From 12m agoKey events3m agoAnother RBA rate rise a possibility as toll on mortgagors keeps mounting12m ago’Same old Aussies – always winning!’: Albanese lauds Ashes team2h agoWong says ‘big changes’ are coming to make business travel from Indonesia easier2h agoAnother body found inside alight vehicle, in separate incident in Sydney2h agoHuman remains found in burnt-out car in Sydney3h agoWong ‘deeply disappointed’ by Hong Kong arrest warrants for activists3h agoWelcomeFilters BETAKey events (7)Australia (10)Penny Wong (6)ABC RN (4)Anthony Albanese (4)Indonesia (4)3m ago19.19 EDTAnother RBA rate rise a possibility as toll on mortgagors keeps mountingPeter Hannam
Economists are divided over whether the Reserve Bank will hit the rate rise button again today.
And depending on your market, investors are betting on a pause by the RBA, leaving the cash rate at 4.1%.
By one measure, the chance of an RBA rate rise later today is down to just 16%. Investors, though, have been wrong on the last couple of moves, so a 13th hike in 14 meetings can’t be ruled out. pic.twitter.com/sETNevZqku
— @phannam@mastodon.green (@p_hannam) July 3, 2023
The ANU-based “shadow RBA board”, meanwhile, reckons the central bank should hike again, making it 13 increases in 14 meetings. (This board aims to make a case for what the RBA should do, not necessarily what they will.)
Most economists who are tipping a pause today don’t think the RBA will be done, with at least one more rate rise to come before inflation is sufficiently quelled.
Ben Phillips from ANU kindly crunched some numbers for us in the university’s PolicyMod model about how hard current levels of interest rates are biting into disposable income – and how much more pain would follow two more increases to 4.6% by the year’s end:
Bleak outlook for first home buyers as RBA rate rises eat deeply into disposable incomeRead more
These are averages, of course, but with housing eating close to 40% of certain households’ income (such as first home buyers), there’s not a lot left over to cover climbing costs for energy, food and other essentials.
Anyway, stay tuned for today’s RBA verdict when it lands at 2.30pm aest.
12m ago19.10 EDT’Same old Aussies – always winning!’: Albanese lauds Ashes team
Prime minister Anthony Albanese celebrates the Australian men’s and women’s cricket teams opening match victories against England in The Ashes.
Same old Aussies – always winning!
(A call to the boos by English fans that rang out around Lord’s on day five of the comp: “Same old Aussies, always cheating!)
I’m proud of our men’s and women’s cricket teams, who have both won their opening two #Ashes matches against England.
Same old Aussies – always winning!
Australia is right behind @ahealy77, @patcummins30 and their teams and look forward to welcoming them home victorious 👏
— Anthony Albanese (@AlboMP) July 3, 2023Updated at 19.21 EDT21m ago19.01 EDT
Shadow treasurer says government must play role in…
2023-07-03 18:20:29
Source from www.theguardian.com
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