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 that was also causing pain. The RBA's emergency-low interest rates in the pandemic, which it introduced during a period of extreme uncertainty and anxiety about COVID-19, also contributed to our subsequent property price explosion, with terrible social consequences. Australia's tax system getting worse warns Henry Photo shows Ken Henry #2 Australia's tax system is stacked so heavily against younger people that it's threatening the social compact, former Treasury secretary Ken Henry has warned.

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History of this topic

Has Australia's economy turned the corner? Angus Taylor has a warning
2 weeks, 5 days ago

Has Australia's economy turned the corner? Angus Taylor has a warning

ABC  

Economists say Australia has turned a corner. Last week, he said labour productivity was still "disastrous" in Australia and the purchasing power of our wages had deteriorated "disastrously" since Labor won the election in 2022. By the time the 2022 election was held, the "real" value of our wages had already deteriorated so much that our wages were buying less …

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
4 months 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 governor Michele Bullock gives blunt spending warning to Treasurer Jim Chalmers as election nears
4 months, 3 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 …

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

Prime minister affirms 'respect' for Reserve Bank after Wayne Swan blasts its interest rates strategy
6 months, 3 weeks ago

Prime minister affirms 'respect' for Reserve Bank after Wayne Swan blasts its interest rates strategy

ABC  

Prime Minister Anthony Albanese has defended the Reserve Bank of Australia after former Labor treasurer Wayne Swan likened its monetary policy strategy to "punching itself in the face". In an interview on Nine on Friday morning, Mr Swan accused the RBA of "putting economic dogma over rational decision making," after governor Michele Bullock repeated on Thursday that she did not …

More people are seeking help as Australia's economy slows down, RBA governor acknowledges
6 months, 3 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 …

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

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 …

Can these economists turn things around for Australia's betrayed generations?
1 year, 1 month ago

Can these economists turn things around for Australia's betrayed generations?

ABC  

In recent weeks, key members of Australia's last generation of true economic reformers have been speaking up with urgency about the poor state of our economy. Recovering from our 'lost decade' In their Press Club address last week, Garnaut and Sims said policymakers could help to transition Australia's economy into an advantageous low-emissions future by placing a "carbon solutions levy" …

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 …

Michele Bullock: The one glaring word missing from Reserve Bank boss' speech as she says inflation crisis is 'homegrown' - and issues a grim warning about interest rates to Australians
1 year, 4 months ago

Michele Bullock: The one glaring word missing from Reserve Bank boss' speech as she says inflation crisis is 'homegrown' - and issues a grim warning about interest rates to Australians

Daily Mail  

Reserve Bank governor Michele Bullock has warned Australia's skyrocketing inflation is a 'homegrown' issue but failed to address concerns that increased immigration is worsening the crisis. Reserve Bank governor Michele Bullock admitted Australia's skyrocketing inflation is a 'homegrown' issue The RBA is considering ways to bring Australia's inflation, currently running at 5.4 per cent, back to its 2 to 3 …

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 …

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.". …

RBA Governor Philip Lowe apologises to Australians struggling with mortgages
2 years, 4 months ago

RBA Governor Philip Lowe apologises to Australians struggling with mortgages

ABC  

Reserve Bank Governor Philip Lowe has apologised to Australians for giving them unclear guidance that led to hundreds of thousands taking out big mortgages in the expectation that interest rates would stay low until 2024. Key points: RBA boss Philip Lowe says the bank failed to communicate with the public properly He told a Senate hearing that they did the …

RBA governor Philip Lowe warns Australians to brace for higher inflation, lower growth
2 years, 4 months ago

RBA governor Philip Lowe warns Australians to brace for higher inflation, lower growth

ABC  

Don't expect much of a pay rise, even as inflation soars and reduces what you can buy with your wages. Key points: RBA governor Philip Lowe says globalisation helped central banks keep price rises low and stable over the past three decades Increasing trade restrictions and global conflict are reversing this process and risk reduced supply and higher prices Mr …

