Reserve Bank of Australia

The Reserve Bank of Australia is wrestling with a difficult choice as oil prices show no sign of falling and inflation remains above target. With the war in the Middle East broadening, the bank’s internal forecasts assume oil $20 a barrel lower than current levels, and raising interest rates further, which could push up unemployment, is again on the table.

The Reserve Bank's ban on credit card surcharging has sharpened debate among Australian consumers, with letters to the Sydney Morning Herald revealing stark disagreement over the benefits of the reform, the cost of banking, and the practicality of using cash.