RBA Hikes Interest Rates 0.5%
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RBA Hikes Interest Rates 0.5%

The rise is the biggest one-month increase in official rates for 22 years.

By Terry Christodoulou
Tue, Jun 7, 2022 3:18pmGrey Clock < 1 min

The reserve bank has announced the biggest one-month increase in official interest rates in more than two decades in a bid to address the booming levels of inflation.

RBA governor Philip Lowe announced the new cash rate of 0.85%, up by half a point, following the board’s June meeting.

“While inflation is lower than in most other advanced economies, it is higher than earlier expected,” said Dr Lowe. “The board expects to take further steps in the process of normalising monetary conditions in Australia over the months ahead.”

“Inflation is expected to increase further, but then decline back towards the 2–3 per cent range next year. Higher prices for electricity and gas and recent increases in petrol prices mean that, in the near term, inflation is likely to be higher than was expected a month ago.”

The rise is the biggest one-month increase in the official cash rate since February 2000 and only the second rise since November 2010.

The impact on housing markets is yet to be actualised from the previous month’s 0.25% increase, and with a further rise certain to have an effect,  house prices remain a source of uncertainty.

“Housing prices have declined in some markets over recent months but remain more than 25 per cent higher than prior to the pandemic, supporting household wealth and spending,” added Lowe.

Elsewhere, the labour market remains strong, with an unemployment rate of 3.9% — the lowest rate in almost 50 years — a further decline in unemployment is expected according to the RBA’s forecast.



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Judge Blocks Effort to Auction Graceland

Family of Elvis Presley was fighting the attempted sale, alleging fraud

By TALI ARBEL
Sun, May 26, 2024 2 min

A Tennessee judge on Wednesday blocked an allegedly fraudulent attempt to auction off Graceland, the former Memphis home of music legend Elvis Presley and a major tourist destination in the state.

Elvis’s granddaughter, actress Riley Keough , says a company that had planned a Thursday sale was fake and trying to defraud the trust that owns Graceland.

Judge JoeDae Jenkins in Chancery Court in Shelby County, Tenn., granted the injunction to stop the auction, according to a court clerk. The court had granted Keough a temporary restraining order on the sale last week.

The auction was initiated by an entity called Naussany Investments & Private Lending. It had filed a public notice for a foreclosure sale in Tennessee, alleging Lisa Marie Presley , Elvis’s only child, defaulted on a $3.8 million loan it made to her. The group said it now owns Graceland because Presley defaulted on the loan.

Presley, Keough’s mother, controlled the Graceland trust until her death in January 2023 . Keough then took over as trustee.

Lawyers for Keough said Naussany’s loan documents are forgeries, and the firm “appears to be a false entity created for the purpose of defrauding” the trust that owns Graceland, Presley’s heirs or any purchaser of Graceland.

Elvis Presley Enterprises, which manages Graceland, has also said Naussany’s claims were fraudulent. “There will be no foreclosure,” said Elvis Presley Enterprises spokeswoman Alicia Dean . “Graceland will continue to operate as it has for the past 42 years.”

Keough’s lawyer declined to comment.

Naussany Investments and Kurt Naussany, named in the complaint as acting on behalf of the entity, couldn’t be reached for comment. A phone number listed in the complaint didn’t work, and emails sent to associated addresses weren’t answered. The Wall Street Journal couldn’t separately find contact information for a Kurt Naussany. A lawyer for the entity couldn’t be identified.

The Graceland complex in Memphis, which includes an exhibition center and a 450-room hotel, attracts hundreds of thousands of visitors annually.

Elvis bought the property in 1957, when he was 22 and an ascendant star. He died in 1977 at the age of 42 and is buried on the Graceland property. Graceland opened to the public in 1982.

Lisa Marie Presley’s mother, Priscilla Presley , reached a settlement in 2023 with Keough over who would control the trust. The settlement came after Priscilla Presley challenged a 2016 amendment to the trust filed by Lisa Marie Presley that removed her mother as trustee.

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