These are certainly not boom times, with the ABS showing that Australian retail turnover fell 0.1% in June 2011, seasonally adjusted, following a fall of 0.6% the previous month.
Interest rate rise
Let’s play bash the banks
Crikey Media Wrap: Joe Hockey and his “Hockeynomics” proposal calling for tighter banking regulation kicked off an almighty round of bash the banks, and now it seems everybody is joining in.
Stutchbury: Why nobody picked the rate rise
Before heaping blame on the RBA’s rate rise people need to remember that Australia’s economic circumstances are rapidly changing. Asian demand for our iron ore will drive a massive mining boom and the RBA is determined to keep inflation under control, writes Michael Stutchbury.
Swan to banks: this time it’s personal
Following the RBA’s decision to raise the official interest rate Treasurer Wayne Swan has picked up the phone and vented his spleen directly at bank bosses, while publicly making noises about competition strengthening reforms, writes Phillip Coorey.
The RBA’s shock
announcement
Crikey Media Wrap: While horses were whizzing around the track at Melbourne’s Flemington Race Course, The Reserve Bank of Australia issued a shock announcement that it would straddle mortgage holders with an official interest rate rise of 0.25%.
RBA shocks with 0.25% rate rise
The Reserve Bank of Australia has shocked the market by raising official interest rates by 0.25% to 4.75% this afternoon, citing a looming risk of rising inflation, writes Smart Company’s Patrick Stafford.
Coalition announces new round of savings
It seems increasingly clear the Coalition’s economic policy for the election is to continue its scare campaign on debt and deficits and hope Australians are economically illiterate enough to connect a possible interest rate rise by the RBA in two weeks with Labor’s economic policies, writes Bernard Keane.
RBA gives itself room for a yes or no on rate rise … or cut
The Reserve Bank board has given itself enough wriggle room to lift interest rates next month … and it has also given itself enough wriggle room not to increase them.
Collingwood announces new Westpac sponsorship, Westpac announces interest rate rise. Coincidence?
On the same day that Westpac reveals it is taking over as Collingwood Football Club’s major sponsor, it also suggests that an interest rise is imminent. Leigh Josey sniffs a conspiracy.
Interest rates rise while Stevens changes his tune
The Reserve Bank lifted interest rates rose 0.25% to 4% today, still below what economists called ‘trend’, or neutral, but we are heading towards that higher plain.
Morning Market Report: Market up despite rate rise possibility
Most economists expect the RBA to lift rates by 25bps when they announce their decision post today’s meeting at 2.30pm. The market is up 10.
Political snippets: Sincerity is hard to fake
You’ve got to be sincere or at least appear sincere when you’re apologising. This is Rudd’s biggest problem. Plus, a difference of opinion fpr business economists on whether interest rates will rise and other political tidbits.
WSJ: The RBA is dancing to China’s tune
The RBA’s decision to keep rates steady is hardly a surprise, says the Wall Street Journal: it was just reacting to the movements of our real economic overlord, China.
Pascoe: How we got the RBA rates decision wrong
Fairfax’s Michael Pascoe issues a mea culpa on how and why he (and just about every other business journalist in Australia) incorrectly predicted that the RBA would raise rates yesterday.
Political snippets: An economists’ certainty
An interest rate rise seems certain, house prices are back up and ignore all stories that report that a politician said something. For this is an election year and words are cheap and normally meaningless.
RBA could take a rest from interest rate rises in 2010
Minutes of the latest board meeting of the Reserve Bank give the distinct impression that the central bank may be preparing to take a break from raising interest rates in 2010.
If you can’t afford your mortgage, then start calling the removalists
Yes, interest rates rose again this week. But if a slight rate increase — which we’ve been warned about for months — is hampering your ability to pay your mortgage then you should move to a cheaper house, writes Paul Colgan.
Westpac gives the government the finger
Westpac jacked its rates up above those of the RBA for one reason, says John Durie: because it can. The bank has aggressively grown its market share in recent times and it wants to make sure that money is protected — bugger the consequences.
Westpac can’t be bothered defending the indefensible
There is no excuse for Westpac raising domestic mortgage rates yesterday. The move was nothing but a grubby grab for cash, dressed up with the usual banking bullshit about cost pressures.
web exclusive The Reserve Bank’s rate rise hat-trick
The Reserve Bank has lifted interest rates for a record third month in a row, with the cash rate being raised 0.25% to 3.75% this morning.
RBA should keep its powder dry
Seventeen of 18 economists surveyed last week said they expected the RBA to lift rates by 0.25% to 3.75% tomorrow. But credit figures for October actually tell us there’s no reason for the central bank to change rates at all.
Get ready for an RBA rates ramp up
The Reserve Bank will continue to lift its key cash rate as long as “economic conditions evolved as expected”, the minutes for the last board meeting reveal.
Forget the pundits, this jobless data is positive, rates will rise
Forget the media reports; the Australian economy has created over 65,000 jobs in the last two months: pencil in a December 1 rate rise from the RBA.
Lending figures vindicate RBA’s interest rate strategy
Today’s ABS lending figures contain some good news for the health of financial markets, and a partial vindication of the RBA’s interest rate strategy.
Interest rate rise small change for mug punters
Yesterday’s interest rate rise was, in monetary terms, roughly what we spent yesterday per head losing on the Cup. And if we just offset the cost of all the hats and champagne with the lost working hours spent on office sweeps…
