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The Latest Breaking News from the Reserve Bank

Massive overhaul of Reserve Bank to change how rates are set

The Reserve Bank of Australia is facing a major overhaul that would change how interest rates are set after a review into its future.

The New Daily

Reserve Bank renovation to split responsibility

Two separate boards will be responsible for governance and interest rates in a major overhaul in response to a review of the Reserve Bank of Australia.

AAP

Reserve Bank to have two boards after overhaul by inquiry

The long-awaited independent review of the Reserve Bank commissioned by Treasurer Jim Chalmers will be released on Thursday, with the treasurer already flagging in-principle agreement with all its recommendations.

The Conversation

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Jim Chalmers is a man on many missions. Here's what the treasurer's been up to ahead of the budget

Will Treasurer Jim Chalmers be able to please everyone with his May budget? He's certainly trying very hard to cover a lot of economic ground beforehand.

ABC News

The RBA's interest rate pause was a close call that could change as early as next month

The Reserve Bank reveals its decision to pause its aggressive interest-rate-hiking strategy was a close call, while again warning that more hikes might be needed to tame inflation.

ABC News

‘Unnecessary’ rate hikes to trigger ‘consumer recession’: Report

A major economics firm says the RBA has gone too far in raising interest rates and has forecast a "consumer recession".

The New Daily

Did the Reserve Bank's interest rate hikes put Australia's economy on a 'knife-edge'? A major consulting firm thinks so

A major consulting firm forecasts a "consumer recession" in 2023, warning hundreds of thousands of Australian households are bleeding cash every month.

ABC News

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The mining sector made more than half of Australia's corporate profits, so why do economists want to ignore it?

Australia's mining sector has generated windfall profits over the past two years, the result of dramatically higher prices for fossil fuel energy, but has it driven inflation?

ABC News

‘Resilient’ jobs market foreshadows more interest rate hikes, economists say

Australia’s jobs market showed little signs of slowing in March despite almost a year of interest rate hikes, economists said.

The New Daily

Afternoon Update: low jobless figure raises chances of rate hike; more dog attacks in Queensland; and Arnie in pothole mischief

Cyclone Ilsa is expected to reach category 5 before it hits the WA coast, the highest severity level

The Guardian - AU

Unemployment rate holds steady as Australian employers add 72,000 full-time jobs

At 3.5% the unemployment rate remains near its lowest since the mid-1970s

The Guardian - AU

Jobless rate to stay low despite looming economic woes

Workers are still in short supply and the labour market is unlikely to reveal signs of loosening as the effects of inflation work through the economy.

The New Daily

IMF warns Australian housing market at high risk of mortgage defaults ahead of global economic downturn

The International Monetary Fund says Australia has one of the greatest risks of mortgage defaults in the world, as it warns of a significant downturn in global economic growth for the year ahead.

ABC News

Australia ‘not immune’ from global economic malaise

Despite a downbeat economic forecast, Australia should weather the worst of a weak international outlook due to low unemployment and high commodity prices.

The New Daily

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AAP

Australia 'not immune' from global economic malaise

Despite a downbeat economic forecast, Australia should weather the worst of a weak international outlook due to low unemployment and high commodity prices.

The Conversation

What made rents soar? It might have been COVID, and pairing off

So, you think you know why rents climbed.

The New Daily

Reserve Bank alert to higher financial instability risk

Banking turmoil in the US and Europe may be contained for now but the Reserve Bank has warned of ongoing fragility in pockets of the global banking system.

ABC News

Rising interest rates have put some borrowers in trouble, but the RBA says the banks will be fine

A significant group of borrowers are at serious risk of default, but Australian banks will be able to comfortably survive any losses, argues the Reserve Bank.

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The Guardian - AU

The RBA’s rate pause is prudent – there’s still a lot of rises yet to hit the economy

With mortgage holders yet to feel the full impact of the cash rate rises, the Reserve Bank’s current wait-and-see approach makes sense

The New Daily

RBA boss confirms rate hikes not necessarily over

The Reserve Bank has kept interest rates on hold, but governor Philip Lowe says there's a good chance more interest rate hikes will be needed.

ABC News

RBA governor Philip Lowe says pause 'does not imply that interest rate increases are over'

The Reserve Bank boss warns households to brace for more interest rate rises, especially if businesses keep putting up prices or workers demand bigger pay rises.

ABC News

Rio Tinto confirms stolen employee data posted on the dark web after GoAnywhere cyber hack, ASX finishes slightly higher — as it happened

Rio Tinto has confirmed that employee data stolen in last month's cyber hack has been posted on the dark web by a cybercriminal group. Look back on the day's market and business news with our blog.

ABC News

Reserve Bank interest rate pause welcomed by mortgage borrowers as Lifeline prepares to meet with governor Philip Lowe

After 10 consecutive rises, the Reserve Bank has pumped the brakes on interest rates — much to the relief of mortgage borrowers and Lifeline, which has seen more first-time home owners suffering financial distress.

ABC News

Reserve Bank interest rate pause does little for people struggling with cost of living pressures

The RBA has paused the cash rate, but businesses and home owners say that will not bring any immediate relief from cost of living pressures.

ABC News

RBA leaves interest rates on hold as it waits to see impact of previous increases

The Reserve Bank gives mortgage borrowers a reprieve, at least temporarily, by leaving interest rates on hold at Tuesday's board meeting.

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