The Reserve Bank has increased the official cash rate by half a percentage point to 0.85 per cent, exceeding economist expectations.

Homeowners hit with RBA super interest rate hike

The day's business and finance news, with the latest trends on international share and currency markets, pointing to what Australians can expect in the day ahead.

There is a growing push for more comprehensive tax reform from experts and the parliamentary crossbench.

The growing push for more income tax reform | The Business | ABC News

Australia's former ambassador to China, Dr Geoff Raby says China's economy is flagging and Xi Jinping has made a number of serious policy miscalculations.

Xi Jinping set to become the most powerful leader since Mao

NAB Chief Currency Strategist Ray Attrill says the "left-field" UK bond market turmoil has sparked fears other issues with the potential to impact global financial markets could also be lurking below the surface.

UK bond market chaos 'an accident hiding in plain sight

There are concerns casual workers not entitled to sick pay will hide COVID-19 symptoms and continue going to work now subsidies for most of them are ending.

The COVID dilemma now facing Australia's casual workers

An overhaul of financial advice could make it more affordable and easier to access, but critics say it will also unwind decades of consumer protections.

Homeowners hit with RBA super interest rate hike

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