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.
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.
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.
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.
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%.
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.
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.
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.
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.
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.