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The Latest Breaking News from Reserve Bank

Inflation falls from peak, but still more than twice the top of the Reserve Bank's target for interest rates

Australia's inflation rate is falling from its December peak, with prices increasing over the March quarter at the slowest pace in more than a year.

ABC News

Ensuring financial inclusion, when NZ can't bank on the big banks

Softer rules for smaller institutions would be a bold call for MPs – and one they might regret, if the troubles that have hit SVB, Credit Suisse and others extend down to this corner of the globe, says Jonathan Milne.

Newsroom.co.nz

It might be tempting to blame inflation on profits, but the reality is still about high demand and short supply

Despite the latest inflation figures for New Zealand coming in slightly lower than expected by many economists, the rate remains stubbornly high. At 6.7% for the year to March 2023, the inflation rate is more than double the Reserve Bank’s target range of 1-3%.

The Conversation

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If the RBA were a company, the governor would be out of a job

If the RBA were a company, the board would have and should have sacked Philip Lowe long ago. But they couldn’t; they knew it and he knew it.

The New Daily

The criticisms behind the Reserve Bank review's recommendations for a new board, updated mandate

The Reserve Bank review wants to remove economic prosperity as an objective of monetary policy, with some economists arguing house prices and household debt are outside its domain.

ABC News

Surging food prices a risk to managing down inflation

Shares in The Warehouse Group slumped to a new low in the face of recession fears, but there are hopes the Red Shed's increased grocery sales will give Kiwi more competitive food prices. Andrew Patterson reports.

Newsroom.co.nz

Michael Pascoe: The fallacy at the heart of the Reserve Bank of Australia review

Instead of tackling the fallacy and lie, the review came up with this: 'There should be increased joint work between Treasury and the RBA'.

The New Daily

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Coalition, Labor at odds over RBA board appointments

As the Albanese government seeks to enact the recommendations of a review of the Reserve Bank, the coalition has queried two new appointments.

The New Daily

Madonna King: The world has evolved, and that’s why the RBA should too

Jim Chalmers’ in-principle support for the recommendations released in yesterday’s review of the RBA is also welcome.

The New Daily

Does everyone welcome the Reserve Bank overhaul?

Economists have welcomed many of the proposed changes to the Reserve Bank of Australia, but some have raised concerns.

ABC News

A singular focus on interest rates, fresher board, fewer meetings – but what else could change at the RBA?

The Reserve Bank overhaul won’t fix mistakes of the past, but that’s not the point, analysts say

The Guardian - AU

Reserve Bank revolution: Jim Chalmers reshapes the RBA for the 21st century

The scale of the RBA changes recommended by the review is large – there is an entire section devoted to a year-long implementation process.

The New Daily

Afternoon Update: Lowe responds to RBA shake-up; rare solar eclipse in images; and K-pop star dies at 25

RBA governor welcomes review of central bank as treasurer announces all 51 recommendations will be implemented

The Guardian - AU

Philip Lowe welcomes RBA review but says description of board ‘far from the reality’

Reserve Bank governor says board challenges him and does not ‘sit there meekly’ but calls overall report ‘kind of excellent’

The Guardian - AU

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The New Daily

Lowe says he would stay at RBA helm as reforms unfold

The governor of the Reserve Bank agrees the institution needs to evolve and is willing to lead the reform of the central bank if his tenure is extended.

The New Daily

RBA boss concedes central bank ‘needs to change’

RBA boss Philip Lowe has welcomed the wide-ranging review of the central bank, admitting it "needs to change".

AAP

Treasurer appoints two new Reserve Bank board members

Former workplace umpire Iain Ross and corporate director Elana Rubin have been appointed to the board of the Reserve Bank of Australia.

The New Daily

RBA overhaul to put board members in spotlight

A major overhaul of the Reserve Bank will see a new board for setting interest rates that's more accountable and holds fewer meetings.

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The Conversation

Reserve Bank revolution: how Jim Chalmers will recraft the RBA for the 21st century

The review into the Reserve Bank of Australia has just been published by Treasurer Jim Chalmers, and it’s a blockbuster.

ABC News

Reserve Bank set for biggest overhaul in decades after review calls for more external leaders

The Reserve Bank is set for its biggest overhaul in decades, with a review into the central bank finding it needs major changes to ensure it is "fit for the future".

The Guardian - AU

ACTU will not push for spot on RBA board as review released – as it happened

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The New Daily

Massive overhaul of Reserve Bank to change how rates are set

The Reserve Bank of Australia is facing a major overhaul that would change how interest rates are set after a review into its future.

The Conversation

Reserve Bank to have two boards after overhaul by inquiry

The long-awaited independent review of the Reserve Bank commissioned by Treasurer Jim Chalmers will be released on Thursday, with the treasurer already flagging in-principle agreement with all its recommendations.

ABC News

The RBA's interest rate pause was a close call that could change as early as next month

The Reserve Bank reveals its decision to pause its aggressive interest-rate-hiking strategy was a close call, while again warning that more hikes might be needed to tame inflation.

The Guardian - AU

Government will not lift welfare payments despite recommendation – as it happened

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