Minutes from the Reserve Bank of Australia’s board meeting will likely be pored over for insights into its December cash rate decision and interest rate movements in the new year. The RBA hiked interest rates by 25 basis points in its latest meeting, marking the eighth rise in a row as it seeks to tame…
Government Outlines Plan for Reforming Australia’s Financial System in 2023
The Australian government has released its 2023 blueprint for “modernising” the country’s financial system as it seeks to adapt to the rapid changes in the market and provide a more level playing field for businesses and consumers. The first priority mentioned in the blueprint is to update and improve Australia’s payments system via introducing a…
Australia’s Inflation Rate Falls in October, but Risk Remains
Australia saw a drop in inflation in October, which provided some relief to the economy. However, the treasurer warned that the risk of high inflation was still there. New Australian Bureau of Statistics (ABS) data shows that the consumer price index (CPI) increased by 6.9 percent in the 12 months to October 2022, a noticeable fall…
‘Better to Do Too Much Than Not Enough’: RBA Governor Rationalises Interest Rate Hikes
November 27, 2022
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The governor of the Reserve Bank of Australia (RBA) has apologised to Australians for higher interest rates as a result of the inflationary effects of COVID-19 stimulus but noted the package was a risk that was worth taking. Speaking at a Senate Estimates hearing in Canberra on Nov. 28, RBA Governor Philip Lowe said he…
RBA Govenor Faces Government Criticism on Interest Rate Policy and Wage Rises
November 23, 2022
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The governor of the Reserve Bank of Australia (RBA), Phillip Lowe, has faced fierce criticism by the federal government over remarks about Australia’s current economic situation on wage growth and interest rate rises. In a speech made at a business dinner on Nov. 22, Lowe said that the country should not “buy into the idea…
Australia’s Reserve Bank December Rate Rise on Course
All eyes will be on the Reserve Bank of Australia this week to see how it’s factoring in recent strong wages and jobs data, ahead of its next interest rate meeting in December. At its board meeting earlier this month, the central bank floated the near term possibility of keeping the cash rate steady at…
Reserve Bank of Australia Considers Energy Prices Main Concern for Monetary Policy
The Reserve Bank of Australia (RBA) has singled out volatile energy prices as an uncertain factor making it more challenging for the bank to navigate the current complicated economic climate. Speaking at the ABE Annual Dinner on Nov. 9, RBA Deputy Governor Michele Bullock said the energy situation in Europe was full of uncertainty. “While…
Interest Rates Need to Rise to Fight the ‘Evil of Inflation’: Reserve Bank of Australia
The Reserve Bank of Australia (RBA) has warned that interest rates need to go higher amid the current cost of living crisis to rein in inflation and avoid the risk of recession. In a speech to the Reserve Bank Board dinner in Hobart, Philip Lowe, the governor of the RBA, said the bank “will do…
Australian Reserve Bank Makes Another Modest Hike, Lifts Cash Rate to 2.85 percent
November 1, 2022
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The Reserve Bank of Australia (RBA) has raised the cash rate by 25 basis points to 2.85 percent, its seventh consecutive interest rate hike. Despite the most recent data revealing inflation jumped to 7.3 percent in the September quarter, the highest level since 1990, the RBA has chosen a much less aggressive interest rate hike…
Australia’s Inflation Jumps to 7.3 Percent, Highest Since 1990
October 26, 2022
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Australia’s annual inflation rate soared to 7.3 percent in the September quarter, which is the highest level since 1990 and has the potential consequence of prolonging the interest rate hiking cycle. During the quarter, inflation grew by 1.8 percent, on par with the growth from the previous three months. At the same time, underlying inflation,…
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