GENERAL NEWS
RESERVE Bank governor Philip Lowe has warned of further interest rate hikes after its board lifted the official rate at...
Interest rates are now at 3.35% following yesterday’s 25 basis points rise, having sat at 0.1% well into last year. Lowe warned of further hikes as global inflation remained high.
“The board expects that further increases in interest rates will be needed over the months ahead to ensure that inflation returns to...
“In assessing how much further interest rates need to increase, the board will be paying close attention to developments in the global economy...
Inflation in Australia grew by 7.8% in 2022, the highest rate since 1990. The Reserve Bank expects it will decline to...
The RBA expects GDP growth to slow to around 1.5% this year and next, while Lowe noted the labour market remains...
Canstar analysis shows that a couple earning two average incomes, totalling a combined $184,000, has lost $306,000 in borrowing capacity since April.
For those with a mortgage of $750,000, a full passing on of yesterday’s hike would add about $115 to monthly repayments ...
In response to yesterday’s increase, the Commonwealth Bank revised its previous forecast of a 3.35% interest rate peak, and is now tipping rises in March and April to 3.85%.
The housing market has slowed right down in response to the rate hikes. REA Group’s PropTrack Property Market Outlook this week...
HIA’s chief economist, Tim Reardon, said a return to stable economic growth “will not be achieved by putting the housing sector through boom-and-bust cycles.”
Lending for new homes is down by 62.4% since its peak in January 2021, to its lowest level since November 2012
“This poor data is a consequence of the fastest increase in the cash rate in a generation. Despite this, the impact of last year’s rate increases won’t be fully apparent until late this year.
“The decision by the RBA to increase rates further in 2023, will further erode market confidence and accelerate the downturn that is already evident.
“There are significant lags between a change in the cash rate and its impact on the economy. In this cycle, it will take up to...
“The supply chain disruptions of the pandemic are easing. Inflation in other economies is slowing and interest rates are not the only tool at...