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The Latest Breaking News from Reserve Bank

‘Mortgage prison‘: Home owners facing budget squeeze as interest rates rise

Australians are being hit with a double whammy of rising mortgage costs and falling property prices as interest rates rise.

The New Daily

No proposal to replace face of Mahatma Gandhi on banknotes: RBI

MUMBAI: Dismissing reports, the Reserve Bank on Monday said there is no proposal to replace the face of Mahatma Gandhi with that of others on currency notes.

The Times of India

Interest rates: RBA weighs up risk of ‘climb shock’ ahead of decision

Economists split on how much Reserve Bank will lift cash rate on Tuesday as it looks to rein in inflation

The Guardian - AU

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Public sector pay to fall under NSW government wage cap, report finds

Exclusive: Union-commissioned study finds cap will see wages fall by thousands of dollars a year

The Guardian - AU

RBI to go for another 0.40% hike in rates at next week's policy review meet: Report

MUMBAI: The Reserve Bank is expected to go for another rate hike of 0.40 per cent at the scheduled review of the monetary policy next week, a foreign brokerage said on Friday.

The Times of India

Ahead of govt consultation paper launch, RBI deputy governor says CBDCs can kill case for cryptocurrencies

MUMBAI: Ahead of the government coming out with a consultation paper on cryptocurrencies, Reserve Bank deputy governor T Rabi Sankar on Thursday said the soon-to-be-introduced central bank digital currencies (CBDCs) can "kill" whatever little case that exists for private virtual currencies like bitcoin.

The Times of India

Reserve Bank warns of more construction firm collapses

New developments in the collapse of Decmil Construction NZ highlight how one falling domino can endanger struggling building firms throughout the country

Newsroom.co.nz

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‘Two-speed market’: Property prices are falling as rates rise, but not everywhere

Australia’s housing market has started falling from its pandemic highs, with property prices down 0.11 per cent in May amid rising interest rates.

The New Daily

Reserve Bank takes on fuel prices in readiness for a climate change remit

The central bank is looking to balance its obligation to manage inflation with the necessary costs of cutting emissions, in consultation on its remit.

Newsroom.co.nz

Alan Kohler: Jim Chalmers needs an inquiry into tax

By far the best thing Jim Chalmers could do for his party and the country would be to find a way to escape the 23.9 per cent limit on tax to GDP.

The New Daily

Open letter: the RBA review needs to be completely independent of government

This is the text of an open letter from 12 leading economists, sent on Sunday:

The Conversation

Business: RBI to adopt graded approach to introduce digital currency

The Reserve Bank of India (RBI) on Friday said that it is proposing to adopt a graded approach to the introduction of Central Bank Digital Currency (CBDC) in conformity with the objectives of monetary policy, financial stability and efficient operations of currency and payment systems. Full story on Dynamite News:

Dynamite News

Banks need to support growth, remain watchful of slippages: RBI report

MUMBAI: The Reserve Bank on Friday said banks would need to support growth while being watchful of the credit behaviour of entities whose loans were restructured during the pandemic period to arrest slippages.

The Times of India

China's Covid lockdowns add fuel to NZ's inflation fire

Renewed Covid restrictions in regions of China have accelerated increases in New Zealanders' cost of living.

Newsroom.co.nz

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The Guardian - AU

New Zealand’s central bank lifts rates to 2%, the highest level since 2016

Reserve Bank ‘resolute in its commitment’ to keep inflation in the 1-3% target range, signalling further rate rises may still be needed

ABC News

HomeBuilder and first home buyer grants made housing less affordable says Reserve Bank

Government subsidies such as first home buyer grants and HomeBuilder have boosted demand for homes and helped push up house prices, with "pervasive" impacts on housing outcomes for some Australians, according to the Reserve Bank.

AAP

The only way is up for NZ cash rate

Mortgage holders in New Zealand are bracing themselves for another cash-rate hit from the Reserve Bank.

The Guardian - AU

Market response to Australia’s new Labor government will be ‘muted’, economists say

Analysts say election of Albanese government will not ‘shift the dial’ on economic forecasts

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Newsroom.co.nz

Mortgage defaults and job losses – Reserve Bank reveals NZ's inflation fears

Many NZers expect pay rises in coming months, but they are increasingly concern about the harsh impact of the cost of living crisis on their own families' lives, according to the Reserve Bank.

Newsroom.co.nz

First home buyer help for hundreds more – just move to Hamilton or Queenstown

The Government’s Budget 2022 announcement around its First Home Loan and Grant schemes is a step in the right direction to help new buyers get a mortgage. Huge hurdles remain

The Times of India

Provide option of cardless cash withdrawal at ATMs: RBI to banks

MUMBAI: The Reserve Bank on Thursday asked banks to provide the option of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs, a move aimed at curbing frauds like skimming, card cloning and device tampering.

The Conversation

At 3.9%, Australia's unemployment rate now officially begins with '3'. What's next?

Early in the election campaign, on April 14, we learned that Australia’s unemployment rate had slipped below 4% in March, to 3.95% – the lowest rate in 48 years.

The Conversation

Proof positive. Real wages are shrinking, Wednesday's figures put it beyond doubt

Every three months the Bureau of Statistics releases the lesser-known cousin of the consumer price index. It’s called the Wage Price Index (WPI) and it records changes in the overall level of wages, in the same way the price index records changes in the overall level of consumer prices.

ABC News

Will a 5 per cent pay rise for workers lift the cost of your coffee and petrol by the same amount?

Boosting workers' wages by 5 per cent – for all workers, not just those on the minimum wage — would lead to an increase in prices across the economy of about 2 per cent, according to a new report.

ABC News

Reserve Bank minutes show a bigger interest rate rise was considered in May, still possible in June

Borrowers may only have narrowly escaped a bigger interest rate rise this month and should brace for the chance of a super-sized move in June, the Reserve Bank's latest minutes reveal.

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