Reserve Bank flags 'further tightening' to tame inflation after leaving interest rates on hold at 3.6pc, ASX closes higher
1 year, 11 months ago

Reserve Bank flags 'further tightening' to tame inflation after leaving interest rates on hold at 3.6pc, ASX closes higher

ABC  

The problems in the global banking system, including the bail out of global banking giant Credit Suisse, and the collapse of US tech lender Silicon Valley Bank, have raised fears about another global financial crisis. But Reserve Bank governor Philip Lowe is trying to calm the horses at home: "The Australian banking system is strong, well capitalised and highly liquid.". "There is further evidence that the combination of higher interest rates, cost-of-living pressures and a decline in housing prices is leading to a substantial slowing in household spending." And the RBA is closing watching out for a "price-wages spiral", that's when higher prices leads to pressure for higher wages to keep up with the rising cost of living. "Wages growth is continuing to increase in response to the tight labour market and higher inflation."

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History of this topic

Inflation has fallen in Australia and NZ, but which is faring better?
1 month, 2 weeks ago

Inflation has fallen in Australia and NZ, but which is faring better?

ABC  

New Zealand's economy is in recession. But inflation has fallen in both countries, and Australia's Reserve Bank is expected to start cutting interest rates soon. For example, New Zealand's labour force hasn't grown in the past 12 months, but you wouldn't know that by looking at its unemployment rate. Therefore, you could argue that New Zealand's unemployment rate is obscuring …

RBA Is More Confident on CPI, But Too Early to Declare Victory
3 months ago

RBA Is More Confident on CPI, But Too Early to Declare Victory

Live Mint  

-- Australia’s central bank is more confident that inflation is moving sustainably toward target but it’s still too soon to conclude the battle is won given a recent pick-up in consumption and a still-tight labor market, minutes of the December meeting showed. The Reserve Bank’s board discussed scenarios in which future policy would be eased to boost economic growth or …

Why the bout between the Reserve Bank and the federal government is about to heat up
3 months, 3 weeks ago

Why the bout between the Reserve Bank and the federal government is about to heat up

ABC  

There's an old adage that oppositions don't win elections, governments lose them. RBA Governor Michele Bullock says Australia's strategy of reducing inflation without stoking too much unemployment is part of the reason why it looks different to peer economies right now. RBA unlikely to react to October inflation data Photo shows Household money pic Australia's inflation rate remained steady in …

RBA Governor Michele Bullock rejects suggestion there's too much government spending in Australia, saying things could be 'much worse' without it
3 months, 3 weeks ago

RBA Governor Michele Bullock rejects suggestion there's too much government spending in Australia, saying things could be 'much worse' without it

ABC  

Reserve Bank Governor Michele Bullock has rejected the argument there's too much government spending in Australia right now, saying it is helping to keep the economy on an "even keel" and things could be much worse without it. Ms Bullock said the private sector was growing "very slowly" in Australia at the moment, with consumption per capita declining, and government …

RBA unlikely to lower interest rates in 2024 despite inflation at its lowest level since July 2021
3 months, 3 weeks ago

RBA unlikely to lower interest rates in 2024 despite inflation at its lowest level since July 2021

ABC  

Australia's inflation rate remained steady in October, with analysts tipping this price data won't change the Reserve Bank's mind to hold interest rates at their highest level in about a decade until at least early 2025. The inflation rate held at 2.1 per cent annually, with the rising price of food, alcohol, cigarettes and recreational activities keeping it up, while …

Big hint Anthony Albanese is responsible for you missing out on a rate cut - with Australia's most powerful banker blaming government spending for inflation
4 months, 2 weeks ago

Big hint Anthony Albanese is responsible for you missing out on a rate cut - with Australia's most powerful banker blaming government spending for inflation

Daily Mail  

Australia's most powerful banker has given a strong hint that excessive government spending is to blame for high inflation, ruling out rate cuts until 2025. Australia's most powerful banker has given a strong hint excessive government spending is to blame for high inflation - and therefore no rate cuts While headline inflation has fallen to a three-and-a-half year low of …

RBA governor Michele Bullock gives blunt spending warning to Treasurer Jim Chalmers as election nears
4 months, 2 weeks ago

RBA governor Michele Bullock gives blunt spending warning to Treasurer Jim Chalmers as election nears

