The Reserve Bank of Australia (RBA) will get its first woman leader as Philip Lowe’s seven-year tenure comes to an end. Mr. Lowe will be replaced by Michele Bullock, the current deputy governor of the central bank, when his term finishes on Sept. 18. Ms. Bullock has served as deputy governor since April last year…
Reserve Bank of Australia Pauses Interest Rate Hike in July
July 4, 2023
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AustraliaBusiness & Marketseconomic policieseconomyinflationinterest ratesphilip lowerecessionReserve Bank of AustraliaWorld
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Australians have narrowly avoided a new round of interest rate hikes after the Reserve Bank of Australia (RBA) decided to keep the official cash rate unchanged in July. In its latest board meeting, the RBA announced that it would maintain the current official cash rate of 4.1 percent throughout July. The central bank said the…
Australian Government to Reveal Reserve Bank Governor’s Position in July
The Australian government will announce the position of the Reserve Bank governor within weeks, which may bring a fresh pair of eyes to the monetary authorities’ struggle against inflation. This comes as the incumbent governor Philip Lowe will finish his seven-year term in September. Despite helping the Australian economy navigate the COVID-19 pandemic, Lowe has…
Time to Face the Music: Sacrifices Need to Be Made During Hard Times
Commentary Being a truly independent statutory officeholder requires integrity and grit. Be it the Director of Public Prosecutions (DPP), a judge or the Reserve Bank of Australia (RBA) governor, you have to take your official duty with utmost seriousness. With the privilege of high office comes the countervailing obligation of responsibility. The temptation to give…
Australia’s Official Cash Rate Rises to 4.1 Percent in June
June 6, 2023
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AustraliaBusiness & Marketseconomic policieseconomyinterest rate hikesphilip loweReserve Bank of AustraliaWorld
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Australian borrowers have been hit with another round of interest rate hikes after the Reserve Bank of Australia (RBA) raised the official cash rate by 0.25 percent to 4.1 percent, the highest level since April 2012. This comes after a 0.25 percent increase in May and a brief pause in April. In delivering the RBA’s…
Corporate Profits Aren’t Fueling Inflation: Australian Treasury
The Australian Treasury Department has refuted the idea that corporate profits are worsening inflation. However, it said the mining sector played a small role in consumer price growth. During a recent Senate estimates hearing, Treasury official Sarah Hunter said the department had analysed the impact of corporate profits on inflation. “And that’s where looking at…
Independent Review Outlines Key Points for Upcoming RBA Reform
The Australian government has released an independent review of the Reserve Bank of Australia (RBA) that provides a framework for the central bank’s reform. The review (pdf) pointed out that the current RBA board’s composition and decision-making processes were not sufficient to allow the bank to make policy decisions, strategies and judgments effectively. It then made…
RBA Hints at A Pause to Interest Rate Hikes Amid Concerns About Recession
The Reserve Bank of Australia (RBA) has announced a 10th consecutive interest rate hike, taking the official cash rate to the highest level in 11 years. However, there are signs that the current monetary tightening cycle may end soon as the risk of a recession emerges. On March 7, the RBA board decided to lift…
RBA Hints at Pause to Interest Rate Hikes Amid Concerns About Recession
The Reserve Bank of Australia (RBA) has announced a 10th consecutive interest rate hike, taking the official cash rate to the highest level in 11 years. However, there are signs that the current monetary tightening cycle may end soon as the risk of a recession emerges. On March 7, the RBA board decided to lift…
Less Regulation, More Competition Needed to Deal With Inflation: Australia’s Reserve Bank Governor
Reserve Bank Governor Philip Lowe was at pains to emphasise the need to relax business regulation and open up the economy as the way to deal with soaring inflation during a recent Senate Estimates hearing. “If there is greater competition, more investment, more freedom on the supply side of the economy, then the price pressures…
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