The Reserve Bank has delivered a third consecutive interest rate hike, lifting the cash rate to 4.35% from 4.1%, as it seeks to counter inflationary pressures stemming from higher fuel prices linked to the ongoing US-Israel war on Iran. The decision comes alongside a gloomy set of forecasts from the central bank, which revealed intensifying cost-of-living pressures and weaker economic growth.
Impact on Australians
Federal Treasurer Jim Chalmers acknowledged that the rate rise would "make it tougher" for Australians already paying a "hefty price" due to the conflict in the Middle East. The hike follows similar moves in previous months, as the RBA attempts to rein in inflation driven by global energy market disruptions.
Other Top News
- The royal commission into antisemitism heard harrowing testimony from Jewish community members in Sydney.
- Victoria released its state budget, which includes cuts to transport costs and support for parents.
- Australian author Craig Silvey pleaded guilty to possessing and distributing child exploitation material.
- Two volunteers died off the NSW coast after a rescue boat capsized while attempting to assist a sinking yacht.
- The Met Gala took place, with celebrities like Rihanna and A$AP Rocky attending the event themed "fashion is art."
Antisemitism Royal Commission
A Jewish woman named Dina testified at the antisemitism royal commission, describing how the Bondi terror attack has changed her daily life and that of her three children. "The reality is, they came to kill us. We just weren't there. And it's living with that truth that makes it very hard to feel safe as a Jew in Australia," she said.
Other Stories
Indigenous affairs reporter Douglas Smith spoke about the murder charge against Jefferson Lewis for the death of five-year-old Kumanjayi Little near Alice Springs, highlighting the community's grief. In a lighter piece, reporter Caitlin Cassidy shared her experience of cutting her own fringe to save time and money, overcoming her fear with mixed results.
The daily word game Wordiply features the starter word "LEU," challenging players to find the longest word including it.
