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Big four banks say interest rates to be hiked repeatedly after election
The nation’s four biggest lenders say interest rates will rise at least four times in the six months after the May federal election, adding hundreds of dollars to the mortgage repayments of home buyers amid concern within the Reserve Bank that inflation pressures are growing.
The development puts more pressure on Prime Minister Scott Morrison and Opposition leader Anthony Albanese to convince voters they can manage the economy and cost of living pressures at the upcoming poll.
Westpac and NAB joined the Commonwealth Bank and ANZ to say the first interest rate rise since November 2010 will occur on June 7. They believe the RBA will use its first post-election meeting to increase the official cash rate from 0.1 per cent to at least 0.25 per cent and then rapidly start to “normalise” the cost of money across the country.
The RBA, which until recently had been expecting to hold the cash rate steady until early 2024, slashed interest rates to deal with the COVID-19 recession. But inflation pressures on top of the tightest jobs market in 50 years have forced the bank to change its messaging about rate movements.
Westpac chief economist Bill Evans said the RBA was now likely to follow the path taken after the global financial crisis when it moved quickly to take rates from “emergency” levels to something more appropriate for a recovering economy.
Russia suspended from UN human rights body
Russia has become just the second country to be suspended from the United Nations human rights body over allegations Putin’s army committed horrific war crimes in Ukraine, including the rape and murder of hundreds of civilians.
The UN General Assembly voted 93-24 with 58 abstentions on Thursday to remove Russia from the Human Rights Council over acts committed in Bucha and several cities and towns outside the capital, Kyiv.
China, Belarus, Syria and Iran were among the nations that attempted to block the resolution, making Russia only the second-ever country to have its membership rights stripped on the UN body.
Libya was suspended in 2011 because of violence against protesters by forces loyal to then-leader Muammar Gaddafi.
Ahead of the vote, Australia’s Ambassador to the United Nations Mitch Fifield said: “We do need to send a message now, in real time, to Russia and the world that invading Ukraine and the wholesale slaughter of civilians is not consistent with membership of the UN Human Rights Council.”
You can read the full story here.
This morning’s headlines at a glance
Good morning and thanks for your company.
It’s Friday, April 8. I’m Ashleigh McMillan 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 nation’s four biggest lenders say interest rates will rise at least four times in the six months after the May federal election, adding hundreds of dollars to the mortgage repayments of home buyers.
- Russia has become just the second country after Libya in 2011 to be suspended from the United Nations human rights body over allegations Putin’s army committed horrific war crimes in Ukraine, including the rape and murder of hundreds of civilians. The UN General Assembly vote was 93-24, with 58 abstentions.
- Almost one in three trains ran late in Sydney last month as the city’s rail network continues to struggle with severe weather conditions, COVID-19 staff shortages and a crippling 24-hour shutdown. The new figures come as NSW continues to be battered by severe weather conditions, with thousands in Sydney’s south and south-west ordered to evacuate from their homes overnight.
- In Washington, House Speaker Nancy Pelosi has tested positive for COVID-19, just a day after appearing unmasked at a White House event with President Joe Biden. The 82-year-old Democratic leader is currently asymptomatic, according to her spokesman.
- Prime Minister Scott Morrison is still yet to call the federal election. It’s looking increasingly likely Mr Morrison will make the call for a May 14 or May 21 election either today or on Sunday.
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