Cotality data reveals property prices are now falling in more than 90% of Australian suburbs, while analysts expect market downturn to continue

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The prospect of the steepest property market downturn in history will not stop the Reserve Bank from delivering a fourth interest rate hike as it battles to bring inflation back under control, economists say.

New data from Cotality revealed house prices are now falling in more than 90% of Australian suburbs, amid a perfect storm of higher borrowing costs, a weak economy, and a once-in-a-generation change in the tax treatment of property investors.

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© Photograph: James Ross/AAP

© Photograph: James Ross/AAP

© Photograph: James Ross/AAP

Japan’s finance minister, Satsuki Katayama, is under pressure to strengthen the yen while balancing competing demands from the prime minister and Washington.

© Manami Yamada/Reuters