The probability of recession in Australia occurring before the end of 2024 could be as high as 80 percent, according to modelling by the Reserve Bank of Australia (RBA). Internal documents from September 2022 published on Thursday under Freedom of Information laws reveal the most likely period for recession has already passed. In a more…
Up to 80 Percent Chance Recession Could Occur, Cash Rate to Peak at 4.8 Percent: RBA Internal Research
RBA Raises Official Cash Rate by 0.25 Percent in May
The Reserve Bank of Australia (RBA) has made a surprise move by lifting interest rates by another 0.25 percent on May 2. The latest round of increases takes the official cash rate to 3.85 percent, the highest level since April 2012. Prior to the announcement, the general market expectation was a pause for May, which…
Another Close Reserve Bank of Australia Cash Rate Decision Looms
Mortgage holders in Australia will be crossing their fingers this week for another month of interest rate relief. The board of the Reserve Bank of Australia (RBA) is due to meet on Tuesday for what’s shaping up to be another close call between another 25 basis point hike or a second month of staying on the…
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…
Reserve Bank Minutes Suggest May Rate Hike on the Table
The Reserve Bank board has plenty of reasons to hike interest rates further, and members will be gunning for a convincing cool-off in inflation numbers to keep the cash rate on hold longer term. The minutes from the April interest rate decision confirm it was a close race between another 25 basis point increase and…
Low- to Middle-Income Australians to Feel the Pinch as Tax Offset Meets Its End
Australians earning under $126,000 a year are bracing for one of the largest tax hikes in history as the federal government’s low- and middle-income tax offset (LMITO) comes to an end in July this year. This means people taking home less than $126,000 (US$84,000) a year will be $1,500 (US$1,000) worse off, while those earning…
Reserve Bank of Australia Holds Off Interest Rate Rise in April
The Reserve Bank of Australia (RBA) has decided to pause its interest rate hiking cycle in April, providing Australian mortgage holders and small businesses a brief reprieve as they navigate challenging economic conditions. At its board meeting on April 4, the central bank announced that it would keep the official cash rate stable at 3.6…
Surging Credit Card Spending Raises Concerns About Australia’s Economy
March 24, 2023
admin
AustraliaBusiness & Marketscredit card spendingeconomyfinderinflationpersonal financeReserve Bank of AustraliaWorld
0 Comment
Rising living cost pressures have forced many Australian households to dig deep into their credit cards in the past year, sparking concerns about defaults and other negative economic impacts. According to recent data from the Reserve Bank of Australia (RBA), the total value of credit card transactions reached around $33.5 billion (US$22.38 billion) in January…
‘Australia’s Banks Are Unquestionably Strong’: RBA Assures Australians After US Banking Crisis
March 20, 2023
admin
AustraliaBusiness & MarketsCompaniesCredit SuisseeconomyinflationInvestmentReserve Bank of AustraliaSilicon Valley BankWorld
0 Comment
The Reserve Bank of Australia (RBA) has assured the public that Australian banks are in a solid position despite the high-profile collapses of several global banking organisations lately. Addressing representatives of financial institutions across Australia during a debt capital market summit in Sydney, RBA assistant governor Christopher Kent said that while Australian financial markets still…
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…
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`