ABC  

Treasurer Jim Chalmers has received a blunt warning from Reserve Bank of Australia governor Michele Bullock about the inflationary consequences of any potential splashy pre-election spending promises as she left the door open to even higher interest rates. Mr Chalmers said in the wake of Labor's Queensland election loss, the coming federal election "was never going to be — from …

Review finds 'no evidence' gunshots were deliberately edited into commando footage — as it happened
Trending News
4 months, 2 weeks ago

Review finds 'no evidence' gunshots were deliberately edited into commando footage — as it happened

ABC  

Treasurer Jim Chalmers answers a questions on the RBA interest rates. Member for Macquarie, Susan Templeman, asks: "What does the decision taken today by the Reserve Bank mean for Australians and what progress is being made in the fight against inflation and how does this compare to other approaches?" "Secondly, it reflects the progress that we are making together in …

Reserve Bank keeps interest rates at 4.35pc for eighth-straight meeting despite lower inflation
4 months, 2 weeks ago

Reserve Bank keeps interest rates at 4.35pc for eighth-straight meeting despite lower inflation

ABC  

The Reserve Bank of Australia has kept interest rates on hold at 4.35 per cent for its eighth-straight meeting, despite inflation falling to its lowest level in almost four years. In a statement, the RBA said while inflation has "fallen substantially" since it peaked in 2022, underlying inflation remained too high at 3.5 per cent in the September quarter. The …

No RBA rate cut yet, but Governor Bullock is about to find the pressure overwhelming
5 months, 3 weeks ago

No RBA rate cut yet, but Governor Bullock is about to find the pressure overwhelming

ABC  

Who'd want to be Reserve Bank Governor Michele Bullock? Reserve Bank keeps interest rates on hold at 4.35pc Photo shows Reserve Bank of Australia generic The RBA has kept interest rates on hold at 4.35 per cent, saying inflation is still too high to start cutting rates. The Reserve Bank board has decided to keep the cash rate steady at …

Reserve Bank keeps interest rates on hold at 4.35pc, ignoring political pressure for cut
6 months ago

Reserve Bank keeps interest rates on hold at 4.35pc, ignoring political pressure for cut

ABC  

The Reserve Bank has left interest rates on hold at 4.35 per cent. Earlier this month, Treasurer Jim Chalmers said the RBA's rate hikes were "smashing the economy", and former Labor treasurer Wayne Swan accused the RBA of "putting economic dogma over rational decision-making" by refusing to cut rates at this point in the cycle. "With the labour market still …

These numbers are the clues to the Reserve Bank's puzzle: when will interest rates go down?
6 months ago

These numbers are the clues to the Reserve Bank's puzzle: when will interest rates go down?

ABC  

Perhaps no question matters more to Australians worn down by three years of relentless cost pressures: when will the Reserve Bank cut interest rates? But not too much – which is why when inflation shoots high, the Reserve Bank raises interest rates to suppress demand by making it more expensive to borrow and spend. But the Reserve Bank prefers a …

Is it the Reserve Bank's fault that some people might have to sell their homes?
6 months, 2 weeks ago

Is it the Reserve Bank's fault that some people might have to sell their homes?

ABC  

Have some people forgotten? RBA governor Michele Bullock says more people are seeking help from community organisations as the economy slows down, but the fight against inflation must be won. Ms Bullock told her audience that she knew higher rates were contributing to pain for some people at the moment, but the RBA's job was to get inflation lower, because …

More people are seeking help as Australia's economy slows down, RBA governor acknowledges
6 months, 2 weeks ago

More people are seeking help as Australia's economy slows down, RBA governor acknowledges

ABC  

Reserve Bank governor Michele Bullock says she is aware that more people than usual are seeking help from community organisations as Australia's economy slows down and unemployment rises. And the number of owner-occupiers with variable-rate mortgages who are in a "particularly challenging situation" is also rising, but the RBA is doing what it can to bring inflation down, re-balance the …

The RBA is making confusion about inflation and the cost of living even worse
6 months, 3 weeks ago

The RBA is making confusion about inflation and the cost of living even worse

ABC  

There's a paradox about the way we respond to threats to the cost of living. At the same time, when the cost of living climbs enough to push inflation beyond the Reserve Bank's target, the bank pushes up interest rates in an attempt to drive measured inflation down. Sharp interest rate increases are a problem The response of the Reserve …

