Australian markets will open nervously this morning after Wall Street tumbled overnight as fears about a slowing US economy prompt a global stock sell-off.
Australia's financial regulators have warned more and more homeowners are falling behind on their mortgage repayments on the same day ANZ said relief is even further away than hoped.
Treasurer Jim Chalmers is confident his third budget will put downwards pressure on inflation, even with $7.8 billion in cost-of-living relief on the way for Australian households.
Inflation has continued to slow, but not as much as the market had expected, likely delaying when the Reserve Bank will be able to pass down an interest rate cut.
The figure would still see up to around 100,000 homeowners falling behind on their mortgage payments by October unless interest rates ease or their wages increase.
Borrowers hoping for an interest rate cut - or a timeline of when variable rates may come down - were given little by a central bank patiently awaiting new data.
The federal government has been urged to abandon a controversial change to the RBA that would see the treasurer lose the ability to overrule the central bank's decisions.
The RBA announced last year it will replace the portrait of Queen Elizabeth II on one side of the note with a "design that honours the culture and history of the First Australians".
Economists might be predicting an interest rate cut or two in the latter half of the year, but the IMF has called on the Reserve Bank to push rates in the other direction.
Economists are predicting there will not be another rate rise ahead of Christmas, giving a glimmer of hope to millions of mortgage holders across country.
The Reserve Bank of Australia (RBA) has hit borrowers with a timely Melbourne Cup Day interest rate rise, choosing to lift the nation's cash rate target by 25 basis points.