/ 06 September 2023

Going steady as Lowe signs off

Image source: Getty
Image source: Getty

The Reserve Bank has held the official cash rate at 4.1%, as widely tipped by economists, especially after a lower-than-forecast monthly inflation figure last week. Yesterday, the central bank noted that it had already raised rates by 4% since May last year, and it also included the standard language that further rate rises “may be required” to keep forcing inflation down. The board meeting was Governor Philip Lowe’s last as his Deputy Governor Michele Bullock prepares to take over on 18 September. And while we’re on matters economic, troubled Chinese property developer Country Garden successfully scraped together $35 million yesterday to pay the interest on some of its bonds, which means it’ll avoid catastrophe for now. The developer has been in trouble due to China’s sluggish market conditions, which, in turn, has eroded consumer confidence across the world’s second-largest economy. 

Know someone who'd be interested in this story? Click to share...

The Squiz Today

Your shortcut to being informed, we've got your news needs covered.

Get the Squiz Today newsletter

Quick, agenda-free news that doesn't take itself too seriously. Get on it.