Rates reach highest level since 2013 following Reserve Bank of Australia announcement
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Rates reach highest level since 2013 following Reserve Bank of Australia announcement

The Melbourne Cup is not the only race being watched today, as the RBA continues to grapple with stubbornly high inflation

By Robyn Willis
Tue, Nov 1, 2022 10:00amGrey Clock < 1 min

Interest rates are set to rise again following the announcement of a 25 basis point increase by Reserve Bank of Australia today.

The latest announcement  represents the sixth consecutive interest rate increase this year, as the RBA continues to wrestle with rising inflation, which currently sits at 7.3 percent, the highest level since 1990.

All four major banks predicted the cash rate increase today and expect that it will continue to rise into 2023, meaning an increase today was inevitable. The current cash rate is now at 2.85 percent but the big four expect it to exceed 3 percent before the end of the year. 

While ANZ, NAB and CommBank predicted an increase of 25 basis points today, Westpac suggested a 50 basis point  jump.

CoreLogic Research Director, Tim Lawless, said the cash rate was now 30 basis points above the pre-COVID decade average and at the highest since April 2013.

“Arguably, households were far less sensitive to the cost of debt when interest rates were previously this high, with the ratio of housing debt to annualised disposable income roughly 17 percent lower than it was in June 2022,” Mr Lawless said.

For borrowers servicing a $750,000 loan over a 30-year period, the latest increase represents an additional $1,079 to monthly mortgage repayments.

 

 

 



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Personal Wardrobe of the Iconic Late Fashion Designer Vivienne Westwood Goes up for Auction
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The personal wardrobe of the late fashion designer Vivienne Westwood, who is credited for introducing punk to fashion and further developing the style, is headed to auction in June.

Christie’s will hold the live sale in London on June 25, while some of the pieces will be available in an online auction from June 14-28, according to a news release from the auction house on Monday.

Andreas Kronthaler, Westwood’s husband and the creative director for her eponymous fashion company, selected the clothing, jewellery, and accessories for the sale, and the auction will benefit charitable organisations The Vivienne Foundation, Amnesty International, and Médecins Sans Frontières.

The more than 200 lots span four decades of Westwood’s fashion, dating to Autumn/Winter 1983-84, which was one of Westwood’s earliest collections. Titled “Witches,” the collection was inspired by witchcraft as well as Keith Haring’s “graphic code of magic symbols,” and the earliest piece being offered from it is a two-piece ensemble made of navy blue serge, according to the release.

“Vivienne Westwood’s sense of activism, art and style is embedded in each and every piece that she created,” said Adrian Hume-Sayer, the head of sale and director of Private & Iconic Collections at Christie’s.

A corset gown of taupe silk taffeta from “Dressed to Scale,” Autumn/Winter 1998-99, will also be included in the sale. The collection “referenced the fashions that were documented by the 18th century satirist James Gillray and were intended to attract as well as provoke thought and debate,” according to Christie’s.

Additionally, a dress with a blue and white striped blouse and a printed propaganda modesty panel and apron is a part of the wardrobe collection. The dress was a part of “Propaganda,” Autumn/Winter 2005-06, Westwood’s “most overtly political show” at the time. It referenced both her punk era and Aldous Huxley’s essay “Propaganda in a Democratic Society,” according to Christie’s.

The wardrobe collection will be publicly exhibited at Christie’s London from June 14-24.

“The pre-sale exhibition and auctions at Christie’s will celebrate her extraordinary vision with a selection of looks that mark significant moments not only in her career, but also in her personal life,” Hume-Sayer said. “This will be a unique opportunity for audiences to encounter both the public and the private world of the great Dame Vivienne Westwood and to raise funds for the causes in which she so ardently believed.”

Westwood died in December 2022 in London at the age of 81.

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