Its all the rage!! Since OpenAI launched its AI tool ChatGPT in November last year and Microsoft recently announced its US$10bn investment. Reportedly, ChatGPT collected over 1m users within days of launching.

At its meeting today, the Reserve Bank delivered another 25 basis point rate hike, bringing the cash rate to a 10-year high of 3.10%. Inflation in Australia is too high, at 6.9% over the year to October. Global factors explain much of this high inflation, but strong domestic demand relative to the ability of the economy to meet that demand is also playing a role. Returning inflation to target requires a more sustainable balance between demand and supply.

In the wake of the Optus data leak, legislation before Parliament will lift the maximum fine for serious or repeated breaches of the Privacy Act from $2.2m to up to $50m. But there are no guarantees that even the strongest safety measures will prevent an attack. So, what does that mean for business and their customers?

In a widely expected move, the Reserve Bank announced a Melbourne Cup rate hike of 0.25%, the seventh hike in a row, bringing the overnight cash rate to 2.85%, the highest level since April 2013.

There is nothing in this Budget that would create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives.

After four straight 50 basis point hikes, the Reserve Bank gave borrowers a breather by slowing their sixth hike to 25 basis points to the surprise of economists and bringing the overnight cash rate to 2.60% in line with their September meeting minutes.