Interest rates rise for eighth consecutive month following RBA meeting
More pain is on the way for mortgage holders as the RBA commits to drawing down inflation
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The cash rate now stands at 3.1 percent following the Reserve Bank of Australia’s decision today to rise it a further 25 basis points. The big four banks all predicted a rate rise, the eighth consecutive rise since April this year, as the RBA presses on in its battle to tackle inflation, which currently sits at 7.3 percent.
The rate tightening of 300 basis points, the largest since the early 2000s, appears to have softened spending through September, however, CoreLogic says it may be too early for a pause, with ABS business indicators data reflecting a 2.9 percent increase in wages and salaries, a growth rate not seen since 2007.
The latest increase may put a dampener on Christmas and summer holiday spending, adding another $75 a month to mortgages of $500,000. Those with mortgages of $1.5 million have seen their monthly repayments increase by $2500 since April.
Major bank forecasts expect cash rates to peak somewhere between 3.1 percent and 3.85 percent.
The RBA board will next meet in February 2023.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
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A water lily painting by Claude Monet of his Giverny gardens is expected to achieve at least US$65 million at Christie’s November sale of 20th-century art in New York
Le bassin aux nymphéas, or water lily pond, painted around 1917 to 1919, is a monumental canvas extending more than six-and-a-half feet wide and more than three-feet tall, that has been in the same anonymous private collection since 1972. According to Christie’s, the painting has never been seen publicly.
The artwork is “that rarest thing: a masterpiece rediscovered,” Max Carter, Christie’s vice chairman of 20th and 21st century art said in a news release Thursday.
A first look at this thickly painted example of Monet’s famed and influential water lily series will be on Oct. 4, when it is revealed in Hong Kong.
The price record for a Nymphéas painting by Monet was set in May 2018 for Nymphéas en fleur, another large-scale work that had been in the collection of Peggy and David Rockefeller. That painting sold for nearly US$85 million.
The current work for sale is guaranteed, Christie’s confirmed. The auction house did not provide further details on the seller.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
