interest rates

Reserve Bank wary of cautious consumers amid falling house prices, as global economy sours

The Reserve Bank has slashed its forecasts for economic growth as rate rises, house price falls and a sour global economy weigh on Australia’s outlook. The bank has dramatically scaled back its forecasts for household consumption, which accounts for about 60 percent of Australia’s economy. “Higher consumer prices, rising interest rates and declining housing prices …

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Small and medium businesses in Australia are at risk of underinsurance

Many small and medium businesses in Australia are at risk of underinsurance, with some so complacent that they have no plan if something bad happens, new data has revealed. Only 43 percent of small businesses surveyed said they believed they were fully covered from insurable business risks but 34 percent indicated they had no plan, …

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Wayne Byres steps down from APRA, Jim Chalmers confirms

The chair of the prudential regulator. which oversees banks, super funds and insurers, will quit the job 18 months early. Wayne Byres, who was appointed chair of the Australian Prudential Regulation Authority by the Coalition in 2014, has announced his resignation. Sources say he alone made the decision to retire early and was not pushed …

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