Review of RBA suggests board lose ability to set interest rates
The biggest shake up of economic governance in Australia in decades follows a year of consecutive interest rate hikes
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The RBA board is likely to be stripped of control to set the cash rate, under review recommendations expected to be announced today.
Treasurer Jim Chalmers last year called for a review of the RBA board’s decision making processes, which have seen 10 consecutive interest rate rises since May 2022, as well as the way information is conveyed to the public.
The independent review undertaken by three experts is understood to have recommended setting up a Monetary Policy Board to set interest rates and a separate Governance Board in a shake up described as the biggest in a generation. Rather than focusing on interest rates, the report has said the RBA board should instead look to the operation of the bank as its main purpose. Meetings to discuss the cash rate will be reduced from 11 per year (there is no meeting in January) to eight. The report also recommended that the governor of the RBA appear at a press conference after each meeting the better explain its decisions to the public.
Deloitte Access Economics partner Chris Richardson has backed the decision. His support follows comments in a Deloitte report earlier this week describing recent interest rate rises as ‘unnecessary’, as they placed further pressure on mortgage holders.
The RBA Board has repeatedly referenced high inflation as its reasoning for continuing to increase the cash rate, which lead author and Deloitte Access Economics Partner Stephen Smith said had left the Australian economy ‘finely poised’.
The decision to shift decision making from the RBA board to a separate board is in line with the modus operandi of other central banks around the world, including the UK and Canada.
The recommendations follow a tough year for mortgage holders, which have seen rates rise by 3.5 percent since April 2022. This is despite RBA governor Philip Lowe telling borrowers in 2021 that rates would remain low until ‘at least 2024’.
Prime Minister Anthony Albanese has called for bipartisan support for the recommendations.
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An ultra-luxury Main Beach penthouse with 360-degree views of the beach, hinterland and city skyline has hit the market with an $18 million price tag, as buyers seeking a rare slice of coastal opulence continue to drive the top-end of the Gold Coast market.
The sprawling 600sqm residence will occupy the upper two floors of the 29-level La Mer tower on Main Beach Parade, and has been released as its construction reaches top-out, ahead of completion later this year.
The lavish penthouse boasts four bedrooms, all with ensuites, including an ocean-facing master retreat with private lounge, a kitchen designed for a private chef, a rooftop pool, huge entertaining zone with outdoor kitchen, a grand staircase, and its own express lift.
Demand for high-end Gold Coast property remains strong, with a Burleigh penthouse sold off-the-plan for $30 million earlier this year, surpassing the $24 million record set in 2023.
“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location – not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” said OTP Group director James Elliott, who is marketing the project.
“We’re anticipating interest from high-net worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”
The $155 million La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.
ODUS Director Byron Sakha said with construction powering ahead and the 29-level structure now complete, it was the ideal time to launch the penthouse to the market.
“We’ve worked with internationally-recognised studio, Sici Design, on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake – every element has been thoughtfully designed to enhance quality of life for those who call it home,” he said.
“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.
“Now that construction of La Mer has topped out, prospective buyers can experience how the building is taking shape and the exceptional location on offer, just 68 steps from the sand.”
Sici Design founder and director Maria Papadopoulos said the penthouse interiors exemplified effortless luxury living.
“The views weren’t something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” she said.
“Luxury isn’t defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”
Refined yet durable materials include premium natural stone Austral Dream Dolomite, with travertine bringing warmth and timelessness, complementing timber flooring, and a coastal colour palette.
The ocean-facing resort-style master retreat occupies half the upper level, with its own private balcony, lounge room, two walk-in wardrobes, and an oversized ensuite with double shower, double vanity, and solid stone freestanding bath overlooking the views.
The kitchen features a 3.6-metre statement island bench and expansive butler’s pantry, complemented by a dedicated wine cellar and integrated bar area.
Designed by architects, Plus Studio, La Mer features 24 full-floor, three-bedroom plus multipurpose room residences, along with the dual-level penthouse. Exclusive resort-style facilities include a pool, spa, fully-equipped gym, sauna, barbeque facilities, private sun lounges, yoga lawn and an outdoor beach shower.
The penthouse is being launched as part of the final release of apartments at La Mer, with prices starting from $4.3 million.
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