Australia news live: Kathleen Folbigg’s lawyers to speak; RBA meets for rates decision
Australian shares recorded a sharp selldown after the Reserve Bank lifted the official cash rate on Tuesday, as investors weigh up the prospect of further hikes.
The benchmark S&P/ASX200 dropped 1% almost immediately after the RBA lifted borrowing rates by another 25 basis points. The market failed to rebound after the central bank indicated it may raise rates further to bring inflation down.Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve.The cash rate is now at 4.1%, its highest level in 11 years.
Australia’s consumer discretionary sector, headed by Bunnings-owner Wesfarmers, suffered some of the steepest falls on Tuesday, given their sensitivity to household budgets. The Australian dollar spiked against the US on the rate decision, given higher interest rates are generally enticing to investors.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
School bus driver and two camels killed in central Queensland crashThe man was on his way to work when he crashed into the escaped animals in Livingstone, police say
Read more »
'Wrangling a puppy the size of a bus': Entangled whale freed off NSW Central CoastA specialist disentanglement crew has freed a whale entangled off the NSW Central Coast. It is the second whale to be entangled off NSW in the past week.
Read more »
Australia has a 'productivity problem', but these companies believe AI could be the answerWith productivity falling in Australia and AI developments advancing, could the technology be the answer to boosting output, or will it cause more job losses?
Read more »
Converted Sydney mansion achieves highest weekend auction sale in AustraliaA European-inspired conversion in an exclusive inner-Sydney suburb has fetched $14 million, breaking records in what was a bumper auction weekend. 9News
Read more »
Is this Australia’s real national dish?Is this Australia’s national dish? You could make a case for it, given salt and pepper squid is served on pretty much every menu at every level of eatery across Australia.
Read more »