RBA Governor delivers another blow to Aussies with a mortgage - and why you shouldn't expect rate cuts anytime soon
7 months, 2 weeks ago

RBA Governor delivers another blow to Aussies with a mortgage - and why you shouldn't expect rate cuts anytime soon

Daily Mail  

Australia's most powerful banker has aggressively scotched expectations of rate cuts by Christmas - despite global concerns about an American recession and weak local economic activity. In the media conference afterwards, Governor Michele Bullock stressed a rate cut wasn't happening soon - despite the Reserve Bank statement emphasing the risk of an economic slowdown and weaker gross domestic product 'Given …

Why headline inflation numbers are masking the confronting financial reality facing many households
7 months, 2 weeks ago

Why headline inflation numbers are masking the confronting financial reality facing many households

ABC  

There won't be protest marches in the streets when the Reserve Bank of Australia makes its next decision on interest rates. In the lead-up to Wednesday's inflation reading for the June quarter, there was speculation that if it came in hot, above 4 per cent, a rate rise would be on the cards. In the end, the "headline" annual rate …

Why the Reserve Bank of Australia should hold off on interest rate hikes in August
7 months, 3 weeks ago

Why the Reserve Bank of Australia should hold off on interest rate hikes in August

ABC  

There's a curious thing about openness, communication and transparency. Because, despite recently showing a real reluctance to want to push interest rates even higher, she and her Reserve Bank of Australia colleagues have for the past two years made it abundantly clear that they were committed to hammering inflation into submission. Money markets right now have just a one-in-five chance …

'Bad mistake to set policy on one number': RBA deputy plays down this week's inflation shock
8 months, 3 weeks ago

'Bad mistake to set policy on one number': RBA deputy plays down this week's inflation shock

ABC  

The Reserve Bank's deputy governor has played down this week's surprise inflation data, saying it would be a "bad mistake" to set interest rates on the basis of one number. Answering questions after speaking at the welcome dinner for Citi's A50 Australian Economic Forum in Sydney, Andrew Hauser told the gathered group of business leaders and finance sector heavyweights that …

RBA keeps interest rate at 4.35 per cent, says rate rise could be on cards as governor says she's not expecting a recession in Australia
9 months ago

RBA keeps interest rate at 4.35 per cent, says rate rise could be on cards as governor says she's not expecting a recession in Australia

ABC  

The Reserve Bank has kept interest rates on hold at 4.35 per cent. "Inflation has fallen substantially since its peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance," the Board said. RBA governor warns the narrow path is 'getting a bit narrower,' but doesn't expect a recession The RBA board …

RBA Sees Some Households Struggling, Suggesting Rate-Hike Limits
9 months, 3 weeks ago

RBA Sees Some Households Struggling, Suggesting Rate-Hike Limits

Live Mint  

-- Australia’s inflation is showing persistent strength and weighing heavily on the finances of some households, a senior Reserve Bank official said, highlighting the limits to further interest-rate increases. “The board are absolutely focused on the fact that inflation is clearly still above the target band,” RBA Assistant Governor Sarah Hunter said at a conference in Sydney on Thursday, referring …

Inflation rises slightly in April to 3.6pc but economists say that should ring 'alarm bells' for RBA
9 months, 3 weeks ago

Inflation rises slightly in April to 3.6pc but economists say that should ring 'alarm bells' for RBA

ABC  

In short: The annual rate of inflation ticked up to 3.6 per cent in April, from 3.5 per cent in March. According to the Australian Bureau of Statistics, an underlying measure of inflation — called "trimmed mean" inflation — also picked up again in April, from 4 per cent to 4.1 per cent. "It does not appear that the RBA …

Reserve Bank of Australia Governor Michele Bullock reveals why business failures are at the highest level in a decade and Labor's new policy to address construction skills shortages
10 months, 2 weeks ago

Reserve Bank of Australia Governor Michele Bullock reveals why business failures are at the highest level in a decade and Labor's new policy to address construction skills shortages

Daily Mail  

Australia's most powerful central banker has suggested corporate insolvencies are at a decade-high during a building crisis because many companies couldn't cope with interest rates rising from record lows. Reserve Bank of Australia Governor Michele Bullock has weighed into this to imply many of these businesses couldn't cope with interest rates rising from a record-low of 0.1 per cent. Reserve …

