Australia central bank mulls lowering e-payments charge

The Reserve Bank of Australia (RBA) is considering reducing the charges applied to certain payments due to the high number of people opting for contactless methods in response to the Covid-19 pandemic.

RBA passes test but Australia needs fairer policies, says former governor | The Business | ABC News

Former RBA governor Bernie Fraser says the independence of the Reserve Bank of Australia and its inflation-targeting framework have served the country well and should not be abandoned, but its performance has been undermined by governments pursuing neoliberal policies.

Mr Fraser — who was RBA governor from 1989 to 1996 — says Australia’s central bank has helped to deliver an average inflation rate of 2.5 per cent over the past 30 years. He says that degree of price stability should have been the foundation upon which policymakers built a fairer society.

Instead, he says, governments have changed housing policies, and the tax system, and labour laws, in ways that have made wealth and income inequality noticeably worse.

0:00 Introduction
0:45 How’s the RBA been performing?
2:15 The big ‘miscalculation’
3:10 How do we improve the RBA?
4:45 On the impact of neoliberalism
7:18 Have governments held up their end of the bargain?

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Stocks rise as markets anticipate the end of interest rate hikes | Finance Report

Despite the rally, Australia’s big four banks are still split on whether the Reserve Bank will pause rate rises on Tuesday, suggesting it will be a tough call for the central bank. Subscribe: http://ab.co/1svxLVE Read more here: https://ab.co/2SnWd4N

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Australian Government to receive a review into the Reserve Bank | 7NEWS

The Reserve Bank could be looking at a raft of major changes with the institution poised for its biggest shake-up since the 1990s.

There could be a change to who makes the interest rate decisions. Currently, a board made up of two reserve bank staff, the treasury secretary and six business people. The idea is to replace that with a board of economic specialists.

And there could be fewer meetings. The RBA meets once a month. most central banks meet less frequently – about every 6 to 8 weeks.

There could be more press conferences, not just speeches to invited guests at economic events.

One of the main goals of the review is to improve communications between the Reserve Bank and Australians. The public shouldn’t have to try to guess what the reserve bank is thinking. More press conferences and more opportunities to ask the board questions should help us as we make plans for our own household finances.

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Australia’s Central Bank Raises Key Rate by 50 Basis Points to 2.35%

The Reserve Bank of Australia has raised its key interest rate to 2.35% from 1.85%. The decision was predicted by 27 of 30 economists. Yousef Gamal El-Din and Juliette Saly report on Bloomberg Television.