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The Latest Breaking News from the Reserve Bank

Easing demand hitting manufacturing sector hard

The outlook for the Australian economy remains gloomy, with the manufacturing sector under pressure from slowing demand and stubbornly high costs.

AAP

Barr predicts ACT will avoid recession as rate hikes hit land sales

Land sales slow as higher borrowing costs bite, Chief Minister says.

The Canberra Times

Protesters' clamour over coal is making things worse in climate fight

What they achieve is to irritate the general population

Newcastle Herald

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Alan Kohler: Time to revisit the Allan Fels system of price control – naming and shaming

It’s time to revisit the Fels system of price control.That is – put some resources into price surveillance, and name and shame the gougers.

The New Daily

Michael Pascoe: Speech shows RBA clueless on employment

You can rely on the Reserve Bank to miss or downplay a major factor or two when it strays into what’s actually happening in Australia.

The New Daily

Cash could be almost gone in Australia in a decade – but like cheques, who'll miss it?

Late last year, the Reserve Bank gave 1,000 Australians diaries and asked them to record every payment they made over the course of a week. Of the 13,000 payments, only 17 were with cheques.

The Conversation

The mystery of NZ's weekday-only digital banking system

The world has had phone banking for almost 40 years; internet banking has been ubiquitous for 20 years. Computers don’t operate solely Monday to Friday. So why on earth is it only in the past couple of weeks that NZ’s payments system has geared up to work weekends?

Newsroom.co.nz

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‘Mortgage stress’: New home owners squeezed hardest as repayments skyrocket

Many new homeowners could see half their incomes consumed by mortgage repayments in coming months as the RBA hikes rates.

The New Daily

NSW must help Reserve Bank ‘slay the inflation dragon’, state treasurer says

Daniel Mookhey to give major speech to parliament outlining the state’s finances as budget delayed until September

The Guardian - AU

The recession you have when you’re not having a recession

While economists are expecting further contraction of the NZ economy this year, opinions vary as to how bad things could get.

Newsroom.co.nz

More rate pain ahead? This week will provide some clues

The Reserve Bank's next move on interest rates remains shrouded in uncertainty but two senior officials may provide some clues.

The New Daily

Australia’s unemployment falls to 3.6% as the economy adds 76,000 jobs in May

Employers expand workforces even as growth slows, surprising economists

The Guardian - AU

Afternoon Update: Liberals break ranks over Higgins inquiry; Australian dead in Canadian wilderness; and a sullen Trump fronts court

Andrew Bragg labels debate in Senate as ‘very ugly’

The Guardian - AU

Australia’s supermarket duopoly didn’t start the inflation crisis, but it is making it worse

Market concentration is allowing companies to reap record profits while workers and their families struggle to get by

The Guardian - AU

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The New Daily

Wealth rises with $140 billion property price surge in early 2023

Australia’s housing market has surged by $140 billion in early-2023 amid an extraordinary rebound in property prices.

The Guardian - AU

Australia’s productivity plunge: why is the Reserve Bank concerned and should we panic?

Philip Lowe cited ‘subdued’ productivity growth when the RBA lifted rates for a 12th time to try to tame inflation. Here’s why it matters

The Conversation

Grattan on Friday: Labor caught in pincer movement of fighting inflation and delivering to its constituency

During the election campaign Anthony Albanese repeated, endlessly, that everything was going up except people’s wages.

The Hindu

RBI holds rates, vows to keep price stability

The Reserve Bank on June 8 decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50% and retained the GDP growth projection for current fiscal year at 6.5%, on the back of supportive domestic demand conditions.

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The Guardian - AU

As migrants, we were sold a home and an Australian dream of financial security. Now we feel cheated

The Reserve Bank lifts interest rates each month and Philip Lowe tells our family to slash spending. But what’s left to cut

The Guardian - AU

$15,000 more a year: Australia’s homeowners brace as interest rate hikes bring ‘mortgage cliff’ closer

Rate rises mean that households with an average $576,985 mortgage will have to find an extra $1250 a month

The Guardian - AU

The economy is slowing yet the RBA seems desperate to ensure this is as good as it gets for a long time

Record interest rate rises are intended to stop households from spending, even though the economy is already in a precarious position

The Conversation

Going down: the 6 graphs that show Australia's economic growth shrinking

The latest national accounts tell us Australia’s economy grew by just 0.2% in the three months to March.

The New Daily

Labor rejects claim wage rise to blame for rates hike

Ahead of the latest news on Australia's economic performance, the federal government says it's determined to provide as much cost-of-living relief as it can.

The New Daily

Michael Pascoe: Is the RBA acting out of spite or just lost the plot?

Passing without notice in April, the Reserve Bank pulled a neat little trick, apparently making multiple billions of dollars in losses “disappear”. I’ve

The Guardian - AU

Political point scoring over latest RBA rate rise won’t help those feeling the ‘painful squeeze’

How high must rates go to choke inflation? Blaming Labor’s budget, price-gouging businesses or the national wage increase isn’t an answer

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