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The Australian share market is set to edge higher ahead of the Reserve Bank's interest rate decision. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
The Australian share market is set to open slightly higher in morning trading ahead of the Reserve Bank's interest rate decision. Meanwhile, the price of oil is trading above $US106 a barrel.
Follow the day's financial news and insights from our specialist business reporters on our live blog.program this morning, Mr Chalmers said he understood the financial pressure Australians were under.
"It's why our cost-of-living relief is so important in the form of tax cuts and more bulk-billing and higher wages, help for first-home buyers in the housing market," he said. "All of that recognises that Australians are under very substantial pressure and, obviously, if interest rates go up, that will add to the pressures that people are feeling.
" Tax cuts will likely send more cash into the economy and are in stark contrast to calls for the government to ease pressure on mortgage holders by pulling cash out of the economy through imposing new taxes, or even raising superannuation contributions. "Spending as a share of GDP is much lower than when we came to office. We delivered a couple of surpluses. We've now got the deficit much lower.
"It's really important to remember that this inflation challenge in our economy has a number of sources. We do have an inflation challenge, which is made much, much worse by developments in the Middle East. It means Australians are already paying a very hefty price for developments on the other side of the world.
""It's not primarily the fault of Australian workers. We're seeing inflation in our economy for a range of reasons, including the war in the Middle East. It's possible to have full employment, low unemployment, at the same time as we have lower, more steady inflation. That's the Reserve Bank's objective, and it's the government's objective too.
"the yield on the 30-year US Treasury bond is now 5.57 per cent, its highest level since 2004. She said yield rises across the market were in the order of 8-9bps for US Treasuries, while moves in European markets were a little lower.
"The French 10-year government yields rose 8bps, while German 10-year yields were up 6bps, continuing the under-performance of French sovereign paper," she said. , the implied yield on the AUS 10-year bond future was up 2bps, while the implied yield on the 3-year contract was up 0.5bp," she said. Good morning, everyone, and happy Tuesday.
Business reporter Adelaide Miller here to guide you through the morning on the markets blog, where we cover the biggest business, finance and economic stories from across the globe.
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