'Too soon to declare victory' as RBA governor Bullock says she can't rule out another rate rise
10 months, 2 weeks ago

'Too soon to declare victory' as RBA governor Bullock says she can't rule out another rate rise

ABC  

In short : Interest rates have been kept steady, at 4.35 per cent. RBA does not want to tip economy into recession, Bullock says On Tuesday, Governor Bullock said when the RBA lifted rates in November, from 4.1 to 4.35 per cent, it was "taking out a little insurance." The RBA's preferred "core" measures of inflation, such as the trimmed …

RBA leaves door open to interest rate cuts and rises as unemployment risks rise
1 year ago

RBA leaves door open to interest rate cuts and rises as unemployment risks rise

ABC  

What a difference six weeks makes. Economists and traders expect the US Federal Reserve to lead off a global round of interest rate cuts, but recent economic data suggests the RBA should beat them to it. CBA's head of Australian economics Gareth Aird points out that the RBA board made seven references to "uncertainty" in its one-page post-meeting statement, up …

RBA keeps interest rates on hold at 4.35pc but says 'it will be some time' before inflation within target band
1 year ago

RBA keeps interest rates on hold at 4.35pc but says 'it will be some time' before inflation within target band

ABC  

The Reserve Bank has left interest rates on hold amid signs that growth in the economy has dramatically slowed down following 13 interest rate rises since May 2022. The cash rate remains at 4.35 per cent, and while the central bank gave no clear indication of where it was headed next, saying it was "not ruling anything in or out", …

Did the Reserve Bank hit the brakes too hard? Why Australia's economy is heading into reverse
1 year ago

Did the Reserve Bank hit the brakes too hard? Why Australia's economy is heading into reverse

ABC  

The softening-up process is already underway. There's now every possibility the GDP numbers could tip negative, giving the first real indication that Australia's economy is shrinking under the weight of 13 interest rate hikes in quick succession. The RBA lifted the cash rate to 4.35 per cent last November, but it hasn't fully flowed through to the whole economy. Prepare …

RBA governor Michele Bullock says she doesn't agree with IMF that Australia needs higher interest rates
1 year, 1 month ago

RBA governor Michele Bullock says she doesn't agree with IMF that Australia needs higher interest rates

ABC  

Reserve Bank governor Michele Bullock says she doesn't agree with the International Monetary Fund that Australia should be lifting interest rates even higher. Earlier this week, the RBA board decided to keep Australia's cash rate steady for another six weeks, at 4.35 per cent, saying there were "encouraging signs" that inflation was falling as required. RBA keeps interest rates steady …

Inflation figures Australia: Major development in country's cost of living battle
1 year, 1 month ago

Inflation figures Australia: Major development in country's cost of living battle

Daily Mail  

Inflation has fallen significantly to a two-year low just months before lower and middle-income Australians are due to receive bigger tax cuts. This was the lowest headline inflation rate since December 2021, when it was at 3.5 per cent following the lockdowns in Sydney and Melbourne but before Russia's Ukraine invasion pushed petrol prices above $2 a litre. Inflation has …

Reserve Bank leaves interest rates on hold in an early Christmas present for borrowers - but here's why Aussies with mortgages should be worried
1 year, 3 months ago

Reserve Bank leaves interest rates on hold in an early Christmas present for borrowers - but here's why Aussies with mortgages should be worried

Daily Mail  

Australian borrowers have been warned to expect another rate hike even though the Reserve Bank has this month left interest rates on hold. The cash rate is already at a 12-year high of 4.35 per cent after the RBA last month raised rates for the 13th time in 18 months. KPMG chief economist Brendan Rynne said the Reserve Bank statement …

Why further RBA interest rate hikes are less likely now than even one week ago
1 year, 4 months ago

Why further RBA interest rate hikes are less likely now than even one week ago

ABC  

Since Australia's Reserve Bank hiked interest rates two weeks ago, there have been two important developments — one in the United States and the other in the United Kingdom. In this way, decisions made in the US not to increase interest rates or even to cut them make it easier for Australia's Reserve Bank not to increase rates — or …

Michele Bullock says RBA 'will not hesitate' to increase rates if inflation takes longer than expected to return to target
1 year, 5 months ago

