#Reserve Bank
Speculative demand driving up prices of digital currency but use as a payment remains limited
The use of digital currency for payments “remains relatively limited” while cash will continue to play an important role in society despite it’s declining use, the Reserve Bank of Australia told the House of Representatives Standing Committee on Tax and Revenue. In a statement delivered to the Committee, in relations to its inquiry into Taxpayer Engagement […]
Excessive payment surcharge ban now in effect; consumer advocate encourages no surcharges
All businesses across Australia are now banned from hitting customers with excessive surcharges for using certain types of EFTPOS, Mastercard, Visa and American Express cards to make payments. The excessive surcharging ban has applied to large businesses since September last year and now extends to all businesses that are either based in Australia or use […]
Change afoot for credit card interchange: what the new rates mean for small business
Australians will feel the impact of the upcoming new credit card interchange regulations — we’re a nation of points junkies with 11 million Qantas Frequent Flyers * alone. But while everyone’s thinking about how the reverberations of these changes affect consumers, it’s easy to forget that new interchange rates raise a number of big questions […]
Credit card fee changes could devalue reward schemes used by SMEs, warns American Express
New card payment regulations, which commence mid-year, could impact how SMEs conduct business but a majority have a limited understanding of the changes, American Express has warned. Card payment regulations announced by the Reserve Bank of Australia last year are due to come into force from July and will cap the fee that Visa, MasterCard and bank-issued American Express […]
Banks drag the chain on business rate cuts
When the Reserve Bank cut interest rates, home owners arm-wrestled the banks into passing on the cut. But, as Rohan Gamble finds, small businesses aren’t as lucky: “Small businesses aren’t just missing out on full rate cuts, business lenders are taking almost double the amount of time to implement the rate reductions.”
Unemployment rate still at historic lows
Unemployment has continued to rise, but at a slow pace favoured over a sharp jump, according to economists. The slight rise in the month of November to 5.3 percent reflected a weakening global economy and softening hiring intentions.
Interest rate cut cheers small businesses
The Reserve Bank (RBA) has cut the national interest rate to 4.25 percent, the second consecutive cut it has made in its monthly meetings—the first back-to-back monthly cuts since April 2009.
Reserve Bank keeps rates at 4.75%
The Reserve Bank has decided to leave the cash rate at 4.75%, announced RBA governor Glenn Stevens.
Businesses must comply with minimum wage increase
Businesses that hire employees at the minimum wage will need to note that the Federal Minimum Wage has increased by $19.40 per week.
RBA holds interest rates at 4.75% due to Queensland floods
The Reserve Bank of Australia Board in its meeting today decided to hold official interest rates unchanged at 4.75 percent due to the dampening effect on inflation and economic activity as a result of the floods in Queensland.
Consumers fail to be upset by banks’ interest rate gouge
Consumers remain positive despite successive interest rate increased from the Reserve Bank of Australia and increases in home loan lending rates above and beyond the RBA in November by all major banks.
Interest rates left unchanged by RBA at 4.5%
Interest rates in Australia remain unchanged by the Reserve Bank of Australia at 4.5 percent after earlier expectations that the RBA would increase official interest rates 25 basis points to 4.75 percent.
Interest rates set to increase today
Australian interest rates are set to increase again by 25 basis points when the Reserve Bank of Australia board meets today, taking official interest rates to 4.75 percent.
Consumer confidence bounces back 17 percent: Westpac Survey
The Westpac – Melbourne Institute Index of Consumer Sentiment has bounced back 17 percent over the last two months as consumers burned by six RBA interest rate increases in nine months recover.
RBA rate rise unlikely as PPI figures suggest low inflation
With the Australian Bureau of Statistics’ Producer Price Index figures coming in lower than expected, the chance of the Reserve Bank of Australia increasing interest rates in August has decreased with inflation likely to fall within the target 2-3 percent range tomorrow.
Economic growth will trigger rate rise in August: Westpac
Westpac’s Melbourne Institute Leading Index has peaked, but will remain well above the long term trend of 3 percent over the next three to nine months, triggering fears of a rate rise in August.
RBA interest rate decision ‘welcomed by home owners’
The Reserve Bank of Australia’s decision to hold interest rates at 4.5 percent is welcomed by home owners still struggling after the sharp increases in interest rates earlier this year.
RBA waits for inflation data – leaves interest rates at 4.5%
The Reserve Bank of Australia has decided in it’s monthly board meeting today to leave interest rates on hold at 4.5 percent as it waits on second quarter inflation data from the ABS.
New Zealand Reserve Bank raises rates to 2.75 percent
The Reserve Bank of New Zealand today increased the Official Cash Rate by 25 basis points to 2.75 percent, the first increase in interest rates for New Zealand since 26 July 2007.
Consumer sentiment slumps as RBA interest rate rises bite
Westpac–Melbourne Institute’s Consumer Sentiment Index slumped a further 5.7 percent in June after falling 7 percent in May, with interest rate pressure starting to mount on consumer’s confidence.
RBA expected to keep interest rates on hold tomorrow
Mortgage owners can breathe a sigh of relief with the Reserve Bank unlikely to raise interest rates above the current 4.5 percent in the RBA’s monthly board meeting tomorrow.
Is this the final interest rate increase from the RBA?
With the Reserve Bank increasing interest rates to 4.5 percent today, is this the last interest rate increase this year? Language in today’s official statement by Glenn Stevens suggests it might be.
Reserve Bank set to raise rates after high inflation figures
The Reserve Bank is likely to increase rates for the sixth time in seven months at its monthly board meeting next Tuesday analysts predict, after inflation data came in higher than expected.
Interest rates ‘almost normal’ – growth slowing: RBA
The Reserve Bank of Australia has signalled that its policy of aggressive interest rate changes over the past six months is nearing its end, with interest rates approaching ‘normal’ levels.