Reserve Bank hikes its official cash rate to 4.25pc

THE major banks have moved quickly to hike their standard variable home loan rates after the Reserve Bank raised its cash rate to 4.25 per cent today.

The Reserve Bank’s decision to hike by 25 points was another step towards “average” rates, the board said.

March 2, 2010: Reserve Bank increases its official cash rate to 4pc

HOMEOWNERS will pay more on their mortgages after the Reserve Bank increased its cash rate for the first time this year.

February 2, 2010: Reserve Bank keeps its interest rate on hold

THE Reserve Bank board has surprised the market, and left home owners relieved, by leaving its official interest rate on hold today.

Jobless rate increases to 5.3pc

ECONOMISTS are split on whether the latest jobless data will pressure the Reserve Bank into raising the cash rate in April.

The unemployment rate was a seasonally adjusted 5.3 per cent in February, compared with an downwardly revised 5.2 per cent in January, the Australian Bureau of Statistics said.

February 11, 2010: Unemployment rate in surprise fall

THE Australian economy continues to power along with another drop in the unemployment rate.

The seasonally adjusted jobless rate fell by 0.2 percentage points as 52,700 new jobs - mainly part-time - were created in January, the Australian Bureau of Statistics said today.

This is the largest rise in employment since December 2006.

ACCC wins case against online retailer Ozdirect

THE competition watchdog has won its case against online retailer Ozdirect Online Brands and its director Paul Albright for misleading and deceptive conduct but the parties will have to wait until 2010 for the judge’s final orders.

Despite this win, customers who have lost money buying from the Ozdirect site will still have to take private action against the company if they are owed money, the Australian Competition and Consumer Commission said.

Read more about Ozdirect at news.com.au.

Surprise jump in Australian jobs market

THE jobless rate has fallen to 5.7 per cent with the number of employed people increasing by an unexpected 31,200 in November, figures from the Australian Bureau of Statistics show.

Read more about the unemployment rate at news.com.au.

This story also features an interactive chart comparing Australia’s unemployment rate to other developed nations.

Last chance for offshore tax dodgers

THE tax office has doubled the penalties for tax cheats who admit to hiding money in offshore tax havens.

It has also offered tax dodgers the opportunity to anonymously check if they are liable for criminal prosecution, in addition to a fine, before they come forward.

Tax Commissioner Michael D’Ascenzo described it as “one last chance to come in and do the right thing”.

“This new offer provides a good opportunity for people who want to do the right thing to get their tax affairs in order,” he said.

Read more about offshore tax havens at news.com.au.

Australian Tax Office seeking details of secret UBS bank accounts

THE tax office is using a landmark US case to crack open details of secret Swiss bank accounts held by wealthy Australians as it continues to target off-shore havens.

The Australian Tax Office has requested account-holder details from Zurich-based UBS, after the Swiss bank handed over about 4450 client names to US authorities in August to settle a tax case.

Read more about UBS at news.com.au.

Economist Steve Keen loses housing bet against Rory Robertson

AN ECONOMIST known as the “Merchant of Gloom” will have to walk from Canberra to the top of Australia’s highest mountain after losing a bet about the resiliency of Australian house prices.

Read more about Steve Keen at the news.com.au.