The RBA board decided to increase the rate from a record low of 0.1%, to 0.35% and the interest rate on exchange settlement balances was lifted 25 percent to 0.25%.
The board judged that now was the right time to begin withdrawing some of the extraordinary monetary support provided to help the Australian economy through the pandemic.
The resilience of the Australian economy is particularly evident in the labour market, with unemployment declining over recent months to 4%, according to RBA Governor Philip Lowe.
“Both job vacancies and job ads are also at high levels,” he said.
“The central forecast is for the unemployment rate to decline to around 3.5% by early 2023.”
Lowe went on to say that inflation was significantly higher than expected a year ago, although it remained lower than in most other advanced economies.
Published:Tuesday, 3rd May 2022
Source: Paige Estritori
Avoid Hefty Fines: Key ATO Dates to Remember 23 Apr 2024: .Paige Estritori Australians are being cautioned about the possibility of incurring a $313 penalty if they fail to observe two critical Australian Taxation Office (ATO) deadlines looming ahead. As tax season approaches, individuals must take note of these important dates to avoid fines. - read more |
Inflation Outlook Brightens as Australia Braces for Key CPI Update 22 Apr 2024: .Paige Estritori A crucial announcement regarding consumer prices is forthcoming as the Reserve Bank of Australia (RBA) anxiously waits to steer its future monetary policy decisions. Analysts and economy watchers alike have their eyes locked onto the publication of first-quarter consumer price index (CPI) data from the Australian Bureau of Statistics, set to impact the nation's economic direction. - read more |
Alarming Rise in Australian Student Loans Calls for Immediate Action 19 Apr 2024: .Paige Estritori A fresh analysis has sparked concern over the surging levels of student debt in Australia, invigorating discussions for policy revisions in the impending national budget. Projections denote that during the initial tenure of the incumbent Labor administration, the cumulative student debt may swell by an extraordinary $12.3 billion, marking a 16% escalation. This upward trend raises alarms for prospective and current students grappling with the financial barriers of higher education, and ignites a dialogue on the urgency of governmental intervention. - read more |
Finance Articles
|