Commentary Home buyers and businesses are suffering sticker shock as the Reserve Bank of Australia (RBA) lifted the official cash rate from 0.1 percent to 3.35 percent in the course of the nine months since April 2022. But they should probably be thinking of rates of this level as the “new normal.” Assuming lenders pass…
Australian Interest Rates: How High and for How Long?
February 9, 2023
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Australia Central Bank Raises Rates to 10-year High, Says More Needed
SYDNEY—Australia’s central bank on Tuesday raised interest rates to a 10-year high and stuck with its projection that more hikes are needed to cool inflation, a stance taken as slightly hawkish by markets that were looking for signs of a pause in the near term. Wrapping up its last policy meeting this year, the Reserve…
PM Says He Knows Australians Are ‘Doing It Really Tough’
Prime Minister Anthony Albanese has said his government is aware that people are doing it tough at the moment but has ruled out any further cost of living help as they stand by the decision of the Reserve Bank of Australia (RBA) to raise interest rates. Speaking to the Today show on Tuesday, Albanese said…
Australia Hikes Official Interest Rate for First Time in Over a Decade
May 3, 2022
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The Reserve Bank of Australia (RBA) has raised the cash rate for the first time in over a decade, up 0.25 percentage points to 0.35 percent. The decision came earlier than what was initially indicated in response to March quarter inflation figures, released on April 27, that showed annual inflation had surged to 5.1 percent,…
Reserve Bank of Australia Hints at First Interest Rate Hike in Over a Decade
April 19, 2022
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The Reserve Bank of Australia (RBA) is no longer reiterating its willingness “to be patient,” a line that previously replaced its guidance that the cash rate would not rise before 2024, meaning an interest rate hike may be on the horizon. In the RBA board minutes for April, it was noted that both inflation and…
Why Cutting Fuel Excise Isn’t the Best Option to Ease Cost of Living in Australia
March 17, 2022
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As surging petrol prices eat into household budgets, politicians have been trying to demonstrate their empathy with ordinary Australians with Federal Treasurer Josh Frydenberg signalling that this month’s budget will contain targeted assistance to ease the cost of living pressures. What this means is not clear. However, one widely discussed possibility is a cut in…
Australian Economists and RBA Remain Divided on First Cash Rate Hike
Both economists and the Reserve Bank of Australia (RBA) are maintaining their positions on their respective forecasts for the economy after a strong recovery post-Delta. In its quarterly Statement on Monetary Policy (SOMP), the RBA said the economy bounced back strongly after Delta lockdowns and the effect of Omicron on spending has been “relatively small.”…
Australian Manufacturing Hit by Supply Chain Disruptions
Australian manufacturing activity contracted over the summer holiday period as the Omicron outbreak caused disruptions. Australian Industry Group’s Manufacturing Index fell by 6.4 points to 48.4 during December and January, representing the challenges around staff availability and further disruptions to supply chains. A reading of below 50 points indicates a contraction of activity. Ai Group…
High Skilled Professional Aussies Search for Higher Paying Jobs: Reserve Bank
High-skilled professionals in Australia are leaving their jobs in search of higher wages, driving up wage pressures in the private sector. According to the Reserve Bank of Australia (RBA), the professional and business service sectors had a particularly sharp increase in board mobility. “Part of this increase reflected workers catching up on planned job changes that…
Australia’s Progress Towards Inflation Target ‘Better Than Expected’ but Uncertainty Remains: RBA
The Reserve Bank of Australia’s (RBA) governor Philip Lowe said Australia was making “better-than-expected progress” towards its inflation target, but there was still “a way to go.” In an address to the Australian Business Economists, Lowe discussed the recent international trends in inflation and its implications on the Australian economy and the RBA’s monetary policy….
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