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News.com.au
2 hours ago
- News.com.au
Relief in sight for homeowners as RBA poised for interest rate cut
The Reserve Bank of Australia is expected to announce its third cut in interest rates, after holding its rate in July despite the ongoing ease in inflation. According to a new Finder survey, 91 per cent of economists believe the RBA will cut the cash rate following its two-day meeting, which begins on Monday, with a 25 basis point cut bringing the cash rate down from 3.85 per cent to 3.60 per cent. The cash rate was held firm last month, with RBA governor Michele Bullock explaining the decision was about 'timing rather than direction', and was waiting on more data to confirm the decreasing inflation. At the end of July, the Australian Bureau of Statistics (ABS) published its quarterly inflation figures, which fell from 2.4 per cent to 2.1 per cent between March and June. Trimmed inflation, also known as underlying inflation, also dropped from 2.9 per cent to 2.7 per cent. Both headlining and underlying inflation rates are now within the RBA's 2-3 per cent target band, indicating inflation is low enough for the RBA to move forward. Mortgage holders are likely to be the biggest winners if the official cash rate is reduced on Tuesday. A homeowner with a $500,000 mortgage are set to save $2884 per year if the cash rate is passed on in full. Fnder head of consumer research Garahm Cooke said the RBA's failure to cut rates lash month was a disappointment for mortgage holders. 'If the RBA doesn't cut next week, they are risking an all-out attack on their legitimacy in the eyes of many homeowners,' he said. 'Last month's decision to hold shocked the market, and we are now seeing a 90 per cent plus certainty of a cut. With inflation well within the target range, there is no reason to hold. 'Banks will be under intense scrutiny to pass on a cut in full,' he said. Despite the overwhelming majority of economists predicting the fall in interest rates, University of Sydney's Stella Huangfu suggested the RBA should hold out for two reasons. 'First, June quarter trimmed mean annual CPI inflation is still 2.7 per cent, which is high within the 2–3 percentage target band and slightly above the RBA's forecast of 2.6 per cent,' she said.
Perth Now
3 hours ago
- Perth Now
‘Going to hate me': Pavlich on moving kids out of Perth
Fremantle legend Matthew Pavlich has revealed how his family feel about the move to Sydney while pledging allegiance to his old club as he steps into one of the biggest jobs in football. The 353-gamer was announced on Wednesday as the new chief executive for the Sydney Swans in a shock move that will see the greatest Docker of all time trade in purple for red. Despite building an established reputation in the media after retirement, Pavlich said he belonged back in the league. 'I've said it on the record a couple of times, while I've loved the last 10 years or thereabouts in media and in business, the pullback to a football club or the pullback to AFL was really, really strong,' he said on Nova. 'I have had some opportunities that I've pursued or at least explored, or been approached about over that period, but not one of them was the right timing, or none of them were an opportunity of this magnitude.' Matthew Pavlich (left) and Sydney Swans Chairman, Andrew Pridham. Credit: BIANCA DE MARCHI / AAPIMAGE It wasn't until the prospect of Sydney's top job coming up for the sixth time All-Australian that he seriously considered a move. 'When I got that random text message on a Saturday morning saying 'hey I'm in town... can we have a chat', I said to Lauren (Pavlich), 'we might want to think about this one a bit more seriously',' Pavlich said. 'It moved really quickly over the last three or four weeks to a point where it's an emotional time for us because it's exciting, it's an adventure.' Although a monumental move for the six time Doig Medallist, his children aren't convinced on the cross-country move, with Pavlich saying his kids haven't been thrilled at the idea. '(The news went) down like a lead balloon... they love their lifestyle here, they love their connection with their friends,' he said. 'Maybe Harper is going to hate me, but it's exciting.' Now Pavlich will take over the position from outgoing CEO Tom Harley, who at the end of this season will join the AFL executive as the new league chief operating officer. The 43-year-old said that his allegiance still lies with the club that he played for his entire AFL career. 'I'll always be a Fremantle person,' he said. 'I certainly still have strong feelings for Fremantle and always will, so that'll never leave me, and I am a Fremantle person forever.' Coming in to the role with little experience in the field, Pavlich has big shoes to fill as he takes charge of one of the most storied clubs in the league. The Hall of Famer plans to use his nine-years of experience as the Freo captain as a guide for the new role. 'The way that I'll lead (is) through strong integrity, strong influence on the people, I'll do what I'll say I want to do,' he said. 'I think my style is to be collaborative, but then really quickly, action oriented and decisive. 'I'll use all the experiences I've had, no only in the football life but more recently in the commercial world, to understand that strong stability and strength off the field often drives really high success on the field, and the club's been great at that.'
ABC News
5 hours ago
- ABC News
Premier Rockliff announces phase out of greyhound racing in Tasmania
Tasmanian Premier Jeremy Rockliff announces his government will cut funding to greyhound racing from 2029, effectively phasing out the industry in the state
