Key posts
- Crunch meeting: RBA faces test on another large rate rise
- Optus CEO hits back at government criticism
- This morning’s headlines at a glance
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Crunch meeting: RBA faces test on another large rate rise
The Reserve Bank board is under pressure to end its super-sized interest rate hikes at its meeting today as it faces growing fears its aggressive tightening of monetary policy will crush the property market and destabilise the economy in the face of strengthening global financial headwinds.
Amid signs that inflation pressures in the Australian economy are continuing to grow, the bank will debate whether to lift official interest rates to a nine-year high or start to slow down its rapid succession of rate rises.
Property values are falling as the Reserve Bank tightens monetary policy and there are warnings they could drop even further.Credit:Meredith O’Shea
The bank has lifted the official cash rate, now at 2.35 per cent, at every one of its board meetings since May. It is the fastest increase in interest rates since the mid-1990s and includes four consecutive half percentage point hikes.
Another half percentage point lift would increase monthly repayments on a $750,000 mortgage by $222, and take the cumulative increase since May to $1140.
More on this issue here.
Optus CEO hits back at government criticism
In case you missed it yesterday, at least 2.1 million personal identification details – including 150,000 passport and 50,000 Medicare numbers – have been stolen in the Optus data hack.
It comes as the company’s embattled chief executive Kelly Bayer Rosmarin hits back at government criticism, suggesting people calling the attack “basic” are ill-informed.
Optus chief executive Kelly Bayer Rosmarin has said people talking about the nature of the hack are “not talking from a position of knowledge”.Credit:Dominic Lorrimer, Eddie Jim
Bayer Rosmarin defended the company’s communications with customers in an interview with The Sydney Morning Herald and The Age as Optus revealed 9.8 million people had their data accessed but said 7.7 million do not need to replace documents.
In comments likely to continue tensions with the federal government, Bayer Rosmarin hit out at those who have called the attack “basic”, which includes Home Affairs Minister Clare O’Neil, saying it was too early to know the nature of the hack.
“There has been no review and no report on the nature of what has occurred,” said Bayer Rosmarin, who would not discuss the nature of the attack, citing police advice. “So anyone saying anything about it is not talking from a position of knowledge.”
Read the full story here.
This morning’s headlines at a glance
Good morning and thanks for your company.
It’s Tuesday, September 4. I’m Broede Carmody and I’ll be anchoring our live coverage for the first half of the day.
Here’s what you need to know before we get started.
- The Reserve Bank board will meet today to decide whether to lift interest rates. As Shane Wright reports, the bank is coming under pressure to ease the hikes amid falling property prices and global economic pressures.
- The chief executive of Optus says around 150,000 passport numbers and 50,000 Medicare numbers were stolen as part of the recent data breach. She’s also hit back at government criticism during an interview with Nick Bonyhady.
- Deradicalisation experts have backed the federal government’s plan to rescue dozens of Australian relatives of former Islamic State fighters stuck in Syria, according to Matthew Knott. Yesterday, former home affairs minister Karen Andrews said she was concerned by the plan.
- And in international news, British Prime Minister Liz Truss has dropped her plan to cut taxes for the rich following a backbench revolt. Latika Bourke has the full story.
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