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The Latest Breaking News from the Reserve Bank

Australian unemployment rate rises to 3.7% as economy sheds 14,600 jobs in July

Latest jobless rate higher than economists predicted, Bureau of Statistics unemployment figures show

The Guardian - AU

It’s good news that real wages are no longer falling – but the fall has already been deep

Wages rose modestly in the June quarter but so did inflation. The average wage now buys you the same amount as it did in 2009

The Guardian - AU

RBA says slowing economy and acute pressure on household budgets behind interest rate pause

Minutes from the Reserve Bank’s August meeting show the board considered lifting the cash rate to 4.35% but decided to allow more time to look at economic data

The Guardian - AU

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We can and should keep unemployment below 4%, says our survey of top economists

Australia’s leading economists believe Australia can sustain an unemployment rate as low as 3.75% – much lower than the latest Reserve Bank estimate of 4.25% and the Treasury’s latest estimate of 4.5%.

The Conversation

'It's going to be messy': Banks underestimate threat of climate change

Modelling the impact of rising temperatures is an 'ongoing and living exercise', banks acknowledge. But climate planning experts say they're being complacent. Emma Ricketts reports.

Newsroom.co.nz

Home loan, other borrowers can switch to fixed-rate regime: RBI

RBI unveils framework allowing borrowers to switch to fixed interest rate from floating rate, providing relief to home, auto loan borrowers. Revised framework for Infrastructure Debt Funds (IDFs) to enable greater financing of infrastructure sector.

The Hindu

RBA predicts weaker economy for the rest of 2023 as cost of living pummels households

The Reserve Bank’s latest update predicts wage growth to remain steady but rent inflation will increase

The Guardian - AU

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RBI says 88% of ₹2,000 notes returned to banks

As much as 88% of the ₹2,000 banknotes in circulation as on May 19, 2023, have since been returned.

The Hindu

Australia is about to set its first full employment target – and it will define people's lives for decades

Stand by for one of the most important decisions Treasurer Jim Chalmers and the Albanese government will make.

The Conversation

Inflation has peaked – but will the RBA stop raising rates and focus on locking in low unemployment?

The latest numbers show success in the fight against inflation even as jobs figures remain stable

The Guardian - AU

Underlying inflation has slipped below 6%, but is the slide enough to stop the RBA pushing up rates further?

Australia’s inflation rate has fallen for the second consecutive quarter.

The Conversation

Australia’s June quarter inflation falls to 6%, ABS reports

Drop was more than expected by economists, increasing likelihood the Reserve Bank will extend its interest rate pause next week

The Guardian - AU

Unemployment rate falls to 3.5% as the economy adds 32,600 jobs in June on latest ABS figures

The bureau of statistics labour numbers will be examined closely by the Reserve Bank when it meets on August 1 to consider interest rates

The Guardian - AU

Australia is on the brink of ending interest rate hikes and an economic first – beating inflation without a recession

What if Reserve Bank Governor Philip Lowe and his successor Michele Bullock were able to achieve something truly remarkable – a steady decline in inflation without further interest rate increases, and without bringing on a recession.

The Conversation

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The Guardian - AU

Economy could slow more than the Reserve Bank expected, latest RBA minutes reveal

Bank left cash rate unchanged in July and meeting minutes state squeeze on households means consumption could slow ‘more sharply than implied by the current forecasts’

AAP

First female RBA governor to bring 'reform agenda'

The incoming governor of the Reserve Bank, Michele Bullock, will have a full plate overhauling the major institution and laying out new ground rules.

Newsroom.co.nz

History's bitter lesson: Interest rates hikes aren't over till they're over

The Reserve Bank has called a halt to interest rate rises. But pre-GFC pauses were followed by renewed hikes.

The Guardian - AU

Hundreds charged after NSW domestic violence operation; South Australia moves to ban no cause evictions – as it happened

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AAP

New RBA governor to send the right message on rate talk

A leading economist says the Reserve Bank's new governor brings monetary policy credibility while the treasurer praises her leadership and communication skills.

The Independent UK

Australia appoints first female governor in central bank’s history

Michele Bullock will start her seven-year term as Reserve Bank of Australia governor this September

The Guardian - AU

RBA lifer Michele Bullock may have the luck of playing good cop to Philip Lowe’s bad

The Reserve Bank of Australia’s first female governor will begin her appointment at or very near the end of the cycle of rate rises

Al Jazeera

Australia names first woman to lead central bank

Michele Bullock will take over as governor of the Reserve Bank of Australia in September.

The Conversation

Politics with Michelle Grattan: Treasurer Jim Chalmers on Michele Bullock's appointment as Reserve Bank Governor

For months, speculation has swirled about the appointment of a new governor of the Reserve Bank, a key position in the management of the Australian economy.

The Conversation

Meet Michele Bullock, the RBA insider tasked with making the Reserve Bank more outward-looking as its next governor

Australia’s next Reserve Bank governor, Michele Bullock – the first woman in the job – will take office in September at a time when much of the bank’s work in fighting inflation will be done and its focus will be on changing the way it operates.

The Guardian - AU

Michele Bullock: what you need to know about the RBA’s new governor

The Reserve Bank ‘lifer’ will succeed Philip Lowe in the top job. Who is Michele Bullock and what has been the reaction to her appointment?

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