Despite 12 interest rates since May last year, a quarter of all residential properties were bought outright with cash last year according to the digital settlements company PEXA. That might surprise or upset many people struggling to pay their mortgage, but the shift of downsizers to regional Australia is a significant demographic shift that highlights the generational divide.

Reporter: Peter Ryan, Senior business correspondent

Featured: Mike Gill, Head of research, PEXA

Australia's economy is rapidly slowing under the pressure what's now twelve Reserve Bank interest rate rises since May last year. The Australian Bureau of Statistics shows household spending as been hit with consumers focussing in essential items.

Reporter: ABC Senior Business Correspondent Peter Ryan

Featured: Philip Lowe, Reserve Bank governor

After the 12th interest rate rise in 13 months, the pain for Australian borrowers is getting worse and there's little hope of a reprieve in the coming months.

So just when will the Reserve Bank's campaign against inflation end and cost the aggressive rates strategy trigger a recession?

Also Jim Chalmers announces the demise of the cheque and says there'll be history by 2030.

The Reserve Bank has delivered on bets by raising the cash rate by 0.25 percentage points to 4.1 percent.

RBA governor Philip Lowe warns while inflation has peaked, at 7 percent on the most recent quarterly reading it's still too high.

Here's my breaking news coverage on the Perth edition of The World Today.

It's another tense day ahead for anyone struggling with rising mortgage repayments.

The Reserve Bank might be about to add to the pain at today's monthly meeting with what could be the 12th interest rate rise since May last year.

It's another big week for economic news with the Reserve Bank board meeting tomorrow to gauge the impact of eleven interest rate rises since May last year.

With inflation still running hot, the RBA looks like being on a knife edge about about the need to raise rates once again.

Millions of low income workers struggling with the surging cost of living are about to get some long-awaited relief with the Fair Work Commission delivering a minimum wage increase of 5.75 percent from the first of July. The wages boost is less than unions had demanded but in making the decision, the Commission it won't cause a wages brackout and end up fuelling inflation.

Reporter: ABC Senior Business Correspondent Peter Ryan

Featured: Adam Hatcher, president, Fair Work Commission; Andrew McKellar, CEO, Australian Chamber of Commerce & Industry; Sally McManus, secretary, ACTU

Millions of low income workers struggling with the surging cost of living are about to get some long-awaited relief.

The Fair Work Commission has just announced workers on the minimum wage will get a percent increase from the first of July.

The decision to ensure the minimum wages keeps up with inflation has been broadly welcomed and it unlikely to fuel inflation.

Millions of low income workers struggling with the surging cost of living will be could get some relief later this morning when the Fair Work Commission reveals it's latest decision on the minimum wage. Some economists are predicting an increase of seven percent so minumum wages keep up with inflation. But Brian Redican chief economist at T-Corp says any surprise increase above seven percent could fuel inflation and worry the Reserve Bank.

Reporter: ABC Senior Business Correspondent Peter Ryan

Featured: Brian Redican, chief economist, T-Corp at NSW Treasury Corporation

Another powerful government department is the latest to review its relationship with PwC as the scandal over its confidentiality breaches continues to escalate. Department of Industry secretary Meghan Quinn has asked PwC for assurances that it has been acting ethically. Meanwhile, PwC isn't the only company under fire for shoddy practices with mining giant BHP admitting to massive worker underpayments.

Reporter: ABC Senior Business Correspondent Peter Ryan

Featured: Meghan Quinn, secretary, Department of Industry, Penny Allman-Payne, Greens senator