Business
New data is expected to show growth in retail spending slowing even before Australians feel the impact of the first official interest rate rise in more than a decade, as three of the four major banks pass on yesterday’s cash rate hike to borrowers.
News
The Australian share market has dropped and the Aussie dollar has jumped after the Reserve Bank of Australia hiked the cash rate for the first time in more than a decade.
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Even if the United Australia Party was able to force banks to cap mortgage rates at 3 per cent, it would lead to many being denied a home loan, writes Isaac Gross.
Scott Morrison is defending his government’s economic management against the backdrop of soaring inflation and a high chance the Reserve Bank will start raising interest rates from next week.
Winding back a pandemic-forced monetary policy will gradually begin to affect mortgage payments, writes Isaac Gross.
There are three major events on tomorrow – the Melbourne Cup, the RBA’ monthly board meeting and the US election. But the result of only one seems clear as it can be at this stage.