Michele Bullock says RBA 'will not hesitate' to increase rates if inflation takes longer than expected to return to target

ABC  

Reserve Bank of Australia governor Michele Bullock says the central bank "will not hesitate" to increase the cash rate over fears inflation could take longer to return to target than its current "late 2025" forecast. Key points: The RBA has left the cash rate on hold at 4.1 per cent since June as inflation began to ease But governor Michele …

RBI flags high inflation as key risk to macroeconomic stability, vows to bring inflation to 4% after status quo on rates
1 year, 5 months ago

RBI flags high inflation as key risk to macroeconomic stability, vows to bring inflation to 4% after status quo on rates

The Hindu  

The Reserve Bank of India views ‘high inflation as a major risk to macroeconomic stability and sustainable growth’, and accordingly monetary policy has been resolutely focused on aligning inflation to the 4% target on a durable basis, RBI Governor Shaktikanta Das said on Friday as he announced the Monetary Policy Committee’s unanimous decision to keep the policy repo rate unchanged …

Reserve Bank keeps interest rates on hold but many more Australians to soon hit breaking point
1 year, 5 months ago

Reserve Bank keeps interest rates on hold but many more Australians to soon hit breaking point

ABC  

The Reserve Bank of Australia held its meeting today — the first chaired by new governor Michele Bullock – and economists and markets were right in widely tipping that it would keep interest rates on hold. Some fear this "higher for longer" interest rate environment that central banks have warned of could mean we soon hit a breaking point. The …

Reserve Bank leaves interest rates on hold in a major win for millions of homeowners in one of Philip Lowe's final acts as governor
1 year, 6 months ago

Reserve Bank leaves interest rates on hold in a major win for millions of homeowners in one of Philip Lowe's final acts as governor

Daily Mail  

The Reserve Bank has left interest rates on hold at an 11-year high of 4.1 per cent for the third straight month. Since peaking at 8.4 per cent late last year, the monthly measure of annual inflation has moderated, falling back to 4.9 per cent in July, the lowest level since February 2022, from 5.4 per cent in June. But …

Inflation slows more than expected, chance of an August RBA interest rate rise reduced
1 year, 7 months ago

Inflation slows more than expected, chance of an August RBA interest rate rise reduced

ABC  

Consumer prices rose 0.8 per cent over the three months to June, making a 6 per cent increase over the past year. Key points: Quarterly inflation slowed from 1.4pc in March to 0.8pc in June The annual rate of headline inflation is 6pc, down from 7.8pc in December Economists and financial traders now believe an RBA interest rate rise next …

Top central bankers assert need for higher interest rates to tackle persistent inflation
1 year, 8 months ago

Top central bankers assert need for higher interest rates to tackle persistent inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Leading global central bankers asserted …

Companies chasing profits amid high inflation risks an Australian recession, RBA warns
1 year, 9 months ago

Companies chasing profits amid high inflation risks an Australian recession, RBA warns

ABC  

The Reserve Bank has pointed directly to the inflation elephant in the room — that "some" companies are indeed helping to drive inflation with aggressive price increases. Today, for the first time, the Reserve Bank referenced that “some firms” were lifting their prices past levels of inflation, in effect locking those previous price rises into future pricing and making the …

The Reserve Bank almost left interest rates on hold this month, but it also wants the unemployment rate to rise
1 year, 9 months ago

The Reserve Bank almost left interest rates on hold this month, but it also wants the unemployment rate to rise

ABC  

The Reserve Bank board went to the brink of leaving official interest rates on hold a fortnight ago because of rising household pressures, but opted for another hike on fears that inflation could become entrenched. Key points: The RBA board is concerned about recent increases in property prices It thinks the unemployment rate needs to rise to 4.5 per cent …

RBA boss Philip Lowe defends shock interest rate rise, saying 'there is a limit' to inflation patience
1 year, 10 months ago

RBA boss Philip Lowe defends shock interest rate rise, saying 'there is a limit' to inflation patience

ABC  

Just a month after the Reserve Bank of Australia kept rates on hold — to assess the economic fallout from an unprecedented string of 10 consecutive rate hikes — on Tuesday afternoon it shocked most experts with another rise. Key points: The RBA raised interest rates from 3.6 to 3.85 per cent RBA governor Philip Lowe says inflation needs to …

Are Australians prepared for the possibility that the Reserve Bank won't hit its inflation target?
1 year, 10 months ago

Are Australians prepared for the possibility that the Reserve Bank won't hit its inflation target?

