Shane Oliver

Rule Changes

Argued cooling data would make further hikes unnecessary; the RBA raised rates again on November 3

The Reserve Bank of Australia raised its benchmark cash rate by a quarter point to 4.85% on November 3, the fifth increase this year and the highest level since 2008. The bank cited persistent inflation and rising energy costs linked to the Iran war.

Updated Nov 3

Money Moves

Expects a 10-15% price fall and sees a December rate hike as high risk but not his base case

Australian home values fell again in October, the seventh straight monthly decline. After the September drop, values were 5.2% below March's peak, and sales volumes over the past three months were down 19% from a year earlier.

Updated Nov 2