Good morning,A clear commitment by Reserve Bank governor Philip Lowe to do whatever it takes to get the current outbreak of inflation under control will have to wait for his Anika Foundation address on Thursday. But there was enough in his post-meeting statement to believe he will do as Jerome Powell did in the Federal Reserve chairman’s Jackson Hole speech and give a much-needed message that the RBA isn’t going to underwrite demand in the economy to the extent that businesses can keep boosting wages and prices. That's the takeout from David Rogers, our markets editor, one day after the RBA hiked rates another 50 basis points to 2.35 per cent. As Tansy Harcourt writes, the country's biggest banks face a quandary : take the increased margins by following the RBA in raising rates or take market share from rivals by keeping a lid on rates as almost $500bn of mortgages hit the market for refinancing. Meanwhile, Ciaran Carruthers is in his first week of a new gig running Crown Resorts .A 33-year veteran of gaming – some two decades spent in Macau – Carruthers certainly has the track record for the job. But in more than three decades, has he ever come across a business where all three of its casinos have been subjected to damning inquiries resulting in highly conditional licences to operate? “The obvious answer is no,” he says. |