Reserve Bank of Australia governor Glenn Stevens.

Stevens says retirees face tough decisions

RBA governor Glenn Stevens says people on the cusp of retirement face tougher choices than those quitting work a decade ago because of the global search for yield.

There was widespread expectation that the Reserve Bank of Australia would decide to push rates to historic lows when it makes its announcement at 2:30pm AEST.

Markets Live: 6000 remains out of reach

Shares take a breather after yesterday's strong gains, despite another jump in the price of iron ore, as a soft Wall St lead sours the mood.

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Treasurer Joe Hockey said any risk to the credit rating would flow through to banks in the form of higher costs.

Hockey heeds Murray's AAA warning

A warning by David Murray that Australia's credit rating was at risk was all the more reason to get the budget back under control, said Treasurer Joe Hockey.