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The Latest Breaking News from RBA

Alan Kohler: The two great stupidities behind our inflation

Here’s a wild idea for economists to smile at condescendingly: How about the Reserve Bank stands back and lets this inflation episode run its course.

The New Daily

Payroll jobs grow more slowly than 2021

The Australian Bureau of Statistics said payroll jobs grew by 0.2 per cent in the month to May, recovering after the impact of the Easter holiday in April.

AAP

OECD warns of upside inflation risk

The OECD has warned of further upside risks to inflation in Australia and the possibility of more aggressive interest rate rises by the Reserve Bank.

Crikey

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Why savers are unlikely to benefit much from the RBA rate hikes

RBA governor Philip Lowe jacked up the cash rate by a surprise 50 basis points on Tuesday. But savers are unlikely to benefit much in the short term.

The New Daily

OECD warns RBA may go harder on rates

The Organisation for Economic Cooperation and Development has warned the Reserve Bank of Australia may need to go harder on interest rates to contain inflation.

Crikey

The Loop: High Court rules on citizenship, banks pass on rates rise, and why lettuce is so pricey

Here's your TL;DR for today's news.

ABC News

The RBA interest rate rise will hit WA most, and it's not just mortgage loan holders who will hurt

With the highest inflation rate in the nation, West Australia is expected to be hit especially hard by the interest rate hike, leaving many questioning how they're going to manage.

ABC News

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Michael Pascoe: The RBA is hunting down the bezzle

Most of what is pushing up prices now won’t be affected by increasing interest rates – but higher rates will wound the bezzle.

The New Daily

Chalmers does not see risk of recession

Treasurer Jim Chalmers says he is not worried about the Australian economy going into recession, but he acknowledges inflation poses a major challenge.

AAP

First homebuyers will likely be hit hardest by Australia’s interest rate rises

Analysts warn economic consequences of RBA’s ‘blunt instrument’ attempt to limit inflation will fall disproportionately on outer suburbs

The Guardian - AU

RBA takes firm action to tame inflation

The central bank raised the cash interest rate by 50 basis points after Tuesday’s board meeting in a bid to tame growing inflation pressures.

Crikey

‘A taste of what’s to come’: Home owners slugged with second rate hike

Home owners could see their monthly mortgage bills rise by hundreds of dollars in coming weeks after a second RBA rate hike in as many months.

The New Daily

Commonwealth Bank, ANZ and NAB join Westpac to raise variable mortgage rates by half a percentage point

The Commonwealth Bank, ANZ and NAB join Westpac in passing on the Reserve Bank's interest rate rise to mortgage borrowers in full.

ABC News

Treasurer warns of ‘severity and magnitude of inflation challenge’ after RBA hikes official interest rate

Jim Chalmers responds to Reserve Bank decision to lift cash rate 50 basis points as Anthony Albanese declines to comment during Indonesia trip

The Guardian - AU

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The Guardian - UK

London’s economic recovery shows ‘levelling up’ struggles; stagflation fears rise – as it happened

Rolling coverage of the latest economic and financial news

ABC News

A 'difficult' day for homeowners as Treasurer Jim Chalmers predicts more pain before inflation is brought under control

Jim Chalmers says a rise in interest rates is "difficult news" for home owners and warns life in Australia is set to become even more expensive.

The Guardian - AU

Reserve Bank hikes official interest rate by 50 basis points to 0.85% to curb inflation

Decision exceeded predictions from economists while Westpac was the first of the big banks to pass on the rise in full to customers

The New Daily

Reserve Bank hikes cash rate to 0.85 per cent

The Reserve Bank has lifted the cash rate from 0.35 per cent to 0.85 per cent in a bid to curb rising inflation. It is the second hike in as many months.

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ABC News

Interest rate decision: RBA raises official cash rate to 0.85 per cent amid soaring inflation — as it happened

The Reserve Bank announces a cash rate rise of half a percentage point. Look back at how the day unfolded in our live blog.

The Guardian - AU

Morning mail: Boris Johnson wins confidence vote, gas ‘trigger’ at the ready, RBA rate decision looms

Tuesday: Rising fuel, food and energy prices have people meticulously tracking their spending. Plus: the bike desk shows us why we can never relax

The Conversation

Memo RBA: we ought to live with inflation, more of it

Later today, everyone expects the Reserve Bank board will push up its cash interest rate for the second consecutive month.

AAP

Rate spike 'difficult news' for households

Treasurer Jim Chalmers says the 50 basis point increase in the cash rate by the Reserve Bank of Australia will be difficult news for households.

Crikey

RBA to at least match May cash rate rise

The Reserve Bank of Australia is widely expected to lift the cash interest rate for the second month in a row after its board meets on Tuesday.

The New Daily

Market Wrap: Volatile inflation and a deluge of data as China emerges from lockdowns

A deluge of data in China will provide fresh insights into the economic impact of the COVID lockdowns, including trade, consumer and producer inflation.

The Guardian - AU

Interest rates: RBA weighs up risk of ‘climb shock’ ahead of decision

Economists split on how much Reserve Bank will lift cash rate on Tuesday as it looks to rein in inflation

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