Australian house prices are falling, with housing experts expecting to see more significant downward trends in the upcoming months as the Reserve Bank of Australia (RBA) continues to raise the cash rate. The CoreLogic’s home value index dipped 0.6 percent in June, the second month in a row, following the RBA’s second cash rate hike…
Australian House Prices Continue to Fall in June as Interest Rate Hikes Bite
Australia’s Largest Bank Surprises Lending Market With Massive Fixed Rate Rises
Australia’s largest bank has suddenly raised its fixed interest rates for homeowners and investors by a massive 1.4 percent on June 30, a move that has surprised the lending market. According to an analysis by the financial comparison website RateCity, the Commonwealth Bank of Australia (CBA) lifted its one-year fixed rates for owner-occupiers to 4.99…
Australia Will Not Fall into Recession: Reserve Bank Governor
Australian central bank governor Philip Lowe has told the public that it is unlikely for Australia to experience a recession due to rising interest rates. He also does not expect the Reserve Bank of Australia (RBA) to follow the U.S. Federal Reserve in raising the cash rate by 0.75 percent in one go to combat…
Australian Consumer Confidence Plunges as Higher Inflation Looms
More and more Australian consumers are losing confidence in the economic outlook as the Reserve Bank of Australia (RBA) warns higher inflation and further interest rate hikes are on the horizon. The Westpac-Melbourne Institute survey indicated that the consumer sentiment index dropped 4.5 percent to 86.4 in June following the RBA’s decision to raise the…
Australia’s Largest Bank Downgrades Growth Forecast as OECD Warns on Interest Rate Hikes
The largest bank in Australia has slashed its economic growth forecasts as it expects the central bank to continue raising interest rates throughout the latter half of 2022. Gareth Aird, the head of Australian economics at the Commonwealth Bank of Australia (CBA), anticipated that the RBA would lift the official cash rate by another 0.5…
Industry Warns Australian Government Against Wage Increase After Aggressive Cash Rate Hike
June 7, 2022
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Angus TaylorAustraliaAustralian Cash rateBusiness & Marketseconomyinflationinterest ratesJim ChalmersReserve Bank of AustraliaWorld
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Australia’s peak industry group said the country was at risk of a “death spiral” of wages, inflation, and interest rates. “We are unfortunately in a period where we are going to see increasing interest rates if we continue to see calls for wage increases that are not sustainable,” Australian Industry Group CEO Innes Willox told…
Reserve Bank of Australia Shocks With 50 Basis Point Cash Rate Hike
June 7, 2022
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AustraliaBusiness & Marketscash rateeconomic policieseconomyinflationJim Chalmersmonetary policyReserve Bank of AustraliaWorld
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The Reserve Bank of Australia has revealed its decision to increase the cash rate by a massive 50 basis points, from 0.35 percent to 0.85 percent, with “further steps” to come. Governor Philip Lowe said the hike came in response to higher-than-expected inflation to “assist with the return” of inflation to the two to three…
Australia’s Central Bank Hikes Rates to Control Soaring Inflation
June 7, 2022
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AustraliaBusiness & Marketscash rateeconomic policieseconomyinflationJim Chalmersmonetary policyReserve Bank of AustraliaWorld
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The Reserve Bank of Australia, the country’s central bank, has increased the cash rate by a massive 50 basis points, from 0.35 percent to 0.85 percent, with “further steps” to come. Governor Philip Lowe said the hike came in response to higher-than-expected inflation to “assist with the return” of inflation to the two to three…
Australian Job Market Still Remains Strong Despite Job Ads Stabilising
Australian job advertising has slowed down after reaching record highs earlier in 2022. However, the current trend shows that demand for workers still remains robust. ANZ Australian Job Ads climbed slightly by 0.4 percent in May to 238,178 following a two percent drop in April. Nevertheless, the figure was up 17.3 percent from the previous…
Pessimistic Consumer Sentiment Unaffected by Australian Federal Election Results
Australian consumer confidence has almost remained unchanged in the wake of a new Labor government as the country is wrestling with interest rate hikes, ballooning inflation and rising living cost pressures. The latest weekly ANZ-Roy Morgan consumer confidence survey showed how Australian consumers reacted to the federal election results, where Labor has gained 77 seats…
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