Add Morgan Stanley to List of Accellion FTA Hack Victims bankinfosecurity.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bankinfosecurity.com Daily Mail and Mail on Sunday newspapers.
123rf
In times of economic crisis, a lot of people worry about the banking system, and start hoarding cash. It happened in the global financial crisis and it happened again during the Covid-19 pandemic, despite nobody really wanting to touch anything strangers had had their hands on.
The Covid-19 pandemic has prompted a $600 million surge in the amount of cash in the hands of the public, despite cash being used for fewer transactions. Total cash in the hands of the public, under mattresses, in wall safes, in wallets, and in the tills of businesses rose to $7.92 billion, Reserve Bank data to the last Wednesday in March shows.
The RBA has left interest rates on hold at 0.1% – and a strongly rebounding economy means that s unlikely to change any time soon Jack Derwin RBA Governor Philip Lowe is upbeat on the Australian economy. (Image by Christopher Pearce, SMH)
The Reserve Bank of Australia (RBA) has kept the official cash rate on hold at 0.10% at its May meeting.
While the RBA is now forecasting a stronger recovery and full employment to be achieved in two years, it isn t expected to touch interest rates for a few years yet.
Economists believe though it will begin to soften its language later this year, with the RBA unlikely to keep its word of making it to 2024 without a hike.
RBA Governor Philip Lowe is upbeat on the Australian economy. (Image by Christopher Pearce, SMH)
The Reserve Bank of Australia (RBA) has kept the official cash rate on hold at 0.10% at its May meeting.
While the RBA is now forecasting a stronger recovery and full employment to be achieved in two years, it isn’t expected to touch interest rates for a few years yet.
Economists believe though it will begin to soften its language later this year, with the RBA unlikely to keep its word of making it to 2024 without a hike.
The Australian economy is expected to bounce back far better than first forecast, but the country’s central bank isn’t in a rush to dial back support.
The first ‘podcast’ listed above includes interviews with two highly competent economists, University of Auckland property economist Michael Rehm, and former Reserve Bank monetary economist Michael Reddell. The hologram of another such economist, Arthur Grimes, was present also. The interviewer is Kathryn Ryan, certainly one of our more intelligent journalists, more prepared than most to dig a little, though prone to asking questions heavily laden with assumptions.
Kathryn Ryan to Michael Rehm: “Do you believe house prices will correct [ie, in times of low inflation, ‘fall substantially’], and how?”
Michael Rehm: “I have long believed that house prices will correct … around five years ago Arthur Grimes called for, with what seemed like madness [ref. John Key asking: “Where you’d get a 150,000 homes from overnight, I don’t know?”] at the time, for house prices to be engineered into a 40% drop … if we’d done it back then we’d be in a much better or healt