ABC  

One crucial aspect of a "target", as an idea, is that it's something you aim for. JP Morgan is openly stating that at this point, it's unclear if the Reserve Bank will hit its inflation target of between 2 and 3 per cent. Now it's entirely possible the Reserve Bank, whether or not it chooses to raise interest rates again, …

Does everyone welcome the Reserve Bank overhaul?
1 year, 11 months ago

Does everyone welcome the Reserve Bank overhaul?

ABC  

The push to overhaul the Reserve Bank of Australia could be a "watershed moment" in Australian economic policy, some economists say. The Australian Council of Social Service said it would be a "hugely important step" when the RBA had to give equal weight to its inflation target and full employment when setting interest rates. RBA says some changes won't be …

The RBA's interest rate pause was a close call that could change as early as next month
1 year, 11 months ago

The RBA's interest rate pause was a close call that could change as early as next month

ABC  

The Reserve Bank has revealed its decision to pause its aggressive interest-rate-hiking strategy was a close call, while warning that more hikes may be needed to tame inflation. Key points: The RBA kept interest rates on hold this month for the first time in a year Minutes from the meeting show board members want time to see the lagged impact …

RBA leaves interest rates on hold as it waits to see impact of previous increases
1 year, 11 months ago

RBA leaves interest rates on hold as it waits to see impact of previous increases

ABC  

The Reserve Bank has given mortgage borrowers a reprieve, at least temporarily, by leaving interest rates on hold at Tuesday's board meeting. Key points: The RBA has held interest rates steady after 10 consecutive rate rises The cash rate target remains at 3.6 per cent RBA governor Philip Lowe said further rate rises "may well be needed" to tame inflation …

Jobs bounce sees unemployment fall, keeps pressure on for April interest rate rise
2 years ago

Jobs bounce sees unemployment fall, keeps pressure on for April interest rate rise

ABC  

A strong bounce in job numbers last month will maintain pressure on the Reserve Bank to keep increasing official interest rates, despite global banking jitters. Key points: Unemployment returned to 3.5 per cent, with 64,600 jobs added in February Hours worked and workforce participation rose, while underemployment fell Economists say the strong jobs numbers make another interest rate rise very …

RBA governor Philip Lowe says interest rate 'pause closer' with 'open mind' based on data
2 years ago

RBA governor Philip Lowe says interest rate 'pause closer' with 'open mind' based on data

ABC  

The Reserve Bank governor has indicated that the board is considering a pause after 10 consecutive interest rate rises, but the timing would depend on incoming economic data. Key points: The RBA says it is "closer to the point where it will be appropriate to pause interest rate increases" Philip Lowe says "further tightening of monetary policy is likely to …

Reserve Bank of Australia raises interest rates to 11-year high, opens the door to a pause
2 years ago

Reserve Bank of Australia raises interest rates to 11-year high, opens the door to a pause

ABC  

The Reserve Bank of Australia has raised interest rates for the 10th consecutive meeting, taking the cash rate target to 3.6 per cent. Key points: The cash rate target of 3.6 per cent is the highest since May 2012 The 0.25 of a percentage point rate rise will add around $77 a month to repayments on a $500,000 mortgage RBA …

Australia to flirt with recession this year, warns NAB
2 years, 1 month ago

Australia to flirt with recession this year, warns NAB

ABC  

National Australia Bank has delivered a sobering assessment of how it expects the economy to perform this year. Key points: NAB is expecting economic growth to slow to 0.7 per cent over 2023 and 0.9 per cent in 2024 With some quarters forecast at just 0.1 per cent growth, Australia risks a recession The construction sector is likely to hold …

RBA boss Philip Lowe defends record bank profits as he flags further rate hikes
2 years, 1 month ago

RBA boss Philip Lowe defends record bank profits as he flags further rate hikes

ABC  

Reserve Bank governor Philip Lowe says it is important in the long term to have "strong" banks that are turning a profit, even though it may be hard to hear for people in the grips of skyrocketing mortgage repayments. Key points: Mr Lowe said the RBA was not sure when it would stop raising rates The cash rate is currently …

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