RBA increases cash rate for sixth consecutive month - but it's not as bad as expected
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RBA increases cash rate for sixth consecutive month – but it’s not as bad as expected

The increase marks the sixth consecutive hike since May

By Robyn Willis
Tue, Oct 4, 2022 8:37amGrey Clock < 1 min

The Reserve Bank of Australia has raised the cash rate by 25 basis points, less than the predicted 50 basis points most financial institutions were bracing themselves for. 

This brings the cash rate up to 2.60 percent, marking the sixth consecutive increase since May.

In a statement just released by RBA Governor Philip Lowe, he said the RBA board is committed to driving inflation down towards 2 or 3 percent over time. 

“Today’s increase in interest rates will help achieve this goal and further increases are likely to be required over the period ahead,” Lowe said. “The cash rate has been increased substantially in a short period of time. Reflecting this, the Board decided to increase the cash rate by 25 basis points this month as it assesses the outlook for inflation and economic growth in Australia.”

Most analysts predict that November will also most likely see a further increase by 25 basis points, which Lowe flagged in his statement.

“Today’s further increase in interest rates will help achieve a more sustainable balance of demand and supply in the Australian economy. This is necessary to bring inflation back down,” he said. “The Board expects to increase interest rates further over the period ahead. It is closely monitoring the global economy, household spending and wage and price-setting behaviour.

“The size and timing of future interest rate increases will continue to be determined by the incoming data and the Board’s assessment of the outlook for inflation and the labour market. The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that.”

Lowe has faced mounting criticism this year following repeated statements in 2021 that interest rates were unlikely to rise until 2024.



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Sparkling wine flows as Australian winemaker takes out top international award

The Tasmanian-based winemaker was among a number of Australian producers to be honoured at the event in London this week

By Robyn Willis
Thu, Jul 11, 2024 2 min

An Australian winemaker has taken out the top prize for sparkling wine at the International Wine Challenge, the first time a local winemaker has done so. It marks just the second time in the competition’s 40-year history that the award has gone to a winemaker outside France’s Champagne region.

Tasmanian-based House of Arras’ chief winemaker, Ed Carr, was presented with the award for Sparkling Winemaker of the Year at a special ceremony in London earlier this week.

“I’m incredibly honoured to be named this year’s Sparkling Winemaker of the Year. It’s a challenge to describe the feeling, but I’m proud to be recognised amongst my peers for such a significant international award,” Mr Carr said.

The IWC is considered one of the world’s most rigorous and impartial wine competitions. This year, France topped the medal tally with 72 gold, 394 silver and 455 bronze medals – extending their haul by 84 more wins than last year.  

The 40-year-old competition is considered one of the most influential events in the winemaking calendar.

Australian winemakers took out second place, with 54 gold, 250 silver and 154 bronze medals. Australia also won 19 trophies, 10 of which went to South Australia.

House of Arras also received the Australian Sparkling Trophy for its 2014 House of Arras Blanc de Blancs, as well as two gold and six silver medals.

Tasmania’s cool climate and soil make it ideal for producing world-class sparkling wine says Ed Carr (pictured).

Mr Carr said Tasmania’s cool climate and terroir were equal to the world’s best sparkling wine regions. The wins follow a strong showing this year at Australia’s National Wine Show and the Decanter World Wine Awards, where House of Arras also collected awards.

“2024 has been an outstanding year on the awards front, and I’m honoured to add this recent recognition from the International Wine Challenge to the mantle,” he said. 

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This stylish family home combines a classic palette and finishes with a flexible floorplan

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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