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The Latest Breaking News from the Reserve Bank

RBI imposes business curbs on Kotak Bank for IT infra deficiency

RBI directs Kotak Mahindra Bank to stop new customer onboarding and credit card issuance due to IT compliance issues.

The Hindu

‘Triple spending’: Zimbabweans bear cost of changing to new ZiG currency

Businesses, transport, government services reject old notes despite the unavailability of new bills until end of month.

Al Jazeera

Australia’s unemployment rate rises to 3.8% in March as employers shed more than 6,000 jobs

Reserve Bank and Treasury had predicted unemployment rate would rise from February’s 3.7% as interest rates bite

The Guardian - AU

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South Africa Inflation Slows, Rate Cuts Not Imminent

South Africa's decreasing inflation rate signals positive economic trends, but caution is advised for immediate rate cuts.

Top News

Talk of interest rate cuts soon is optimistic – here’s why the RBA may decide doing nothing is safer

Australians are hurting from rate rises more than anyone. But that doesn’t mean the Reserve Bank is about to start cutting

The Guardian - AU

Rate hike talk ditched as RBA keeps options wide open

Minutes from the last Reserve Bank of Australia board meeting suggest everything is going according to plan - for now.

AAP

Banks want riskier lending — a return to their arrogant worst

Why do the big banks want fewer limits on their lending? Because the easy days of exploiting the Reserve Bank’s rate rises are behind them.

Crikey

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Afternoon Update: one in 20 mortgage holders spending more than they earn; Reddit shares soar; and a crocodile in a service station

Reserve Bank says share of mortgage holders under pressure should halve by the end of 2025

The Guardian - AU

One in 20 Australian mortgage holders are spending more than they earn

Reserve Bank says households are generally weathering the record run of interest rate rises but 5% of owner-occupiers are in a dire financial position

The Guardian - AU

Now is not the time to do anything more to slow the economy – it’s already in danger of stalling

The Sahm rule lets us get in front of recessions – so alerts should be flashing in the Treasury and RBA

The Guardian - AU

Reserve Bank frets about spiritual demand in an economy barely registering a pulse

Watch out for excess demand in the economy, the Reserve Bank has warned — a strange thing to say when household consumption has been smashed.

Crikey

Australian shares gain ground after dovish RBA meeting

The ASX200 has finished up a third of a percentage point after the Reserve Bank moved to a more neutral stance on interest rates, dropping its tightening bias.

AAP

Interest rate rise unlikely after sluggish quarter of GDP growth, Australian economists say

Spending on Taylor Swift concerts defies pattern of consumers tightening their belts, with CBA predicting a September rate cut

The Guardian - AU

Australia’s economy has slowed to a halt. It’s time for the Reserve Bank to take its foot off the brake

The country ended 2023 teetering on the brink of recession, with essentially only population growth keeping things going

The Guardian - AU

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Crikey

Productivity Commission calls bullshit on ‘productivity crisis’ narrative

The commission has put a bomb under the whole ‘productivity crisis’ furphy by blaming businesses for falling productivity and warning that workers are missing out on productivity gains.

The Guardian - AU

Inflation remains flat at 3.4% in January, fuelling hopes of RBA interest rate cut

The Reserve Bank is betting on CPI returning to within its target range of 2%-3% by next year

AAP

Former governors want power to overrule RBA to stay

Resistance is building to the federal government's plan to scrap a never used power to intervene in Reserve Bank decision making.

Crikey

Keating redux: Competition is having a moment with politicians, but powerful enemies are gathering

While politicians might now be talking about competition, there’s a powerful constituency that prefers things just as they are, thanks.

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The Guardian - AU

Light-touch competition policy hasn’t helped Australian mortgage holders. It’s time to get tough

Acquisitions such as ANZ’s of Suncorp should be presumed to be anticompetitive until proven otherwise

AAP

Australia's jobless rate hits two-year high

Fresh labour data is unlikely to shift the dial for the central bank despite the jobs market slowdown appearing a little ahead of schedule.

The Guardian - AU

Qantas decision to reduce flight capacity may have led to RBA rate hike, inquiry finds

The ACTU inquiry into price gouging chaired by Allan Fels strongly criticised the lack of competition in Australia’s domestic aviation industry

Crikey

Profiteering is driving inflation, says former ACCC head. And here’s the hard evidence

Want evidence that inflation is caused by price-gouging corporations? Allan Fels has it in spades.

Crikey

A new era for the Reserve Bank — or, why the ‘productivity debate’ is so ridiculous

Reforms to the Reserve Bank’s meeting processes start today. Will they improve the bank’s ‘productivity’, or is that a silly question?

AAP

Rates probably on hold but all eyes on RBA governor

More interest rate hikes are broadly off the table but the Reserve Bank governor is likely to keep her options open in a big week of public appearances.

AAP

Home lending sinks but a stronger 2024 on the horizon

New home loan activity has dipped after a promising few months but improving economic conditions should pave the way for a better 2024.

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