Ongoing rate hikes deepen cost-of-living crisis
Today’s interest rate rise of 25 basis points to 2.6 per cent, announced by the Reserve Bank of Australia represents another blow to Australian workers already struggling with a cost-of-living crisis.
$74 extra a month or $888 per year will be added onto the average borrower’s repayments on a mortgage of $500,000 – with the RBA signaling that further rate rises are on the way. Workers with a $500,000 mortgage have already seen their monthly repayments go up by $687 since the RBA began raising interest rates this year.
Statement by Philip Lowe, Governor: Monetary Policy Decision
At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 2.60 per cent. It also increased the interest rate on Exchange Settlement balances by 25 basis points to 2.50 per cent.
The Board is committed to returning inflation to the 2-3 per cent range over time. Today’s increase in interest rates will help achieve this goal and further increases are likely to be required over the period ahead. The cash rate has been increased substantially in a short period of time. Reflecting this, the Board decided to increase the cash rate by 25 basis points this month as it assesses the outlook for inflation and economic growth in Australia.
RBA right to ease pace of rate rise
The Reserve Bank’s decision to lift the cash rate by 25 basis points – less than market expectations – is appropriate as it considers the impact of a 2.5 per cent rate increase in the past six months.
“The RBA has made the right decision to tread more carefully,” ACCI chief executive Andrew McKellar said.
NSW first in Australia to adopt model WHS laws
NSW will be one of the first jurisdictions in Australia to implement recent changes to the national model WHS regulations, which recognise psychosocial hazards in the workplace and require businesses to implement control measures to manage risks.
Head of SafeWork NSW, Natasha Mann said businesses are already implementing the NSW Code of Practice: Managing psychosocial hazards at work, with new laws which provide workplaces with clarity on their obligations and specifying control measures they could use.
Improved cyber, digital skills and climate tech would reap $56.7b
Embracing digital technologies to address challenges including the digital skills shortage, cybersecurity risks and the rise of climate change-caused natural disasters could help Australia gain up to $56.7 billion in annual economic value by 2030, according to a new report.
ACCC internet sweeps target ‘greenwashing’, fake online reviews
The ACCC has today launched two internet sweeps to identify misleading environmental and sustainability marketing claims and fake or misleading online business reviews.
The sweeps are being conducted over the coming weeks as part of the ACCC’s compliance and enforcement priorities for 2022-23, with the broad aim of identifying deceptive advertising and marketing practices by businesses or industries.
AUSTRALIAN PCI: CONSTRUCTION SECTOR SHRINKS FOR FOURTH MONTH
The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI) fell by 1.4 points to 46.5 in September, indicating a contraction in activity across the construction sector for a fourth month, and at an increased rate of decline compared to August.
Ai Group chief policy advisor, Peter Burn, says that new activity and new orders were both lower than in the previous Australian PCI.
