The Reserve Bank could begin lowering interest rates as early as March, with chief economists from CBA, Westpac’s Business Bank and EY saying interest rates have peaked.
Leading economists of two of Australia’s major banks and corporate consulting firm EY have called a peak to official interest rates, and see house prices returning to record highs when rates start falling next year.
“We’re spending more money on things we really don’t like spending more money on,” he said. “The biggest increase in spending at the end of July was on insurance, up 13 per cent, the second largest was health, the third largest was education. But we’re also spending money on bigger events.” But ultimately, Halmarick said, consumer spending would continue to soften and start to decline by the end of the year, prompting the RBA to start lowering interest rates through 2024.Meanwhile, house prices would continue to rise due to a surge in migration and a shortfall in home construction, Halmarick said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Square payment outage raises red flags at the Reserve BankBlock-owned Square does not report data on reliability and outages to the RBA. That might change after its payments system went down on Friday.
Read more »
ANZ declares victory in turnaround of its institutional bankSell-side analysts are feeling more positive about the shift in focus in Asia, which is now being driven by payments and transaction banking.
Read more »
Bank admits it 'could have done more' to protect customer who lost $460,000 in scamWhen Victor Shaw discovered that scammers had stolen his dad's life savings, he held out little hope of a positive outcome. But then a letter arrived from ANZ that left him stunned.
Read more »
Big four bank backed start-up cuts 30pc of its staffSlyp says it still has the banks’ backing despite its technology only working in NAB’s app, it has joined other well-backed start-ups and cut a big chunk of staff.
Read more »
World Bank spent billions of dollars backing fossil fuels in 2022, study findsCampaigners estimate about $3.7bn in trade finance was supplied to oil and gas projects despite bank’s green pledges
Read more »
Top NY stock picker warns inflation to remain above pre-COVID levelsRicky Sandler’s stock pick at the Sohn Hearts & Minds conference last year rallied 70 per cent. He’s back this year to support medical research.
Read more »