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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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…
Inflation Drop In May Brings Hopes About Pause on Interest Rate Hikes
A surprise drop in inflation in May has strengthened speculations about a pause on the Reserve Bank of Australia’s (RBA) aggressive interest rate hiking cycle. However, it is still too early to conclude that inflation has been successfully tamed. According to the Australian Bureau of Statistics (ABS), the monthly CPI (consumer price index) plunged from…
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…
RBA Says Jobs Market Too Tight to Control Inflation
June 20, 2023
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The jobs market is too strong, and the unemployment rate too low for the Reserve Bank to stamp down inflation. RBA deputy governor Michele Bullock says an unemployment rate of around 4.5 percent is roughly the lowest possible level that’s consistent with the RBA’s two-to-three per cent inflation target. The jobless rate has been stuck…
Australian Leading Financial Expert Calls For Better Solutions to Inflation
June 13, 2023
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One of Australia’s leading financial experts, Mark Bouris, has called for better solutions to tame high inflation, expressing deep concern following the RBA’s June interest rate hike. In a piece published in news.com.au, the executive chairman of Yellow Brick Home Loans has asked for an explanation of the central bank’s latest decision to institute the…
Australia’s Official Cash Rate Could Rise to 4.85 Percent: Economists
June 9, 2023
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Australian borrowers have been hit with 12 interest rate hikes since the Reserve Bank of Australia (RBA) embarked on a monetary tightening policy in May 2022, causing many to fall into mortgage stress. However, some economists have warned the ordeal is far from over, as they expect the official cash rate to reach as high…
Australia’s Official Cash Rate Rises to 4.1 Percent in June
June 6, 2023
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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…
Australia’s Housing Market Regains Momentum With Third Consecutive Growth in May
June 1, 2023
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Australia’s residential property market has made a comeback as the national house prices rose for the third consecutive month in May. According to the real estate data provider CoreLogic, the national home value index climbed by 1.2 percent in May, following increases of 0.5 and 0.6 percent in March and April. Prior to this, Australian…
Australia’s Housing Market Regains Momentum With 3rd Consecutive Month of Growth
June 1, 2023
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Australia’s residential property market has made a comeback as the national house prices rose for the third consecutive month in May. According to the real estate data provider CoreLogic, the national home value index climbed by 1.2 percent in May, following increases of 0.5 and 0.6 percent in March and April. Prior to this, Australian…
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