Key posts
- Commercial banks enjoy $14 billion windfall as RBA faces grilling
- Australian government set to overhaul nation’s military
1 of 1
Commercial banks enjoy $14 billion windfall as RBA faces grilling
The nation’s major banks will make $14 billion a year in interest from the public purse through the Reserve Bank, new research shows, as consumer confidence sinks to recession-like levels and fears grow that rising interest rates will bring the economy to a halt.
Ahead of Reserve Bank governor Phil Lowe’s appearance before a Senate committee on Wednesday, work by former RBA economist and monetary policy lecturer Zac Gross shows commercial banks stand to earn $1 billion more for every quarter percentage increase in interest rates.
Reserve Bank of Australia governor Philip Lowe will face federal MPs today.Credit:Bloomberg
Commercial banks have come under fire from Treasurer Jim Chalmers over the way many have failed to pass on in full the jump in official interest rates to savers while passing those increases on almost immediately to borrowers.
Meanwhile, former RBA boss Bernie Fraser will be interviewed on the ABC’s RN Breakfast before 7am AEDT so stay tuned.
Read the full story on this issue here.
Australian government set to overhaul nation’s military
The federal government is poised to overhaul the nation’s military capabilities and significantly increase defence spending after receiving a landmark review it says will usher in a new era in Australian defence policy.
Prime Minister Anthony Albanese has been handed the final version of a defence strategic review by former Defence Force chief Angus Houston and former defence minister Stephen Smith.
Sir Angus Houston meets with Prime Minister Anthony Albanese and Deputy Prime Minister and Minister for Defence Richard Marles to deliver the Defence Strategic Review report.Credit:Alex Ellinghausen
The government will use the confidential review to reshape the Australian Defence Force to counter China’s rapid military build-up and increased assertiveness in the Indo-Pacific.
More on this issue here.
This morning’s headlines at a glance
Good morning and thanks for your company.
It’s Tuesday, February 14. I’m Caroline Schelle 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:
- Major banks in the country will make up to $14 billion a year in interest
- The Greens want an amendment to stop all new coal and gas projects in a sweeping change to Labor’s policy to cut greenhouse gas emissions
- The government will overhaul Australia’s military in a bid to counter China’s rapid military build-up
- And speaking of the China, the United States slammed the shining of a military-grade laser on a Chinese ship on a Philippine vessel
- Turning to New Zealand with our neighbours reeling from Cyclone Gabrielle which pushed the country into a national state of emergency
1 of 1
Most Viewed in National
Source: Read Full Article
