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The Latest Breaking News from the Reserve Bank

Rate hike talk ditched as RBA keeps options wide open

Minutes from the last Reserve Bank of Australia board meeting suggest everything is going according to plan - for now.

AAP

Banks want riskier lending — a return to their arrogant worst

Why do the big banks want fewer limits on their lending? Because the easy days of exploiting the Reserve Bank’s rate rises are behind them.

Crikey

Afternoon Update: one in 20 mortgage holders spending more than they earn; Reddit shares soar; and a crocodile in a service station

Reserve Bank says share of mortgage holders under pressure should halve by the end of 2025

The Guardian - AU

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One in 20 Australian mortgage holders are spending more than they earn

Reserve Bank says households are generally weathering the record run of interest rate rises but 5% of owner-occupiers are in a dire financial position

The Guardian - AU

Now is not the time to do anything more to slow the economy – it’s already in danger of stalling

The Sahm rule lets us get in front of recessions – so alerts should be flashing in the Treasury and RBA

The Guardian - AU

Reserve Bank frets about spiritual demand in an economy barely registering a pulse

Watch out for excess demand in the economy, the Reserve Bank has warned — a strange thing to say when household consumption has been smashed.

Crikey

Australian shares gain ground after dovish RBA meeting

The ASX200 has finished up a third of a percentage point after the Reserve Bank moved to a more neutral stance on interest rates, dropping its tightening bias.

AAP

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Interest rate rise unlikely after sluggish quarter of GDP growth, Australian economists say

Spending on Taylor Swift concerts defies pattern of consumers tightening their belts, with CBA predicting a September rate cut

The Guardian - AU

Australia’s economy has slowed to a halt. It’s time for the Reserve Bank to take its foot off the brake

The country ended 2023 teetering on the brink of recession, with essentially only population growth keeping things going

The Guardian - AU

Productivity Commission calls bullshit on ‘productivity crisis’ narrative

The commission has put a bomb under the whole ‘productivity crisis’ furphy by blaming businesses for falling productivity and warning that workers are missing out on productivity gains.

Crikey

Inflation remains flat at 3.4% in January, fuelling hopes of RBA interest rate cut

The Reserve Bank is betting on CPI returning to within its target range of 2%-3% by next year

The Guardian - AU

Former governors want power to overrule RBA to stay

Resistance is building to the federal government's plan to scrap a never used power to intervene in Reserve Bank decision making.

AAP

Keating redux: Competition is having a moment with politicians, but powerful enemies are gathering

While politicians might now be talking about competition, there’s a powerful constituency that prefers things just as they are, thanks.

Crikey

Light-touch competition policy hasn’t helped Australian mortgage holders. It’s time to get tough

Acquisitions such as ANZ’s of Suncorp should be presumed to be anticompetitive until proven otherwise

The Guardian - AU

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AAP

Australia's jobless rate hits two-year high

Fresh labour data is unlikely to shift the dial for the central bank despite the jobs market slowdown appearing a little ahead of schedule.

The Guardian - AU

Qantas decision to reduce flight capacity may have led to RBA rate hike, inquiry finds

The ACTU inquiry into price gouging chaired by Allan Fels strongly criticised the lack of competition in Australia’s domestic aviation industry

Crikey

Profiteering is driving inflation, says former ACCC head. And here’s the hard evidence

Want evidence that inflation is caused by price-gouging corporations? Allan Fels has it in spades.

Crikey

A new era for the Reserve Bank — or, why the ‘productivity debate’ is so ridiculous

Reforms to the Reserve Bank’s meeting processes start today. Will they improve the bank’s ‘productivity’, or is that a silly question?

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AAP

Rates probably on hold but all eyes on RBA governor

More interest rate hikes are broadly off the table but the Reserve Bank governor is likely to keep her options open in a big week of public appearances.

AAP

Home lending sinks but a stronger 2024 on the horizon

New home loan activity has dipped after a promising few months but improving economic conditions should pave the way for a better 2024.

Crikey

Dear AFR: we were wrong about you and inflation, and we’re sorry

Inflation fell more rapidly than expected in the December quarter — but some people still want interest rate rises.

Crikey

In the US, the way to beat inflation seems to be with big pay rises and a budget deficit…

The way to beat inflation is to cut workers’ incomes and curb their spending, according to conventional wisdom. No-one told the Americans.

AAP

Jobs data on agenda as signs point to cooling inflation

Experts will examine job data and spending insights for a better idea of how the Reserve Bank will act when it returns for the first time in 2024.

AAP

Inflation surprise all but confirms end to rate hikes

Economists are sounding the death knell for the sharpest interest rate tightening cycle since the 1980s after inflation dropped faster than expected.

The Guardian - AU

Retail figures show we’re desperate for a bargain rather than flush with cash. The RBA should take note

When retail spending surges, the Reserve Bank can be tempted to raise interest rates – but analysing the economy requires an understanding of what is happening in the real world.

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