The Reserve Bank of Australia (RBA) is overwhelmingly expected to raise interest rates by half a percentage point this afternoon.
Why? Because it desperately tries to ease Australia's cost of living pressures.
The nation's headline inflation rate jumped to 5.1 per cent in the March quarter (its highest level in 21 years), and is expected to surge to 7 per cent by December.
According to market pricing, the most likely outcome today is ...

Australian workers will get a 5.2% wage boost under the Fair Work Commission's (FWC) decision on the minimum wage today and come into effect on July 1.
Since 2021, Australia's minimum wage had been $20.33 an hour or $772.60 a week, that will now rise to $21.38 an hour, or $812.60 a week, amounting to a $40 per week increase.
FWC President Ian Ross cited the sharp increase in cost of living, along with rising inflation, as key reasons behind the decision.
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The Reserve Bank of Australia's decision to hike interest rates by 50 basis points on 7th June, taking the cash rate target to 0.85%, has inflicted further pain on mortgage holders.
The mortgage holders' monthly repayments has raised sharply, while wage growth remaining sluggish.
However, the RBA is likely not going to stop at this. Australian inflation and interest rates are likely go up by "a lot more," and homeowners who recentl...

As interest rates rise, Sydney house prices are dropping and experts say it is a "bellwether" for what is about to happen across the rest of the country.
Real estate agent Mario Carbone, who works for Ray White in Sydney's inner west, has already noticed a substantial drop in buyer activity.
"It's dropped by about 47 per cent, from foot traffic to the open homes, online inquiries, even the phone calls, we get day to day," he said.
On Tuesday, th...

Farmers are sowing winter wheat at a near-record pace in Australia, one of the world's largest exporters of the grain.
High prices and supportive seasonal conditions have spurred growers to increase the planted area for wheat by 1%, while for canola it's expanded 12% to a record. Wheat production is estimated at 30.3 million tons in 2022-23, or 22% above the 10-year average, says government forecaster Abares.
The prospect of more supply fr...