News Articles for Philip Lowe

Treasurer Jim Chalmers has appointed a former banking executive and an economics professor to the Reserve Bank board, following a six-month review into monetary policy setting.

The Reserve Bank of Australia has held the nation's cash rate steady for a third consecutive month, in the final decision reached under governor Philip Lowe's six-year tenure at its helm.

The Reserve Bank of Australia has held the nation's cash rate steady for the month of August, its first consecutive pause since April last year, citing economic uncertainty.

The Reserve Bank of Australia has offered mortgage holders some relief after it held the nation’s cash rate target at 4.1 per cent following its July meeting today.

The Reserve Bank of Australia has lifted the nation’s official cash rate to 4.1 per cent – a 25 basis point jump which takes it above four per cent for the first time since April 2012.

Consumer confidence has not budged from its weak position, although mortgage holders have regained some optimism ahead of the next cash rate decision.

Reserve Bank governor Philip Lowe has used a public appearance to explain that low productivity growth, not wages, is threatening the outlook for inflation.

Consumers remain down in the dumps, with financial sentiment back to its lowest level since April 2020, but there is some optimism about the economy's future.

Jim Chalmers says the high inflation environment is the main challenge facing the economy and his budget will reflect these price pressures.

Senior journalist Matt Mckenzie and Jordan Murray discuss Philip Lowe's show of courage and Bill Johnston's openness to the possible sale of Gold Corporation.

ANALYSIS: Philip Lowe says changes proposed in the RBA review will have a "marginal" impact on the economy, but crucially, the panel has reaffirmed the bank's inflation target.

Further rate hikes still loom despite the RBA giving borrowers relief today following 10 consecutive rises, but Australia's banks are "strong" in the face of global headwinds.

The Reserve Bank could be facing legislative changes under a review, due to be handed to Treasurer Jim Chalmers on Friday.

Finance Minister Katy Gallagher is cautiously optimistic comments from RBA Governor Philip Lowe show interest rate hikes are closer to being paused.

There are hopes the RBA will slow its rate hikes, with the central bank today saying inflation had passed its peak as it lifted the cash rate to 3.6 per cent.

The Australia Institute has linked rising prices to growing business profits, and claimed workers should not accept sluggish wage growth.

Australian consumers are feeling a little more upbeat but the nation's weekly measure of consumer confidence is still deeply in negative territory.

The Reserve Bank has not been spooked by the unexpected uptick in the headline jobless rate and will stick with its hawkish stance on interest rates.

The Reserve Bank's former governor has delivered a scathing assessment of its recent performance as current chief Philip Lowe faces a parliamentary grilling.

Cabinet minister Bill Shorten has defended Philip Lowe's decision to give a private briefing to bankers about interest rate rises.

Treasurer Jim Chalmers says while the recent interest rate hike would slow the economy, forecasts show Australia would not go into a recession.

It doesn't stop: The RBA signals rate hikes will continue in the months ahead, as observers declared the central bank's stance had become even tougher.

While economic pain is on the way for WA businesses, the state's relative strengths may spare it the worst of a downturn.

The cash rate has hit its highest level since December 2012, with a $500,000 home loan now costing $880 more per month than before the hikes started in May.

Experts expect the Reserve Bank to lift interest rates again in December, but there's also a chance it could finally hit the brakes.

Reserve Bank boss Philip Lowe has admitted language around the 2024 interest rate forecast was not clear enough and apologised for the miscommunication.

Black Friday sales may be feeding into slightly elevated consumer confidence scores as savvy spenders pounce on discounted items.

Wages are tracking upwards, growing by 3.1 per cent in the year to September, but still failing to keep up with the rising cost of living.

The cash rate has been hiked for the seventh consecutive month, up 25 basis points to be 2.85 per cent, as the Reserve Bank predicts inflation will hit 8 per cent this year.

Stopping inflation may be harder than many expected, while the merits of proposals to boost wages such as pattern bargaining are not clear.

Philip Lowe has denied saying interest rates wouldn't be lifted until 2024 as an independent review into the reserve bank is set to examine the effectiveness of its communication.

The RBA cash rate looks set to move past 3 per cent in months ahead; while the average WA home loan inked in April will now cost $610 more per month after five consecutive rate hikes.

The nation's benchmark interest rate has been lifted 50 basis points by the central bank today to be 1.85 per cent.

The Reserve Bank board is expected to lift the cash rate for the fourth month in a row when it meets on Tuesday, with economists tipping a 50 basis point rise.

Mark Barnaba's term as an RBA board member has been extended by one year as a review of Australia's central bank raises the possibility of a major governance shakeup.

Two speeches in two days will give the Reserve Bank of Australia an opportunity to demonstrate how hawkish it is feeling as rate hikes loom.

ANZ has followed Commonwealth Bank in raising mortgage rates following the central bank's decision to lift the cash rate to 1.35 per cent.

As the Reserve Bank hikes the cash rate for the third month in a row, rents are higher across city and regional areas.

Jim Chalmers has defended the government's frank rhetoric on inflation as the RBA has telegraphed more cash rate rises are on the cards to curb runaway price hikes.

Australia's benchmark interest rate is now at a three-year high following the RBA's decision to lift the cash rate target for the third time in as many months.