RBA lifts rates to reduce high inflation and savings drop to its lowest since 2008 | Finance Report

The Reserve Bank is lifting interest rates smashing people with big mortgages because it wants to slow the economy to reduce what it sees as the biggest evil persistently High inflation today's national accounts show how the pressure is cranking up on households the rate at which people are saving is just 3.7 percent of income its lowest level in 15 years as a result 29 of homeowners surveyed by Mega Bank UBS say they only have enough of a savings buffer to get them through two months and no surprise why interest payments are up 107 in a year to make it really clear housing is the biggest cost of living and the amount of money spent servicing mortgages more than doubled in the past year what a mess U.S markets were flat today a lot of spark in Hong Kong and while our dollar roared yesterday now it's a bit puffed out our magic rocks iron ore remain above 106 US Dollars and the limp gross domestic product figures led to a fairly flat share market today the PWC Scandal is picking up pace almost a decade after a partner with the consulting firm got confidential government briefings about tax plans shared them globally and sold away to get around them to the tech companies the ATO was trying to get to pay up the tax office the finance department and treasury were grilled in a senate committee today if the Scandal expands draw in other firms I reckon I'll have another Royal commission to report on for you and that's Finance

Channel: ABC News (Australia)

Views: 29,604

Keywords: Australia, abc, abc news, news, inflation, annual inflation, cpi, rba, reserve bank, interest rates, rates, rate hikes, consumer prices, borrowers, philip lowe, phillip lowe, central banks, banks, deflation, stagflation, cash rate, mortgages, mortgage repayments, property prices, property market, housing, housing marker, rent, renting, renters, rental crisis, cost of living, business news, business, finance, finance news, Australia news, economy, economic news, economic outlook, westpac, profit

Id: N5QjxSQYaGY

Length: 2min 1sec (121 seconds)

Published: Wed Jun 07 2023