Australia news LIVE: RBA lifts interest rate to 0.85 per cent; business calls for visa speed up

Key posts

  • Biggest rate hike in 22 years puts more pressure on households as RBA moves to curb inflation
  • The SMH front page today
  • The Age front page for today
  • Good morning – here are the early headlines
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Biggest rate hike in 22 years puts more pressure on households as RBA moves to curb inflation

The Reserve Bank delivered its biggest one-off interest rate rise in more than two decades while admitting inflation was going to get worse than predicted just a month ago.

On Tuesday, the RBA lifted interest rates by half a percentage point as governor Philip Lowe said inflation was increasing significantly. The official cash rate is 0.85 per cent, but the bank has previously flagged further rate rises in coming months as it moves away from the “extraordinary” pandemic monetary support that pushed rates to historic lows of 0.1 per cent from November 2020.

Governor of the Reserve Bank’s Philip Lowe.Credit:Louie Douvis

“While inflation is lower than in most other advanced economies, it is higher than earlier expected,” Lowe said.

“The Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time.”

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The SMH front page today

The Sydney Morning Herald front page for Wednesday, June 8 2022.Credit:SMH

The Age front page for today

The Age front page today.

The Age front page for Wednesday, June 8 2022.Credit:The Age

Good morning – here are the early headlines

G’day everyone. I’m Roy Ward and welcome to our Australia news live blog for Wednesday, June 8 2022.

I’ll give a special good morning to the Socceroos who beat the United Arab Emirates 2-1 this morning to set up a winner-takes-all FIFA World Cup qualifier against Peru this coming Tuesday at 4am AEST.

Here are the headlines this morning:

Biggest interest rate hike in 22 years puts more pressure on households as RBA moves to curb inflation

New Attorney-General promises national corruption watchdog will have power to investigate pork-barrelling

Cut visa processing times, Home Affairs told, business complains of shortage of workers

‘Concerning’: Albanese alarmed at China’s plans for Cambodian naval base

COVID vaccine anxiety triggered mass dash to emergency room

First NASA space launch from Australia this century to lift off in June

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