By Adam Durbin BBC News Memories of the Falklands War represent an “open wound” in Argentina, the country’s ambassador to the UK has said. Javier Figueroa described conflict over the islands’ sovereignty as ridiculous, comparing it to the relationship between North and South Korea. Most young people in the UK do not know “Britain […]
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The Reserve Bank of Australia (RBA) has increased the nation's official cash rate for the first time in more than 11 years, and one of the nation's big four banks has already passed the rate rise onto customers.
Today the RBA increased the cash rate by 25 basis points from 0.10 per cent to 0.35 per cent, marking the first rate rise since November 2010.
The average owner-occupier with a $500,000 debt and 25 years remaining on their mortgage will see repayments rise by around $65 a month.
In making his historic decision, RBA Governor Dr Philip Lowe said he was aware of the central bank's role to play in controlling inflation.
EXPLAINED: Exactly how much today's RBA rate rise will cost you
"The Board judged that now was the right time to begin withdrawing some of the extraordinary monetary support that was put in place to help the Australian economy during the pandemic," Mr Lowe said.
"The economy has proven to be resilient and inflation has picked up more quickly, and to a higher level, than was expected. There is also evidence that wages growth is picking up.
"Given this, and the very low level of interest rates, it is appropriate to start the process of normalising monetary conditions."
Commonwealth Bank Australia announced on Tuesday night it would be passing the rate rise onto its customers, increasing its home loan variable interest rates by 0.25 per cent per annum.
That change will come into effect on May 20.
"This is an important time to support customers as some may not have experienced an interest rate increase since they took out their loans," CBA group executive, retail banking Angus Sullivan said.
"We are here to help customers who have loans and are considering how repayments might change. Some options available to help our customers manage repayments include fixing or splitting loans or setting up an offset account."
Other major banks are yet to indicate their decision.
Economist Paul Ryan from PropTrack said that today's rise was a strong statement by the RBA that it is not influenced by politics.
"By moving today, rather than waiting for further data in June, the RBA is signalling that it will intervene to curb stronger than expected inflationary pressures, despite the ongoing federal election campaign," Mr Ryan said.
"While the RBA seeks to remain independent from politics, failing to adjust policy may have been viewed as a greater political intervention."
The last time the RBA increased interest rates during a federal election campaign was in 2007, when Opposition leader Kevin Rudd was contesting incumbent Prime Minister John Howard.
Mr Howard's Coalition government lost the election by a landslide just over two weeks later.
In a press conference Prime Minister Scott Morrison said Australians had been "preparing" for eventual rate rises.
"Throughout the course of the pandemic, we have seen them double their buffers on their mortgages," Mr Morrison said.
"We have seen them strengthen their own balance sheets in preparation for what they always knew would not be the continuation of extraordinarily low rates from the RBA.
"That's not something that Australians reasonably thought would go on forever."
Mr Ryan said today's hike was the tip of the iceberg for borrowers, who are being warned to factor in a number of rate rises this year.
"While this increase in rates was small, it signals the start of a series of interest rate rises before the end of 2022. This will weigh on housing price growth, which has clearly slowed in anticipation of these higher borrowing costs," he said.
"The outlook for housing prices later in the year is one of a balance between higher mortgage rates and the higher income growth the RBA is looking to see before raising rates."
READ MORE: Millions braced for mortgage pain, first rates rise in a decade
Sarah Megginson, senior editor of money at Finder, said some borrowers may find themselves caught short when having to deal with increases on their repayments.
"This rate rise, along with a property market that is beginning to cool, means some recent buyers may be caught out now – or when their fixed rate ends," Ms Megginson said.
"If your rate has jumped or looks like it is going to, it might be time to go home loan shopping and find a better interest rate."
Does the hike in interest rates now force you to cut back on other household expenses? We want to hear from you. Get in touch with reporter Stuart Marsh at sm****@******om.au
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
NSW Police are appealing for assistance to identify two men allegedly involved in an aggravated break-and-enter at Tamworth overnight.
Police say the two men forced entry into a home on Nyrang Avenue at about 1.15am, waking the 54-year-old male occupant.
The man who was asleep inside told the pair to leave, however police allege they refused, threatened him and threw a rock through a glass window.
READ MORE: Millions braced for mortgage pain, first rates rise in a decade
The duo then left the home but returned a short time later and allegedly assaulted the man by knocking him to the ground.
He managed to defend himself and escape in his car to the Tamworth Police Station, before attending the Tamworth Hospital for treatment of a wound to his head.
https://twitter.com/nswpolice/status/1521364678102118400?ref_src=twsrc%5Etfw
Police have released CCTV footage of the suspects and are asking for public assistance in identifying the men.
The family of US national Scott Johnson, who was found dead in Sydney in the late 1980s, have praised today's sentencing of his killer as "justice".
