It's a bet each way ahead of today's RBA Board meeting on interest rates

Economic experts are split over whether another interest rate increase is likely ahead of this afternoon’s meeting of the RBA Board.

While three of the four top banks predicted a few months ago that rates would most likely increase in August, last week’s inflation figures have cast doubt on that outcome. The Australian Bureau of Statistics released data showing that the rate of inflation had fallen for the second consecutive month, down to 6 percent from a peak of 7.8 percent in December last year. While it is heading in the right direction, the pace of the decrease may not be enough to head off a further rise in the cash rate.

Under the governorship of Philip Lowe, the RBA Board has been determined to drive down inflation to a more manageable range of 2 to 3 percent. However, interest rates have risen by 4 percent in little over a year, putting increasing pressure on household budgets and fuelling concerns that any further hikes could push Australia into recession. Dr Lowe will step down as governor after the September board meeting, with deputy governor Michele Bullock taking on the role, the first woman to do so.

The competing economic concerns have left the major banks split down the middle about which way this afternoon’s decision will go, with Westpac and the Commonwealth Bank predicting an increase to 4.35 percent and ANZ and NAB suggesting rates will stay on hold at 4.1 percent.

The decision will be announced later this afternoon.

Sydney’s nightlife has long flirted with reinvention, but its latest arrival suggests something more deliberate is taking shape beneath the surface.

Razz Room, the new underground bar and disco from Odd Culture Group, has opened in the CBD, marking the group’s first step into the city centre.

Tucked below street level on York Street, the venue blends cocktail culture with a shifting, late-night rhythm that moves from after-work drinks to full dancefloor immersion.

The space itself is designed to evolve over the course of an evening. An upper bar offers a more intimate setting, suited to early drinks and conversation, while a sunken dancefloor anchors the venue’s later hours, with a rotating program of DJs and live performances.

“Razz Room will really change shape throughout a single evening,” says Odd Culture Group CEO Rebecca Lines.

“Earlier, it’s geared towards post-work drinks with a happy hour, substantial food offering, and music at a level where you can still talk.”

As the night progresses, that tone shifts.

“As the evening progresses at Razz Room, you can expect the music to get a little louder and the focus will shift to live performance with recurring residencies and DJs that flow from disco to house, funk, and jazz,” Rebecca says.

The concept draws heavily on New York’s underground club scene before disco became mainstream, referencing venues such as The Mudd Club and Paradise Garage. But the intention is not nostalgia.

“The space told us what it wanted to be,” Lines explains. “Disco started as a counter culture… Razz Room is no nostalgia project, it’s a reimagining of the next era of the discotheque.”

Design, too, plays its part in shaping the experience. The upper level is warm and textural, with timber finishes and burnt-orange tones, while the sunken floor shifts into a more theatrical mood, combining Art Deco references with a raw, industrial edge.

It’s a bet each way ahead of today’s RBA Board meeting on interest rates

As the heat comes out of the inflation rate, the pressure to increase the cash rate has eased. But will it be enough to keep it on hold?

Odd Culture Group brings a new kind of after-dark energy to the CBD, where daiquiris, disco and design collide beneath the city streets.