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The Reserve Bank has raised interest rates for the fourth month in a row, raising its target rate by half a percentage point. Key points: RBA has raised interest rates by 0.5 percentage point The target cash rate has now increased by 1.75 percentage points since early May to 1.85 percent A cash rate increase since early May will add about $472 per month to a $500,000 loan payment The RBA has now raised its benchmark interest rate by 1.75 percentage points since the first rate hike in May, with the target rate at 1.85 percent. In his post-meeting statement, Reserve Bank Governor Philip Lowe said the latest rate hike is unlikely to be the last this year. “The board expects to take further steps in the process of normalizing monetary conditions over the next few months, but not on a predetermined path,” he said. “The size and timing of future rate hikes will be guided by incoming data and the board’s assessment of the inflation and labor market outlook. “The B...

Volkswagen has outlined the specifications for the new Amarok – model after model – ahead of the showroom arrivals in early 2023. 0 Volkswagen Amarok 2023 Specifications for Australia Five models: Amarok, Life, Style, PanAmerica, Aventura Four turbo engine options: two four-cylinder diesel, one V6 diesel and one four-cylinder gasoline The engine has the same output as the shared Ford Ranger – but a manual gearbox is available, unlike the Ranger The four-cylinder diesel engine is available in three basic grades, the V6 diesel is available in the highest three grades, the four-cylinder gasoline is available in the top model Prices will be announced later this year See 7 pictures Specifications for 2023 Volkswagen Amarok has been released for Australia ahead of the arrival of local showrooms early next year. Volkswagen dealers have today received detailed specification charts to help customers order the new Amarok well ahead of launch. Customer orders placed today for the Volkswagen Amaro...

The Minister of Resources has informed gas producers that the federal government intends to withdraw “gas triggers” to limit their exports, unless they can prove that the country is not facing a gas shortage by 2023. Key points: The federal government has warned it will withdraw the “gas trigger” if supplies for next year are not guaranteed Gas industry says Australia is not facing a gas shortage, contrary to warnings Government will work to reform gas triggers and renew them by 2030 Madeleine King said she would issue a notification to suppliers, the first step towards enforcement of the Domestic Gas Supply Mechanism, directing them to provide a detailed response on supply and export forecasts for next year. Consumer watchdogs have warned that despite Australia’s abundant gas supplies, the outlook for next year is “very concerning”, with most of that supply slated for export. It warns the government to consider intervention or risk a gas shorta...

What to do Mars Mars is the second smallest planet in our solar system and the fourth planet from the sun. It is a dusty, cold, desert world with a very thin atmosphere. Iron oxide is abundant on the surface of Mars, giving it its reddish color and its nickname "Red Planet." The name Mars comes from the Roman god of war. ” data-gt-translate-attributes=”[{” attribute=””>Mars and Iceland have in common? These days, not so much. However, more than 4.5 billion years ago, it’s possible the Red Planet had a crust comparable to Iceland today. This discovery, hidden in the oldest Martian fragments found on our planet, could provide information about Earth that was lost over billions of years of geological movement. It could also help explain why the Earth developed into a planet that sustains a broad diversity of life, while Mars did not. These insights into Earth’s past came out of a new study that details how they found the likely Martian origin of t...

Property prices across the country are expected to fall by another 5 percent before the year ends, a new report estimates. A mid-year report by market analyst PropTrack predicts average property prices nationwide will fall between 2 percent and 5 percent by the end of December. By the end of next year, they are expected to fall even further, potentially by as much as another 10 percent. Watch the latest News on Channel 7 or stream for free on 7plus >> Cameron Kusher, director of economic research and author of the PropTrack report, said the research highlights a rapidly changing housing market. “While there are already signs that the pace of price growth slowed earlier this year, we do not expect interest rates to rise until early 2023,” he said. “Since the inflation outbreak, which resulted in the Reserve Bank (RBA) raising interest rates in each of the three months through July 2022.” Property prices across the country are expected to fall by another 5 percent before the ...

Australians get a harsh shock when they open their retirement statements. For most, it was a rare year of loss. Only three funds ended up black. Callum Foote and Michael West investigate super returns and the best performing fund of all, Hostplus. It’s an obvious thing, but it’s still of no value. When interest rates rise, the stock market tends to fall. And that’s exactly what happened to the savings of millions of Australians for the year to June. Opening our pension fund letter, we found that our scores were lower than the previous year. The stock market decline has been compounded by an unusual phenomenon; bonds also fell. Bonds are an important part of a “balanced” super portfolio, and when bond yields (interest rates on debt) rise, bond prices fall. The good news is the market has bounced since then, so the positive returns over the past seven weeks should send most of us back into the dark. Tracing the league tables, historic trends prevail,...

Winter coats are removed inside Tatura’s new multi-million dollar greenhouse. The temperature is 28 degrees Celsius and smells of 150,000 stems of tomato plants. Key points: Greenhouse tomato grower expands operations in Tatura A 6-hectare greenhouse will create 60 new jobs The company has been financially supported by the Victorian government The new six-hectare greenhouse will produce 4,000 tonnes of tomatoes per year and create 60 new jobs for the site. Flavorite chief executive Mike Nichol said, due to high demand for the product, the company will expand in four Victoria locations. “We have one here in Tatura, one in Katunga, Mansfield and our base in Warragul,” he said. “Warragul is the biggest at the moment, but in Katunga we have room for another 30 hectares. “We have space to house three other greenhouses in Tatura as well as a very large packing warehouse, which allows us to ship products directly from here.” The company grows tomatoes, cucu...