making a not-inevitable recession inevitable

The Reserve Bank governor is making sense of a confused economy by stifling the emergence of a new one.

Crikey

No signs of recovery among despondent consumers

Consumer confidence has not budged from its weak position, although mortgage holders have regained some optimism ahead of the next cash rate decision.

The New Daily

White-knuckle wait for Tuesday’s latest RBA interest rate decision

Another close interest rate call is looming for the Reserve Bank amid persistent inflation and stagnant productivity growth

The New Daily

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The Canberra Times

Mortgage affordability in ACT at its worst since 1990

It hasn't been this tough since 1990. The cash rate was 17 per cent at the time.

The New Daily

Minimum wage hike reveals gender inequality

Female workers will be the most most affected by the upcoming minimum wage hike, as the FWC committed to focusing more on gender equality.

Newsroom.co.nz

Why you'll pay more interest on your mortgage – maybe forever

Reserve Bank analyses whether interest rates will need to be pegged higher longterm, to keep inflation down. Jonathan Milne reports.

The Guardian - AU

Afternoon Update: RBA governor suggests more share houses; inflation rises; and vapour blasts from a Saturn moon

Underlying inflation and price pressures easing, shrinking the likelihood of another RBA rate hike on Tuesday

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ABC News

Why Australian households are divided when it comes to financial pressure, and economists are divided on the outlook

Economists are divided on how well households will weather the storm of rent rises, soaring home loan rates and rising prices, just as Australians are divided in how much financial pressure they're under.

Newsroom.co.nz

Tourism's faltering recovery relies on foreign workers to sell NZ

With winter closing in, there's not enough work in restaurants and bars for the workers hired to fill shortages in summer's tourism hotspots. Jonathan Milne reports.

Newsroom.co.nz

Backpacker bank accounts hit by anti-money laundering rules

Working holiday visa holders have to jump through hoops to get a bank account because of anti-money laundering provisions which even the Reserve Bank say aren't necessary.

Newsroom.co.nz

This is the biggest house sale loss – but worse is to come as interest rates rise

Today's Reserve Bank rates decision is heralded by economists as its most important since Covid. An anticipated OCR hike will put new pressure on mortgaged homeowners in election year. Jonathan Milne reports.

The Conversation

Will Jim Chalmers' budget drive up inflation? Not likely – and here's why

The proposition that cutting prices will stoke inflation is a hard one to get your head around, even if you are an economist.

The Guardian - AU

‘Significant turnaround’ in Australian house prices defies predictions as demand rises

CoreLogic says if increase is maintained, prices will be 4% higher at the end of 2023, defying forecasts of falls of 10% or more

The Guardian - AU

The great Victorian budget mystery: who will repay its massive ‘Covid debt’?

For once the Andrews government has largely avoided major announcements ahead of Tuesday’s state budget

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