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“The reality is this is a systemic issue. Joint industry action is the solution. It’s not bravery that’s required – it’s leadership.”

Two options for the size of the cash rate increase were considered: raising the cash rate target by 25 basis points or by 50 basis points. Members noted that both options would leave the cash rate below 1 per cent, which would still be highly stimulatory, and that further increases would be required.

“With climate data, digital wallets, embedded finance, digital identity, digital assets, central bank digital currencies (CBDCs), and the Metaverse all taking root, the scope for growth in capital-light financial services is huge.”

“the investment marks Cohen’s latest in a string of bear market crypto deals”

“the effect of higher interest rates is flowing through to housing prices”

A downturn by the start of 2024, barely even on the radar just a few months ago, is now close to a three-in-four probability, according to the latest estimates by Bloomberg Economics. 

“what’s most likely isn’t a recession, just a return to the weak growth we experienced for many years before the pandemic”

RBA – inflation to hit 7% by Dec, before easing

The Federal Reserve raised its benchmark interest rates three-quarters of a percentage point in its most aggressive hike since 1994.

At a time where most developed countries are actively raising rates to combat inflation, 8 G20 central banks still have 0% or even negative interest rates. At the other end of the scale, Argentina has implemented a rate of 49%.

Latest international inflation rates for G20 countries, in order of lowest (2.1%) and highest (73.5%). Of note – Netherlands, Brazil & India have dropped.

The national minimum wage will now be $812.60, or $21.38 per hour (up from $20.33 per hour).