The Reserve Bank could use its first meeting of the year to deliver a super-sized 0.4 percentage point lift in official interest rates with the nation’s biggest home lender predicting the RBA’s aggressive tightening of monetary policy is now starting to bite across the economy.
Gareth Aird, the Commonwealth Bank’s head of Australian economics, said he expects the RBA to inflict another quarter percentage point rate increase on borrowers, but there is a strong chance it could go further. He said the breadth and size of the lift in inflation through the December quarter meant the RBA was likely to look at a 0.4 percentage point increase.
, which expects another quarter percentage point lift in rates on Tuesday, believes the economy is holding up better than expected to previous rate increases. This week, the government will introduce the legislation for its $10 billion Housing Australia Future Fund that will be used to provide ongoing funding for new social and affordable housing.
But in its submission to Treasurer Jim Chalmers for the May budget, Homelessness Australia said the government had to go further than the future fund.It wants the creation of a $2 billion “rapid re-housing fund” to deal with immediate housing issues, an expansion of the future fund to support the construction of 25,000 social homes a year and a 50 per cent increase in Commonwealth rent assistance.
Keep on hiking. Crush the property speculators
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RBA must get on with lifting interest ratesOPINION: CPI numbers have confirmed that we are getting just as much inflation as other similar economies, if not a bit more. So when is the gold back dollar coming in ? I remember being called a 'conspiracy theorist' when i said this was going to happen when they put half the planet in lockdown in 2020. No increase in wages however
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RBA Governor made a ‘mistake’ which ‘hurt’ aspirational AustraliansRBA Governor Philip Lower made a mistake when he said interest rates would remain at historic lows until at least 2024, which “hurt” aspirational Australians, according to LNP MP Garth Hamilton. “But the person who’s going to decide whether the Governor stays on or not is the Treasurer,” he told Sky News host Amanda Stoker. “And, quite frankly, I don’t think the Treasurer really cares that much that the Governor hurt aspirational Australians.” Mr Hamilton said there was a lot of “hubris” in Treasurer Jim Chalmers’ essay but “not much there to inspire” aspirational Australians who want to get into the property market. How he has remained in charge is bewildering. The RBA gov did NOT that. How about fact checking what he said? Said most caught crooks, financial embezzlers, and uni bombers - 'I made a mistake' !
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Why the RBA is playing with fire with interest rates set to keep rising in 2023With the RBA set to hike interest rates for a ninth consecutive time on Tuesday, governor Philip Lowe and his colleagues must decide how deep a recession they are prepared to wear, writes business editor Ian Verrender. Who knew ridiculously low interest rates couldn't stay there forever? Sucker born every minute. Because the have no choice. Someone has to try to stop rising inflation, and with government preoccupied with dividing Australia along racial lines, RBA rising interest rates is the only option. The outcome of it is going to be a recession, one of those “we have to have”. The big 4 Aussie banks increased profits pulling in $28 billion last year. The RBAs not raising the interest rate on their loan, only us pleb public .
Source: abcnews - 🏆 5. / 83 Read more »