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The Latest Breaking News from RBA

Retailers enjoyed a buoyant sales period during April compared to a year earlier, but ballooning inflation is eating into business operations.

Crikey

‘Devastating’: Households suffer biggest real pay cut since 2001

Australian households are suffering the worst cost-of-living squeeze in more than two decades, with real wages falling at the fastest pace since 2001.

The New Daily

Real wages are flying backwards on weak wages growth for workers

Today’s Wage Price Index figure shows that real wages fell by 2.7% in the year to March. And Scott Morrison wants them to fall further.

Crikey

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Rates, inflation to take edge off growth

New data suggests the sharp rise in inflation and an expected rapid rise in interest rates will take the edge off Australia's economic expansion.

AAP

Wage growth likely lagging living costs

New figures are likely to show wages were growing at an annual rate of 2.5 per cent as of the March quarter, less than half the rate of inflation.

Crikey

Reserve Bank minutes show a bigger interest rate rise was considered in May, still possible in June

Borrowers may only have narrowly escaped a bigger interest rate rise this month and should brace for the chance of a super-sized move in June, the Reserve Bank's latest minutes reveal.

ABC News

RBA contemplated larger cash rate hike

The minutes of the Reserve Bank of Australia's May board meeting show there was concern among board members about waiting to raise the cash rate.

AAP

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Confidence down as living pressures mount

The ANZ-Roy Morgan consumer confidence index has fallen for a fourth straight week to its lowest level since mid-August 2020.

Crikey

Market wrap: Federal election and hawkish RBA move expected to dominate markets this week

The month of May has lived up to its reputation as a volatile one for markets. The ASX200 closed the week 1.8 per cent lower at 7075.

The New Daily

Trapped: Australia’s economy is hostage to the housing market, and neither party is willing to save us

The politics of Morrison’s super-for-homes announcement is obvious and desperate. But what of the economics of this ongoing obsession with the housing market?

Crikey

Wages growth to be well short of inflation

Wednesday’s wage figures are expected to show annual growth at 2.5 per cent, the fastest rate since 2014, but well short of inflation running at 5.1 per cent.

Crikey

Scott Morrison faces a storm of anger as latest data reveals standard of living is nosediving

Scott Morrison’s claim to strong economic management will be tested in the final week of the campaign, as new data reveals a rise in dissatisfied voters.

The New Daily

New regulations coming to payment systems

The government is developing a new framework for regulating payment platforms, Reserve Bank of Australia deputy governor Michele Bullock says.

AAP

Morrison’s objection to lifting wages in line with inflation puts spotlight on pensions linked to CPI

Prime minister says such a move would be ‘incredibly reckless’ but payments such as pensions are already tied to cost-of-living changes

The Guardian - AU

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The New Daily

‘Not necessarily good news’: Property plunge no panacea for housing affordability crisis

House prices will need to fall by more than 20 per cent to offset the declining affordability of owning a home due to rising interest rates, new data shows.

ABC News

Clive Palmer's United Australia Party is promising to cap mortgage interest rates. Can it be done?

With the cost of living surging and interest rates rising for the first time in more than a decade, a cap on mortgage repayments would come as welcome relief for millions of borrowers. But can it be done and who would end up paying for it?

The Guardian - AU

Markets turmoil and interest rate rises: the economic challenges facing Australia after the election

Soaring energy costs, stagflation fears and calls for higher wages are just some of the bumps in the road awaiting a new or returned government

ABC News

Labor leader Anthony Albanese backs minimum wage increase in line with inflation

In an unusual move, Opposition Leader Anthony Albanese endorses a 5.1 per cent increase to the minimum wage as inflation skyrockets.

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The Conversation

Stand by for the oddly designed Stage 3 tax cut that will send middle earners backwards and give high earners thousands

The Reserve Bank is pushing up interest rates to take money out of our hands.

AAP

Spending up in March quarter despite COVID

Retail spending grew 1.2 per cent in the March quarter to a record $93.2 billion, to be 4.9 per cent higher than a year earlier.

Crikey

Confidence down again post-RBA rate hike

Consumer confidence has fallen for a fourth consecutive week, the latest small decline coming after last week’s official interest rate rise.

Crikey

Low growth, low wages and high prices: Australia is set to become a very unhappy place

Government spending is running against the grain of the RBA’s attempts to curb inflation. It’s like a dog chasing its tail — eventually the dog is going to collapse.

Crikey

Petrol prices up again despite tax support

Petrol prices are continuing to climb across Australia, with some cities paying more than 180 cents a litre as global factors undermine the cut in fuel excise.

AAP

Many struggled even before rate increase

A new survey has found almost one-in-three borrowers were struggling to make ends meet even before the Reserve Bank of Australia raised the cash rate last week.

Newcastle Herald

Letters: Darby Street plan raises parking questions

Newcastle Herald readers have their say.

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