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YOU WONT BELIEVE: 38 - You Need To See This

Morning mail: Sydney braces for more flooding, interest rates tipped to rise, six die in US parade shooting

Tuesday: A double whammy of interest rate rises expected over next two months. Plus: Winston Churchill’s ‘magnificently idiotic’ platypus quest

The Guardian - AU

Why are interest rates going up? What does inflation have to do with the Reserve Bank’s decision?

Interest rates have just risen, again. But do you understand why? Here's everything you need to know.

ABC News

Homeowners warned to expect at least two further rate hikes as repayments soar

Cash rate predicted to rise again in August as the RBA attempts to bring down rising inflation

The Guardian - AU

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Further rate rise to hit family budgets

The Reserve Bank of Australia board lifted the official cash rate to 1.35 per cent, adding to cost pressures on households.

AAP

RBI imposes penalty on Kotak Mahindra Bank, IndusInd Bank

MUMBAI: The Reserve Bank on Monday said it has imposed penalties of about Rs 1 crore each on Kotak Mahindra Bank and IndusInd Bank for deficiencies in regulatory compliance.

The Times of India

‘Serious financial stress’: Typical mortgage bills tipped to jump $792 by year’s end

Home owners are being warned to brace for their third interest rate hike in as many months on Tuesday as the Reserve Bank fights surging inflation.

The New Daily

Can we avoid a recession? What we can learn from the Kiwis

New Zealand property prices have fallen every month this year following a series of punishing interest rate hikes that began last October. So far, the hikes have yet to dent inflation.

ABC News

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ASX jumps ahead of RBA meeting, new survey shows split public opinion on rate hike

Australian shares rise sharply after falling for three consecutive sessions as investors await for another potential interest rate hike by the Reserve Bank on Tuesday.

ABC News

Don't get complacent - the COVID crisis isn't going anyway

We need to step our defence against the virus, once again

Newcastle Herald

Sky-high mortgages, high inflation, possible recession. How The Conversation’s panel sees the year ahead

Now in its fourth year, The Conversation’s survey draws on the expertise of leading forecasters to predict what lies ahead for the Australian economy.

The New Daily

Home prices drop for the second month in a row as Reserve Bank's aggressive interest rate rises hit hard

Aggressive interest rate increases have caused the second monthly fall in home prices across Australia's capital cities. It is the sharpest slowdown in the property market in 30 years.

ABC News

India's external debt rose to $620.7 billion last fiscal: RBI data

MUMBAI: India's external debt increased by $47.1 billion to $620.7 billion in the financial year ended March 2022, the Reserve Bank said on Thursday.

The Times of India

Bad loans of banks expected to decline further to 5.3% by March 2023: RBI report

MUMBAI: The Reserve Bank on Thursday said the bad loans of banks are expected to further decline to 5.3 per cent of total advances by March 2023 from a six-year low on the back of growth in credit and declining trend in the stock of NPAs.

The Times of India

The Loop: A COVID vaccine review, Commonwealth Bank hikes fixed rates, and man gets too close to bison

Here's what you need to get caught up on today's news.

ABC News

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The Conversation

Sky-high mortgages, 7.1% inflation, and a 20% chance of recession. How the Conversation's panel sees the year ahead

Homeowners will face mortgage rates near 5.5% in a little over a year, according to a survey of 22 leading Australian economists.

ABC News

Commonwealth Bank, ANZ, Westpac, NAB to raise variable mortgage rates by 0.25 per cent after RBA rate hike

All of Australia's biggest banks have lifted mortgage rates, matching the Reserve Bank's 25-basis-point increase.

AAP

Sentiment lifts from the depths of despair

Consumer confidence has improved for a second consecutive week after a slump earlier in the month as a result of a large rise in interest rates.

ABC News

Future make-up of RBA board a 'key consideration' going forward, says Federal Treasurer

Federal Treasurer Jim Chalmers throws his support behind calls for the Reserve Bank board to be more representative of the broader Australian community, following scathing criticism that it is out of touch with workers demanding wage increases.

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The Guardian - AU

Jim Chalmers says inflation will go higher, but unions are right to push for higher wages

Treasurer says it is ‘uncontroversial’ for unions to note that wage rises are below inflation, and suggests there may be a place for workers’ representative on RBA board

The Times of India

RBI exploring options to ensure customer safety dealing with PPIs issued by non-bank entities

NEW DELHI: The Reserve Bank is considering various options to ensure that customers are not put at risk on account of activities of non-bank fintech players with regard to prepaid payment instruments (PPIs), sources said.

The Guardian - AU

What does the Reserve Bank’s 3.5% pay rise ‘anchor’ mean for Australian workers?

Inflation is predicted to reach 7% by year’s end but the RBA’s Philip Lowe says wages growth of about 3.5% will keep economy moving

ABC News

ACTU Secretary Sally McManus says Reserve Bank in 'boomer fantasy land' over wage-price spiral fears

ACTU Secretary Sally McManus warns that the Reserve Bank is out of touch and living in "boomer fantasy land" if it thinks workers can afford real cuts to their wages.

ABC News

As fixed mortgages end and rates rise, many risk losing their homes

Almost 40 per cent of Australians with mortgages who have locked in ultra-low fixed interest rates will roll off them as soon as next year, raising fears that more people will default on their loans, creating financial system instability.

AAP

Still no sign of wage inflation: Burke

Employment Minister Tony Burke insists there is still no sign of wage inflation, noting Reserve Bank governor Philip Lowe's warning over excessive increases.

The Times of India

RBI stops non-bank PPI issuers from loading wallets, cards via credit lines

MUMBAI: The Reserve Bank has asked non-bank prepaid payment instrument (PPI) issuers not to load their wallets and cards from credit lines or preset borrowing limits.

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