Making news this week (ending 8 July)

Banks pass on full RBA rate hike 

Several lenders have announced interest rate rises on mortgage and savings rates, following the central bank’s decision to raise the cash rate by 50 bps.

APRA grants RADI to Australia’s first Islamic bank

Islamic Bank Australia has been granted a restricted banking licence from APRA.

Clearance rates at lowest level since April 2020

Both auction activity and preliminary clearance rates dropped drastically nationwide last week, continuing a downward trend.

40,000 new places open up under Home Guarantee Scheme

From Friday (1 July), 40,000 new places have become available under the federal government’s schemes to help Australians buy their own home.