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Economics update | 23 September 2022
23 Sep 2022
US Interest Rates Rise 75 Basis Points
The US Federal Reserve has increased interest rates for the fifth time this year, raising 75 basis points for the third consecutive time. Aligning with Dr Philip Lowe and the RBA, chairman Jerome Powell outlined on Thursday that the central bank is committed to lowering inflation and indicated more rate rises were likely.
This rate rise will cause spill-over effects in the Australian economy, putting further pressure on the price on imports, dampening the competitiveness of the Australian dollar and hindering economic growth. The RBA is scheduled to update the cash rate on October 4. Having risen 50 basis points in September and currently at 2.35 per cent, this will likely influence the RBA’s modelling and decision.
ACCC Enforcing Environmental Claims
In a speech made by ACCC deputy chair Delia Rickard earlier this week, businesses have been cautioned to prepare to substantiate their environmental and sustainability claims.
Consumer behaviour is becoming increasingly conscious of the environmental friendliness of the products and services they purchase and as a result, businesses are making changes to their operations and productions. This, however, has created the potential for misleading and false promotions about the environmental credibility of a product or business operations to attract consumer demand.
Indeed, the ACCC has reportedly received an increase in ‘greenwashing’ claims and is warning businesses that they will need to demonstrate the validity behind their claims. Reliable scientific reports, reputable third-party certification, transparent supply chain information, and other forms of evidence will be required to substantiate business claims.
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