One of Australia’s biggest banks has made a massive call ahead of expected cash rate hikes.
Australia’s cost of living crisis continues to worsen after the Reserve Bank hiked the official cash rate for the ninth consecutive time, increasing the rate to 3.35 per cent.In its weekly report published on Monday, the big bank also lifted its cash rate forecast from 3.85 per cent to 4.1 per cent.
The weekly report also pointed to Reserve Bank Governor Philip Lowe’s appearances in front of Senate Estimates and the House Economics Committee where he said the bank would take a steady approach to rate increases. The bank said the RBA would likely make its final rate hike in May following the release of the March quarterly inflation figures.
“With the concerns about a wage–price spiral easing following the December quarter Wage Price Index report; demand slowing; and the cash rate deeply contractionary, at 4.1 per cent, the case for a pause in June is credible.”
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Treasurer asks Australians ‘whether we can afford’ tax breaks on biggest superannuation balancesJim Chalmers defends potential change to super rules for balances over $3m as Coalition vows to oppose it
Read more »
Jim Chalmers shouldn’t be telling Australians ‘how to live’ in their retirementShadow Assistant Treasurer Stuart Robert says Treasurer Jim Chalmers shouldn’t be telling Australians “how to live” in their retirement following a push for superannuation changes. “The greatest cause of poverty in later years is not having a roof over your head,” Mr Robert told Sky News Business Editor Ross Greenwood. “House ownership is critical. “Australians have to have choice, it’s their money … it’s not the governments'.”
Read more »
'Bin living' scavenger says dumpster diving is 'a food resource' for a growing number of AustraliansWith the cost of living on the rise, more people are turning to dumpster diving as a way to put food in their fridges and cupboards.
Read more »
The invisible danger killing more than 11,000 Australians each yearPollution from motor vehicles could be killing thousands more people than road accidents, with new research finding more than 11,000 Australians die prematurely every year from transport emissions. 7NEWS
Read more »
‘We have a problem’: The emails seeing Australians lose thousands of dollars in secondsAustralians looking to make some extra cash selling unwanted or used items online are being urged to watch out for a new scam. 7NEWS
Read more »
Home ownership is out of reach from young Australians, says new research | 7NEWSThe majority of young Australians fear they'll never be able to own their own home in the face of rising interest rates. A new study shows three quarters of ...
Read more »