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The Latest Breaking News from the Reserve Bank

Afternoon Update: inflation hits three-year low; BoM tsunami warning test prompts panic; and the legacy of Daria

Inflation dived last month to its lowest rate in three years, but the Reserve Bank will wait for a more sustained drop before it starts cutting interest rates.

The Guardian - AU

At 2.7%, Australian inflation is back within the RBA zone. Here’s why that matters

A closely watched measure of Australian inflation dived in the month of August, plunging from 3.5% in July to just 2.7%.

The Conversation

Dollar hits 19-month high, miners gain as banks fall

The ASX200 dropped 0.2 per cent, while miners gained and the local currency hit its highest level in 19 months on China's aggressive stimulus measures.

AAP

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People who don’t want Labor to control RBA have ‘neoliberal brain worms’: Greens senator

Greens Treasury spokesman Nick McKim doubles down on his proposal that Labor override the RBA on interest rates.

Crikey

No RBA rate cut yet, but governor Bullock is about to find the pressure overwhelming

It’s easy to see why Michele Bullock thinks temporary measures should be disregarded.

Crikey

Rebound fears as energy help flicks switch on inflation

Federal energy bill relief has led to a drop in monthly inflation figures, but there are warnings the measures only caused an artificial reduction.

AAP

No RBA rate cut yet, but Governor Bullock is about to find the pressure overwhelming

Who’d want to be Reserve Bank Governor Michele Bullock? On Tuesday she had to do the almost impossible: defend a decision not to cut interest rates at a time when they were being cut in just about every other major industrial nation.

The Conversation

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The Albanese government: A safer pair of hands to do the selling out

The Brits think Keir Starmer is doing a bad job. Oh mates, hold my colder, better beer…

Crikey

Don't put money on rates relief soon, borrowers warned

Mortgage-holders should not get their hopes up for near-term relief, says a hawkish Reserve Bank governor as the cash rate was again held at 4.35 per cent.

AAP

View from The Hill: The Greens’ demands on the RBA make for bad economic policy. Is it also crazy politics?

When the Greens tell Labor they’re ready to negotiate, what they usually mean is they’re preparing to make populist demands that can’t or shouldn’t be met.

The Conversation

AFL stars walk Brownlow medal red carpet – as it happened

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The Guardian - AU

War of words over inflation as national debt dives

Australia lags behind western nations in tackling inflation, the shadow treasurer says, as the Reserve Bank mulls whether to lower interest rates.

AAP

Reserve Bank to hold the line despite US Fed cut

The Reserve Bank is unlikely to give interest rate relief to borrowers at the September meeting as Australia's inflation rate still has fight left in it.

AAP

Impact of US rate cut in Australia remains to be seen

Senior minister Bill Shorten says it's unclear how much of an impact the US Federal Reserve's interest rates cut will have on Australia's economy.

AAP

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AAP

Resilience of jobs market put to test

Fresh labour force data will be watched closely following the Reserve Bank's assessment it was still operating above 'full employment'.

The Guardian - AU

Why is Labor trying to reform the RBA and why is Peter Dutton opposing the changes?

The Coalition has indicated it won’t support the reforms, which it says could let Labor allies take control of interest rates

AAP

New fear unlocked: unemployment worries grip consumers

Consumers are becoming more concerned about the sluggish economy and what this could mean for jobs, with cost-of-living becoming a lower order worry.

The Guardian - AU

Labor opens door to negotiating with Greens on RBA reforms after Coalition blocks proposal

Peter Dutton’s opposition also puts up new roadblocks to potential deal on government’s aged care reforms

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The Conversation

Coalition torpedoes bipartisan deal on Reserve Bank monetary policy board

The federal opposition has torpedoed Treasurer Jim Chalmers’ attempt to get a bipartisan deal to install a specialist monetary policy board in the Reserve Bank, claiming the reform would enable the treasurer to “stack” the new board.

Crikey

Half of new 2024 jobs were public sector: ABS

Federal Parliament resumes today with the government under pressure on the state of the economy, and Julia Gillard celebrates the 30th anniversary of Labor’s gender quotas.

The Conversation

Treasurer distances himself from his former boss’ Reserve Bank attack

Treasurer Jim Chalmers has distanced himself from the strident attack his one-time boss Wayne Swan launched on the Reserve Bank, which the former treasurer accused of “putting economic dogma over rational decision-making”.

The Guardian - AU

Now the Australian economy is on its knees, will the RBA finally start cutting interest rates?

So far we have not gone into recession – but only because our population has grown and the government has kept spending

The Conversation

This is the weakest economy outside of a recession. Here’s what the GDP figures show

The latest national accounts show the Australian economy is struggling. It’s what you would expect after the sharpest series of interest rate rises on record, and is more or less what the Reserve Bank was trying to achieve to bring down inflation.

The Conversation

Surcharges are added to most purchases, but what are the rules behind these extra fees?

You head to the register at the cafe to pay for your lunch, swipe your card and suddenly realise you’ve been hit with an extra small but unexpected charge.

Crikey

The weak economy is at a painful turning point, one that might finally prove to be unspinnable

The government’s economic critics want it both ways — complaining it’s not doing enough to lower inflation while also not doing enough to support growth.

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