RBA deputy governor Michele Bullock says outlook for global economy is 'quite worrying'
2 years, 6 months ago

RBA deputy governor Michele Bullock says outlook for global economy is 'quite worrying'

ABC  

The outlook for the global economy is "quite worrying" and it has implications for Australia, a Reserve Bank official has warned. Key points: The RBA says its emergency bond-buying program broadly achieved its aims Deputy governor Michele Bullock says there are problems in the global economy that could threaten Australia's recovery The RBA's ability to create money supported the economy …

Reserve Bank boss Philip Lowe wants you to stop spending or he'll have to jack up interest rates
2 years, 6 months ago

Reserve Bank boss Philip Lowe wants you to stop spending or he'll have to jack up interest rates

ABC  

Where is Australia's economy headed? "The channels for flattening growth in demand include a very large negative wealth effect as house prices tumble, restricted growth in household disposable income as interest rates increase, record low consumer confidence, and increased borrowing costs for businesses," Mr Evans wrote. But this week, RBA governor Philip Lowe said inflation expectations were still an important …

Reserve Bank governor says inflation is rising, but he doesn't see a recession on the horizon
2 years, 9 months ago

Reserve Bank governor says inflation is rising, but he doesn't see a recession on the horizon

ABC  

Reserve Bank governor Philip Lowe has warned inflation is increasingly coming from within Australia, but he doesn't see a recession occurring at this stage. Key points: The RBA thinks inflation will reach 7 per cent this year It says inflation is increasingly coming from within Australia It admits the bank suffered "reputational damage" when it tried to wind down its …

Former treasurer Peter Costello blames Reserve Bank of Australia for house price rises
3 years, 4 months ago

Former treasurer Peter Costello blames Reserve Bank of Australia for house price rises

Daily Mail  

Australia's longest-serving treasurer has blamed the Reserve Bank for the extraordinary surge in house prices across the country. Scroll down for video Australia's longest-serving treasurer has blamed the Reserve Bank for the ridiculous surge in house prices Dr Lowe has since indicated interest rates could rise in 2023 but he ruled out raising the cash rate early to cool an …

Interest rates not the right 'tool' to address runaway house prices, Reserve Bank says
3 years, 10 months ago

Interest rates not the right 'tool' to address runaway house prices, Reserve Bank says

ABC  

The Reserve Bank has said property price rises can exacerbate inequality, and it is "certainly an issue" that needs to be considered at the moment. Key points: The Reserve Bank says it is putting a "high priority" on full employment But it says monetary policy is not the right tool to address runaway house prices Economic activity has rebounded strongly, …

Reserve Bank of Australia Governor Philip Lowe slams businesses for lacking entrepreneurial flair
4 years, 9 months ago

Reserve Bank of Australia Governor Philip Lowe slams businesses for lacking entrepreneurial flair

Daily Mail  

Australia's most senior banker has slammed bosses for failing to hire new people, fearing the lack of innovators will worsen the COVID crisis. Reserve Bank of Australia governor Philip Lowe said there was a 'lack of economic dynamism in Australia' as the first recession in 29 years loomed. Unemployment at a glance in May 2020 The jobless rate surged to …

Australian economy outperforming, but coronavirus 'shadow' could last years, warns RBA's Lowe
4 years, 9 months ago

Australian economy outperforming, but coronavirus 'shadow' could last years, warns RBA's Lowe

ABC  

The Reserve Bank governor says the Australian dollar is up off recent lows because of how well the nation has handled coronavirus so far, but warns that will change if there is no major economic reform. Key points: RBA governor Philip Lowe says the Australian dollar is not overvalued at its current levels of close to 70 US cents Dr …

We asked 13 economists how to fix the economy. All back the RBA governor over the Treasurer
5 years, 4 months ago

We asked 13 economists how to fix the economy. All back the RBA governor over the Treasurer

ABC  

Thirteen leading economists have declared their hands in the stand-off between the Government and the governor of the Reserve Bank over the best way to boost the economy. There is plenty of room for fiscal stimulus, particularly infrastructure spending I agree with the emerging consensus that monetary policy is no longer effective when interest rates are so low It is …

