RBA lift’s interest rates by a further 0.5% to 2.35% making it the fifth consecutive month of increases, lifting the rate from 0.1% Market forecasts expect the RBA to raise rates to 3.5% next year.
Wage pressures continue to hit the economy. Innovative thinking to deal with the issue has seen the NAB offer lower paid staff an increase in wages by 5% plus offering 5 weeks of paid annual leave instead of 4.
Europe feels Russian pressure of energy supply cuts.