The Reserve Bank of Australia (RBA) has articulated its concern over the fast-growing household debt amid the booming property market, warning that it poses potential risks to financial stability, and the regulator will intervene when necessary. In an online speech ahead of its biannual Financial Stability Review, RBA assistant governor Michelle Bullock said that the…
Reserve Bank of Australia Passes the Baton for Tightening Home Loan Policy to Government and Regulators
The Reserve Bank of Australia (RBA) has clearly distanced itself from the responsibility to control residential housing prices, passing it onto the government and industry regulators. In an online address, RBA governor Philip Lowe said that raising interest rates would address house price concerns at the expense of other areas of the economy. “I want to…
Australian House Prices Jump to a New Record High, but Emerging Signs of Market Cooling
Australian residential property prices continued to surge, revealing record levels of growth over the three months to June, according to new figures. The Australian Bureau of Statistics (ABS) revealed on Tuesday that home prices rose 6.7 percent—the strongest quarterly growth figure since ABS began tracking the data in 2003. “The continued growth in property prices…
Economic Recession in Australia Possible, but Unlikely: RBA
Reserve Bank of Australia said the country might experience a recession over the next half-year if COVID-19 outbreaks worsen but think it’s “unlikely.” RBA Governor Philip Lowe told the House of Representatives economics committee on Friday that the extent of economic contraction in the next few months depended on the length of lockdowns and the…
Consumer Confidence Plummets as Half of Australia Enters Lockdowns
July 20, 2021
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Consumer confidence experienced its sharpest weekly drop since the start of the CCP virus pandemic as states announce lockdowns one after another to contain the Delta variant of the coronavirus. Currently, over half of all Australians are now in lockdown after South Australia announced restrictions were coming into force from 6 p.m. Tuesday, after five cases were…
Despite Worker Shortages, Businesses Aren’t Offering Wage Increases
Companies faced with skilled labour shortages are not giving wage increases but are instead offering one-off bonuses or more flexible work arrangements, the Reserve Bank of Australia (RBA) said. In the June policy meeting minutes, the RBA said some companies were also choosing to “ration output” rather than pay higher wages to attract new workers….
New Home Loans Reach Record $31bn on the Back of Owner-Occupier Loans
June 4, 2021
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Home loan commitments have risen to another new high in April, and financial regulators are pleased that it has not led to easing lending standards. New figures from the Australian Bureau of Statistics show that new housing loans have risen 3.7 percent to a record high of $31 billion (US$23.8 billion), driven by owner-occupier loans….
‘Unique Nature’ of Pandemic Economic Downturn Behind the Strength of Australia’s Recovery: RBA
June 2, 2021
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The Reserve Bank of Australia hs said the recovery from the current economic downturn will be significantly different to the recovery from past economic shocks such as the Global Financial Crisis and the Great Depression. RBA Head of Economic Analysis Brad Jones said in a keynote address at the Minerals Week Australia-Asia Investment Outlook that…
Cash Rate Likely to Remain Unchanged: Reserve Bank
May 31, 2021
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While Australia’s housing market boomed without constraint over the last few months, partly due to record low-interest rates, the cash rate is unlikely to change in Tuesday’s monthly monetary board meeting. The Reserve Bank of Australia’s (RBA) statistics for lending and credit show overall mortgages rose by 0.5 percent in April and 4.4 percent over…
Australia’s Economy Has Exceeded Expectations: RBA
May 7, 2021
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The Reserve Bank of Australia (RBA) has published its quarterly monetary policy statement revealing that Australia has fared much better in the economic downturn caused by the CCP virus pandemic. “The economy has exceeded all of the upside scenarios that we had described,” RBA Deputy Governor Guy Debelle said on May 6, a day before…
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