Two thousand more refugees will be settled in Australia each year after the Albanese government announced an increase in its annual humanitarian intake from 17,875 to 20,000.
Reserve Bank governor Philip Lowe has weighed into the political fight over soaring rents, likening the idea to freeze rents to giving people more money to buy increasingly expensive houses.
He said when house prices were climbing sharply, there were demands to give potential home buyers more money to enable them to buy into the market.“They’re short-term fixes that both, in my judgment, make the situation worse,” he said.Lowe said the best way to deal with rent inflation is to bring on more supply, urging local and state governments to deregulate zoning and planning regulation.
Acting chief executive Darin Hoekman said that the business had been able to grow market share during the year, but noted that rising living costs were having an impact on trading conditions. The bank has lifted the official cash rate by 4 percentage points since May last year, the most aggressive increase in interest rates since the 1980s.Reserve Bank governor Philip Lowe is making his last appearance before the House of Representative’s economics committee.While unemployment remains around 3.5 per cent, both the RBA and the federal Treasury are expecting economic growth to slow. The bank is forecasting the economy to grow by just 0.9 per cent this year.
“It is encouraging that the recent data are consistent with inflation returning to target over the next couple of years.
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