The head of Australia's central bank on Tuesday said further increases in interest rates would likely be needed to tame inflation, and it was ready to go faster on hikes or to pause for a time if necessary, Reuters reported. In a speech in Tasmania, Reserve Bank of Australia (RBA) Governor Philip Lowe said the policy making board was aware that rates had risen sharply in a short period of time and this was combining with high inflation to pressure household budgets.

Australia’s central bank faces a tough task in deciding whether to persist with smaller interest-rate increases or U-turning back to outsized hikes to try to gain control of hotter-than-expected inflation, Bloomberg News reported. Financial markets and most economists surveyed by Bloomberg expect the Reserve Bank will deliver a second straight quarter percentage-point rise at Tuesday’s meeting. That would take the cash rate to 2.85%, the highest level since April 2013. But there are still some high-profile dissenters and doubters.

Australian inflation raced to a 32-year high last quarter as the cost of home building and gas surged, a shock result that stoked pressure for a return to more aggressive rate hikes by the country's central bank, Reuters reported. Data from the Australian Bureau of Statistics (ABS) on Wednesday showed the consumer price index (CPI) jumped 1.8% in the September quarter, topping market forecasts of 1.6%. The annual rate shot up to 7.3%, from 6.1%, the highest since 1990 and almost three times the pace of wage growth.

An Australian regulator hit one of the country’s main casino operators with a record fine, as authorities increase scrutiny of an industry that has faced questions over how it attracts international high-rollers, particularly from China, the Wall Street Journal reported. Star Entertainment Group Ltd., which runs a large casino in Sydney, was fined 100 million Australian dollars, equivalent to $62 million, by the New South Wales Independent Casino Commission on Monday.

A smaller-than-anticipated rate hike in Australia has fueled talk that global monetary tightening will slow as the growth outlook turns, Reuters reported. For some, the debate is premature with the likes of the U.S. Federal Reserve unlikely to ease up on the brakes until inflation shows clear signs of slowing.

Australia's central bank on Tuesday surprised markets by lifting interest rates by a smaller-than-expected 25 basis points (0.25%), saying they had already risen substantially, though it added that further tightening would still be needed, Reuters reported. Wrapping up its October policy meeting, the Reserve Bank of Australia (RBA) raised its cash rate to a nine-year peak of 2.60%, the sixth hike in as many months, which included four outsize moves of 50 basis points. The bank had recently flagged a possible slowdown in the pace of hikes at some point.

Queensland-based cryptocurrency, digital asset exchange and brokerage Mine Digital has collapsed and control handed to external administrators, amid a dispute where it is being sued for allegedly not doing enough to weed out scammers from its platform, the Australian Financial Review reported. On Friday, PKF business recovery and insolvency partner Brad Tonks was appointed administrator of ACCE Australia Pty Ltd, the registered company which trades as Mine Digital. The circumstances behind Mr Tonks’ appointment are unclear.

Australians looking to buy a new home could actually benefit from rising interest rates as they lower the price of housing enough to ultimately result in lower mortgage payments than they would otherwise face, a top central banker said on Monday, Reuters reported. Speaking at a housing conference, Reserve Bank of Australia (RBA) Assistant Governor Jonathan Kearns said the 225 basis points of rate hikes already delivered could lower prices by at least 15 percent over a two-year period, while also cutting borrowers' maximum loan size by around 20 percent.

Long Covid is costing the Australian economy the equivalent of $3.6 billion a year in lost output, the Australian Financial Review reported, citing an exclusive data analysis, Bloomberg News reported. Based on data from the country’s Treasury estimating some 31,000 workers called in sick because of the condition in June, the analysis by think tank Impact Economics and Policy found the economic cost came in at A$100 million ($68 million) a week, according to the AFR. That amounts to some A$5.2 billion on an annual basis.