His older brother Steve Johnson spoke outside court and said the decision to jail his murderer for at least eight years provided "dignity" for his brother.
"I think what we got this week is fairness," Mr Johnson said.
READ MORE: Man who killed Scott Johnson bragged about bashing gay men
"My brother brought out the best in me in life and I think he brought out the best of me in death, but this kind spirit brought out the best in Australia."
"Today does feel like justice for Scott," his sister Rebecca Johnson said.
"We've spent three decades asking questions that had no answers and today I've felt like we've had answers and we've had justice and that's for our brother."
Mr Johnson was found dead at the bottom of a cliff at Blue Fish Point, near Manly's North Head, on December 10, 1998.
The 27-year-old's death was initially ruled a suicide, even though the area was a well known gay beat and targeted by gangs.
Scott White admitted to the murder after his wife 30 years later revealed he had boasted at the time of bashing gay men.
In sentencing today, the court heard that White was "no longer the angry young man who raised his fists to a man on a cliff".
The judge found the crime was either driven by hate or self loathing.
White was sentenced to a maximum of 12 years and seven months, with a non-parole period of eight years and three months.
He will be eligible for parole in 2030.
READ MORE: Millions braced for mortgage pain, first rates rise in a decade
Yesterday, the killer's ex-wife said he had bragged about bashing gay men during the period Mr Johnson died, and that they had discussed the tragedy the year it happened, and again two decades later.
"I remember asking him if this is one of the gay men he bashed," she said.
This week the court also heard statements from Mr Johnson's siblings and his partner at the time of his murder about the impact the tragedy had on their lives.
READ MORE: Russians plunder $7 million of farm vehicles from Ukraine
"I'll never forget the wailing cry of our mum when I called her to tell her that her youngest child had died. I believe her agony over losing Scott never left her for the rest of her life," his older brother Mr Johnson said.
Michael Noone had been in a relationship with Scott in the years before he died and faced the unthinkable task of identifying his partner's body.
"Unless you've experienced it, there is no way anyone could understand the sheer horror of receiving a voicemail from police asking you to identify the body of a loved one," he told the court.
"No one can imagine what it was like to be shown his lifeless and hideously disfigured body," he said, adding "I'm so glad I was there to say goodbye".
A man in the Northern Territory's Supreme Court has attempted to make a run for it after he was told he was going to prison for breaching a suspended sentence.
Chaotic CCTV footage reveals lawyers and several security staff chasing the man into the foyer of the courthouse, before he was returned to the dock.
NT police confirmed the 19-year-old has been summoned for escaping lawful custody.
BBC- A samba group which highlighted prejudices against Afro-Brazilian religions has been crowned as the champion of this year’s hotly-contested carnival parade in Rio de Janeiro. The Grande Rio Samba School won its first title with a song, costume and floats that paid tribute to Exú, a god revered by many African cultures. Image source, […]
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Drug labs have accidentally been uncovered in Sydney's west after two different homes caught alight in the early hours of this morning.
Neighbours were woken by the sounds of the blaze as plumes of smoke spilled out the rear of the Guildford property.
"Just the crackling noise at night I was quite fearful it sounded like fireworks," Gabrielle Chidiac said.
READ MORE: Australia's interest rates increase for first time in 11 years
"It was a bit of a shock, like 'will it reach into our yard?'"
"On arrival, crews found the house well alight with flames starting to head towards the adjoining property," Fire and Rescue NSW Superintendent Adam Dewberry said.
"The house is totally destroyed by the fire."
After the blaze had been extinguished, firefighters discovered dozens of cannabis plants growing in the back shed.
READ MORE: Victorian state budget: The winners and losers breakdown
Police have since dismantled the hydroponic set-up and seized the drugs, lights and growing equipment.
Meanwhile, another home on Brisbane Road, St Johns Park, also caught on fire overnight.
"It also suffered significant damage," Superintendent Dewberry said.
READ MORE: Australia's third richest person's bid to take down the coal industry
Firefighters also uncovered a hydroponic drug lab in the back of the property.
Both properties are rentals and police are now seeking to speak with the tenants.
by John Kruzel The Hill The Supreme Court is poised to overturn the landmark 1973 decision in Roe v. Wade that protects the federal right to abortion, according to a draft majority opinion published Monday evening by Politico. The 67-page document, described as an initial draft majority opinion, would effectively eliminate abortion protections at the […]
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The Dominican Republic has urged Haiti to do everything in its power to ensure the safe release of one of its diplomats who was kidnapped on Friday. The trade attaché at the Dominican embassy in Port-au-Prince, Carlos Guillén, was seized by gang members while he was travelling to neighbouring Dominican Republic. Dominican officials said that […]
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A West Coast woman killed in a crash near Greymouth has been remembered as a generous community member, beautiful mum and devoted nana.Kathy Sexton, 56, died in a two-car crash on State Highway 7 in Arnold Valley near Greymouth…
