The Reserve Bank of Australia will likely discuss interest rate hikes of 25 or 50 basis points at its next policy review as it seeks to battle inflation, Governor Philip Lowe said on Friday.
Australia's most senior central banker does not expect the country to slip into a recession as it tackles high inflation, he told an event in Zurich on Friday. "There's a huge amount of resilience in the Australian economy," Reserve Bank of Australia Governor Philip Lowe said. "There is a path for inflation to come down without too much pain, but it's a narrow path," he said.
Australia will push its mining industry to set up a register of sexual harassment perpetrators to help rein in abuse, a cabinet minister said, after a state government report detailed cases of "horrifying" and "appalling" behaviour against women.
Australia will push its mining industry to set up a register of sexual harassment perpetrators to help rein in abuse, a cabinet minister said, after a state government report detailed cases of "horrifying" and "appalling" behaviour against women.
* Report says mining industry culture fails to protect women. * Report recommends a register of offenders. * Miners asked to explore redress, compensation. By Praveen Menon and Byron Kaye.
The Australian dollar edged up a fraction after remarks from the central bank governor pointing to more rate hikes down under, but fears of slowing global growth capped gains, while the Japanese yen retested a 24-year low. More broadly, investors in currency markets remain heavily focused on central bank action globally and the prospect of aggressive interest rate rises.
The Australian dollar rose on Tuesday after the central bank flagged more rate hikes were on the way, but the uptick was restrained by lower commodity prices, while the Japanese yen languished near a 24-year low. The Aussie was 0.3% higher at $0.69675, extending the previous day's small gains, after Reserve Bank of Australia Governor Philip Lowe signalled a lot more policy tightening ahead.
Australia's central bank decided to raise interest rates by a larger 50 basis points this month because policy would still be very stimulative and it needed to be normalised to stop high inflation becoming entrenched.
Australia's biggest building materials manufacturers are cutting back operations, hiking prices and considering moving production offshore to manage a spike in power and gas bills, adding to pressure on the government to resolve the country's energy crisis.
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