The RBA is forecast to raise rates by another 50 basis points by the end of the second quarter next year, according to the median forecast, taking the terminal rate to 3.60%. Those expectations were unchanged from a November poll. However, there was no clear majority among economists over the central bank's rate move beyond the December meeting.
RBA raises rates by 25 bps for the second straight month
LATEST RBA MEASURES TO BATTLE INFLATION
Reserve Bank of Australia (RBA) Governor Philip Lowe is participating in a panel discussion titled "Growth and Inflation Dynamics" at the Bank of Thailand 80th Anniversary Conference, in Bangkok.
Reserve Bank of Australia's governor, Philip Lowe expects rising rental pressure over the next year and he worries about the housing supply as the population grows. He said demand is too strong relative to supply.
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November RBA meeting review
At its November 1 monetary policy meeting, the Reserve Bank of Australia (RBA) increases its official cash rate (OCR) by another 25 basis points (bps) from 2.60% to 2.85%, as widely expected. Tuesday’s rate hike decision marks the second straight quarter percentage point increase by the RBA.
October RBA meeting review
The Reserve Bank of Australia (RBA) raised its official cash rate (OCR) by 25 basis points (bps) from 2.35% to 2.60%. The rate hike decision came as a dovish surprise, snapping the bank's four straight half percentage point hike track.
Following are the key headlines from the October RBA monetary policy statement, via Reuters, as presented by Governor Phillip Lowe.
September RBA meeting review
At its September 6 monetary policy meeting, the Reserve Bank of Australia (RBA) announced a 50 basis points (bps) rate hike, rasinig its official cash rate (OCR) from 1.85% to 2.35%.
Following are the key headlines from the September RBA monetary policy statement, via Reuters, as presented by Governor Phillip Lowe.
What is the RBA?
The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.
The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.
Who is RBA's president?
Philip Lowe is an Australian economist, born in Wagga Wagga, New South Wales. He is the current Governor of the Reserve Bank of Australia, having succeeded Glenn Stevens on 18 September 2016. He was previously deputy governor under Stevens from 2012.
Interest rates latest news
The World Interest Rates Table
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.