RBA governor Michele Bullock isn’t sugar-coating what’s coming. But artificial intelligence disruption may add a new element of pain to a traditional slowdown.
The Reserve Bank of Australia isn’t forecasting a recession, but credit governor Michele Bullock for refusing to sugar coat what’s coming.
“It is going to make people feel like it’s a recession because they feel poorer. Their spending can’t grow very quickly because their incomes aren’t growing very quickly,” she said after raising rates for the fifth time this year.
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Rolling coverage of today's RBA cash rates announcement. Stay tuned for the announcement as it happens plus insights from economists and industry experts.
Markets and economists expect the Reserve Bank to push interest rates up to 4.85 per cent on Tuesday.
The Reserve Bank has plenty of concerns about the Australian economy. The fallout from the US midterms just adds to those worries.
Canva is cutting 22% of its staff as it faces its 'hardest year' yet.
Canva will cut jobs, change roles or relocate 1,271 staff. Leavers get six months’ pay, their MacBooks and US$10,000 grants.
