Australian central bank governor Philip Lowe has told the public that it is unlikely for Australia to experience a recession due to rising interest rates. He also does not expect the Reserve Bank of Australia (RBA) to follow the U.S. Federal Reserve in raising the cash rate by 0.75 percent in one go to combat…
Australian Consumer Confidence Plunges as Higher Inflation Looms
More and more Australian consumers are losing confidence in the economic outlook as the Reserve Bank of Australia (RBA) warns higher inflation and further interest rate hikes are on the horizon. The Westpac-Melbourne Institute survey indicated that the consumer sentiment index dropped 4.5 percent to 86.4 in June following the RBA’s decision to raise the…
Australia’s Largest Bank Downgrades Growth Forecast as OECD Warns on Interest Rate Hikes
The largest bank in Australia has slashed its economic growth forecasts as it expects the central bank to continue raising interest rates throughout the latter half of 2022. Gareth Aird, the head of Australian economics at the Commonwealth Bank of Australia (CBA), anticipated that the RBA would lift the official cash rate by another 0.5…
Reserve Bank of Australia Hints at Higher Inflation and Interest Rate
April 7, 2022
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The Reserve Bank of Australia (RBA) is starting to closely monitor the country’s current state of inflation to plan for its next course of action while warning the public of higher price pressures in the coming months. At its monthly board meeting on April 5, the central bank decided to maintain the official cash rate…
Global Response by Central Banks to Ukraine Crisis Not Required: Head of Australian Reserve Bank
March 13, 2022
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The governor of the Reserve Bank of Australia (RBA), Phillip Lowe, doesn’t believe a global coordinated financial response to the Ukraine conflict is required. Lowe said that while central banks worked closely together during the Global Financial Crisis, the current situation was entirely different. “[They worked together in the GFC] because financial markets had frozen…
Rising Petrol Prices Spark Higher Inflation Worries in Australia
Australians are feeling pain at the pump after petrol prices reached record highs in recent weeks, eliciting more calls for a slash in fuel excise tax to curb the rising cost of living. The Australian Institute of Petroleum, an industry representative body, said the national average price for unleaded petrol went up another three point…
Australians Need to Be Prepared for When Interest Rates Go Up: RBA Governor
February 2, 2022
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Philip Lowe, governor of the Reserve Bank of Australia (RBA), has advised Australians to have a mortgage payment buffer for when interest rates inevitably rise. “Interest rates will go up. We need to be prepared for that, and people need to have buffers,” Lowe told the National Press Club on Wednesday in response to a…
Possibility of an Official Australian Digital Currency in the Future: RBA
December 8, 2021
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Philip Lowe, governor of the Reserve Bank of Australia (RBA), has flagged the possibility of a central bank-backed form of digital currency in the future and welcomed the federal government announcement to overhaul the payments system. In an address to the Australian Payments Network Summit on Dec. 9, Lowe discussed the rising popularity of electronic…
Australian Cash Rate Maintained for 12th Month, Bond Yield Target Discontinued
November 2, 2021
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The Reserve Bank of Australia has retained the cash rate at 0.1 percent for the 12th month after its monthly board meeting, despite mounting inflation and rate hikes by the big four banks. The bank has frequently stated that the cash rate will not be raised until inflation is sustainably between 2 to 3 percent,…
Despite Jump in Australian Petrol Prices, Outlook on Inflation Remains Subdued
Despite an alarming jump in Australian petrol prices in the last couple of weeks to new peaks, the Reserve Bank of Australia (RBA) said they are focused on the medium to long-term in regards to inflation. The latest ANZ-Roy Morgan Consumer Confidence and inflation expectations saw inflation expectations jump 0.3 percentage points to 5 percent,…
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