Reserve Bank boss prodding Scott Morrison and Josh Frydenberg to stimulate Australian economy
5 years, 8 months ago

Reserve Bank boss prodding Scott Morrison and Josh Frydenberg to stimulate Australian economy

ABC  

Philip Lowe isn't the excitable type. In reducing official interest rates to an all-time low of 1 per cent, Mr Lowe's technically got just four 25-gauge shots left in the locker. He, like governors before him, see the Reserve being in a pact with the nation's executive when it comes to keeping inflation averaging within its 2-3 per cent range …

Reserve Bank says housing won't 'derail the economy' but tight-fisted bosses might
6 years, 1 month ago

Reserve Bank says housing won't 'derail the economy' but tight-fisted bosses might

ABC  

The Reserve Bank governor has issued his strongest call yet for bigger pay rises, telling a parliamentary committee that weak wage rises are a bigger threat to the economy than falling house prices. Key points: RBA governor says price falls "put our housing markets on more sustainable footings" Dr Lowe calls for minimum wage increase to continue being above 3 …

Banking royal commission: RBA governor Philip Lowe is appalled by the behaviour of Australian banks
6 years, 7 months ago

Banking royal commission: RBA governor Philip Lowe is appalled by the behaviour of Australian banks

ABC  

Reserve Bank governor Phillip Lowe says he has been appalled by the behaviour of Australia's banks, and blames remuneration that rewards sales for the scandals. Dr Lowe said the banking royal commission was "showing the benefit of sunlight" being shone on the internal workings of the banks. Dr Lowe said the commission had exposed the banking sector's "pervasive" conflicts of …

Are we in a boom or bust? The two people running the economy have very different views
6 years, 9 months ago

Are we in a boom or bust? The two people running the economy have very different views

ABC  

"We have climbed back to the top of the leader board — we are again leading the advanced economies, bettering the average growth of the OECD and each member of the G7 group of leading industrial nations." — Reserve Bank of Australia governor Philip Lowe, June 20, 2018 These are two very different views, two weeks apart, from the two …

Reserve Bank hints at further home lending restrictions
8 years ago

Reserve Bank hints at further home lending restrictions

ABC  

The Reserve Bank has flagged putting pressure on banks to slow runaway house price growth in order to limit the chance of the property bubble bursting. Those price gains are being driven by a surge in property investment, with Bureau of Statistics figures out on Friday showing that new investor lending grew 27.5 per cent over the past year. While …

Reserve Bank warns Australia needs to remain competitive
8 years, 1 month ago

Reserve Bank warns Australia needs to remain competitive

ABC  

The governor of the Reserve Bank has backed the Government's campaign to lower the corporate tax rate, warning Australia needs to remain internationally competitive. Speaking in Sydney last night, Dr Philip Lowe described the current corporate tax rate is a "complication" as the Federal Government works to retain fiscal buffers in the budget. Loading SoundCloud content However, Dr Lowe mentioned …

RBA governor Philip Lowe hits out at protectionism, urges investment in infrastructure
8 years, 1 month ago

RBA governor Philip Lowe hits out at protectionism, urges investment in infrastructure

ABC  

The governor of the Reserve Bank of Australia has taken a swipe at the recent global trend towards protectionism and urged the Federal Government to invest more in infrastructure to help alleviate tensions resulting from Australia's high population growth. Housing affordability 'an increasingly important issue' The governor also strayed into the politically contentious area of Australia's high migration intake and …

RBA governor Philip Lowe says bank prepares for events that could rock financial markets
8 years, 5 months ago

RBA governor Philip Lowe says bank prepares for events that could rock financial markets

ABC  

Reserve Bank of Australia governor Philip Lowe says while there is no specific scenario planning for an increasingly unlikely Donald Trump US election victory, the RBA does prepare for events that could rock financial markets. Dr Lowe also said the election of Mr Trump as US president would not be a "benign event" for the global economy. Inflation 'will not …

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