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The Latest Breaking News from Reserve Bank

‘Incredibly difficult’: RBA prepares 10th straight rate hike, despite slowing economy

Struggling home owners face more bad news this week as the Reserve Bank prepares yet another hike in interest rates.

The New Daily

Reserve Bank's cash rate decision to dominate agenda

The Reserve Bank of Australia's March cash rate decision and a speech from the governor Philip Lowe will be the highlights of this week's economic news.

AAP

Why are Australian households struggling as corporate profits soar?

Everyday Australian’s are struggling to keep up with the rising cost of living with soaring inflation hurting households’ hip pockets.

The New Daily

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Australia's economy grows 0.5 per cent in Dec quarter

Australian Bureau of Statistics figures show the domestic economy expanded by 0.5 per cent in the fourth quarter, which was softer than expected.

AAP

E-commerce dropping away 'markedly'

Online shopping on the chopping block as households cut discretionary spend.

Newsroom.co.nz

Why a temporary flood levy on higher earners would be the fairest way to help pay for Cyclone Gabrielle

Cyclone Gabrielle’s trail of misery and destruction presents a major fiscal and political dilemma for the government: how should the country pay for the recovery? Does it borrow now and spread repayment over generations, or raise taxes in an election year?

The Conversation

Will the Reserve Bank review achieve anything? What difference could it make to interest rates?

A government-ordered review of the Reserve Bank — the first in more than a generation — is expected to ask searching questions of our key financial institution. The leadership of the central bank, the composition of its board, missed targets and broken promises are all elements under examination.

ABC News

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Reserve Bank would back a Commerce Commission probe into bank profits

Some retirees could face a cold and hungry winter, as costs rise and banks slow-pedal their term deposit interest rates. It's allowing the big banks to maintain high margins and send record dividends back to their Australian owners. Jonathan Milne reports.

Newsroom.co.nz

Profits again outstrip wages amid accusations 'corporate Australia is driving inflation'

While workers' pay packets are growing at the fastest pace in a decade, profits are still rising even faster, according to official data.

ABC News

Business profits rebound in December quarter

Australian company profits have bounced back after dropping off steeply last quarter, with business inventories returning a softer-than-expected result.

AAP

Australia’s big banks are passing on all the interest rates hikes – but not the cuts

While the banks have been quick to pass on RBA’s every cash rate increase, they have not matched all the decreases since June 2019

The Guardian - AU

Profits have driven inflation while wages lag behind, argue economists

Increasing profits going to corporate Australia account for more than two-thirds of the nation's inflation problem, according to new research from the Australia Institute.

ABC News

Uni students are lining up for free food and struggling to pay rent

Students are lining up for free food — but it's no sausage sizzle. They're queuing for basic groceries they can't afford.

ABC News

'Please don't profiteer': Rising prices worry builders in cyclone aftermath

Some construction suppliers are 'jumping on the gravy train' – and builders say they won't forget. Jonathan Milne reports.

Newsroom.co.nz

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AAP

Wages up 3.3 per cent as competition drives pay packets

Wages have grown by 3.3 per cent, with weaker-than-expected reading likely to dampen concerns of a wages breakout keeping inflation sticky.

The Guardian - AU

NSW police criticised for ‘outrageous’ midnight arrest of student who protested at RBA

Cherish Kuehlmann woken up by officers who ‘barged into the house’ and took her to a police station, where she was charged with a trespass offence

The Conversation

See when Australia's biggest banks stopped paying proper interest on your savings – and what you can do about it

Whenever interest rates went up in the past, I used to get told it wasn’t all bad news. At least it was good for some people: savers – people with money in the bank.

ABC News

Australia to flirt with recession this year, warns NAB

Economists are warning Australia is at a heightened risk of recession in 2023 as the Reserve Bank keeps aggressively raising interest rates, with a per capita recession looking likely.

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The Guardian - AU

Rising interest rates may be Labor’s kryptonite – but remember it never ended up killing Superman

Are the Reserve Bank’s decisions to keep hiking the cash rate damaging the Albanese government’s economic credentials?

The Guardian - AU

Morning Mail: Biden’s surprise Ukraine visit, rates take shine off Labor, ‘gobblefunk’ row

US president promises more weapons for Kyiv; Guardian Essential poll shows voters think RBA is wrong on rates but also blame Albanese; another earthquake in Turkey

AAP

New insight into the logic behind February rate rise

The Reserve Bank's board minutes will be scoured for fresh insights into the central bank's cash rate decisions and how many more hikes are to come.

Newsroom.co.nz

Reserve Bank faces difficulty balancing cyclone inflation and devastation

If the country is to begin ‘futureproofing’ itself against more frequent climate change related flooding, the rebuild cost will rise dramatically – and that's worrying for Governor Adrian Orr. Andrew Patterson reports.

Newsroom.co.nz

Skyline chair bucks market downturn with year's biggest house sale profit

The record sale highlights the extremes gains and losses of a polarised property market – and the challenge facing the Reserve Bank in hiking interest rates this week.

Newsroom.co.nz

Shock and Orr: Rate hikes kill off housing affordability and development

With the cost-of-living and housing crises, the need for Government intervention in the housing market is becoming more urgent. What that intervention will be may determine the colour of our next Government, argues Edward Miller

AAP

Wages, Reserve Bank minutes to take the spotlight

The pace of wage growth will take centre stage, with the Reserve Bank hoping for a moderate reading that doesn't make its inflation challenge harder.

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