Michele Bullock spoke to the media after the RBA opted to keep interest rates on hold.
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Australia news LIVE: Strait of Hormuz to open; Australia hit by post-budget economic pessimism; Expanded shark drones after attack
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BoM declares El Niño as Australia braces for warmer, drier conditions
By Annika Smethurst
The bureau of meteorology has declared an El Niño event in the Pacific Ocean.
El Niño typically brings drier conditions to central and eastern Australia in winter and spring.
The last El Niño event developed in spring 2023 and lasted into early 2024.
The latest long rang forecast for July to September showed rainfall was likely to be below average across parts of southern and eastern Australia and temperatures above average in most areas, except parts of the north.
Ahead of the BoM declaration, the Climate Council warned that climate change was exacerbating the effects of the El Nino and La Nina weather events.
Read more about how El Nino will be amplified by climate conditions.
RBA governor says inflation risks linger despite Iran peace deal
By Michelle Griffin
Speaking following the RBA’s decision to keep rates on hold, Reserve Bank governor Michele Bullock says that while she welcomes reports that the Strait of Hormuz will reopen, inflationary pressures were visible in the economy before the war with Iran began.
“If the conflict does end and the Strait of Hormuz has reopened, this should support the flow of commodities and lower prices, but this could take some time and orderly resolution is still not assured, meaning there are still upside risks to inflation and downside risks to growth,” Bullock said.
The RBA board today kept rates on hold, despite inflation remaining above its target.
“It is important to bear in mind that we’re dealing with, we were dealing with capacity pressures before the conflict started, and although oil prices have eased in recent weeks, they remain high,” Bullock said.
“We have seen some signs that higher costs are starting to pass through to the cost of other goods and services, including new dwellings.”
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RBA governor speaks following rate announcement
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Michele Bullock spoke to the media after the RBA opted to keep interest rates on hold.
Watch below.
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Chalmers defends government’s inflation record
By Brittany Busch
Treasurer Jim Chalmers has defended the government’s record on inflation as Australians continue to struggle with the cost of living.
The RBA kept interest rates on hold despite inflation remaining above its 2-3 per cent target.
“Inflation is much, much lower than it was when we came to office. When we came to office, it was north of 6 per cent and surging. We have made some good progress,” Chalmers said.
Asked about the role the government’s economic policies have played in the growing popularity of One Nation, Chalmers said: “Obviously, when people are under pressure, they will express that in a range of ways, including in opinion polls.
“We understand that the pace of change is accelerating in our economy and in our society.
“We understand that the global uncertainty is intensifying, and people have got legitimate concerns about where they fit in that story of churn and change, and governments have got a choice whether to … deny those legitimate concerns or to try and act to address them, and we’re trying to address them.”
Treasurer welcomes RBA decision to keep rates on hold
By Brittany Busch
Treasurer Jim Chalmers has welcomed the Reserve Bank’s decision to hold the cash rate at 4.35 per cent, describing it as a “welcome reprieve” for mortgage holders.
“This is reassuring in the face of all of this global economic volatility,” Chalmers said following the RBA’s announcement.
“It doesn’t make life any easier for people, but it doesn’t make life harder either.”
The central bank was widely tipped to keep rates on hold at 4.35 per cent after three rate hikes this year.
Treasurer speaks following rate announcement
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Treasurer Jim Chalmers addressed the media after the RBA kept interest rates on hold.
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RBA keeps rates on hold
By Millie Muroi
The Reserve Bank has kept interest rates on hold for the first time this year after three consecutive rate rises, as the central bank aims to curb inflation.
The RBA today left the country’s official interest rate unchanged at 4.35 per cent in a decision that was widely expected.
Since February, the Reserve Bank’s three interest rate hikes have added nearly $300 in total to monthly repayments on an average mortgage of $600,000.
The bank’s latest decision, aimed at continuing to tackle inflation while ensuring unemployment does not rise too sharply, comes after the latest inflation data showed trimmed mean inflation – the Reserve Bank’s preferred gauge of price pressures – rose 3.4 per cent in April. It continues to climb faster than the bank’s target of 2 to 3 per cent.
Liberal MP blasts One Nation over staffer’s Hitler Youth comments
By Brittany Busch
Liberal MP Garth Hamilton has attacked One Nation for internal “people issues” after revelations one of the party’s staff defended the Hitler Youth organisation and used racist slurs online.
The Guardian revealed today that a policy development officer, John Drew, was working for One Nation in Queensland after previously claiming to have been kicked out for being too radical. The publication reported Drew has lauded the White Australia policy and used racist slurs, which we won't repeat here.
One Nation declined to respond to The Guardian article, but told Sky News that Drew did not hold an official party position.
Hamilton said the posts were “quite confronting”.
FIFA clears Australian referee of ‘white power’ gesture
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In case you missed it, Australian referee Shaun Evans has been cleared by FIFA after he was accused of making a “white power” gesture during the World Cup broadcast yesterday, according to The Athletic.
The broadcast cut to Evans alongside two colleagues in a video assistant referees’ booth, where he could be seen making an upside-down “OK” sign against his thigh.
The gesture has traditionally been used to signify approval, but has been adopted by sections of the far right in recent years.
However, as reported by The Athletic, Evans has been cleared of any wrongdoing after it was determined that the gesture did not breach FIFA’s disciplinary code.
Evans said he did not intentionally make a discriminatory gesture, and said it was an involuntary twitch.
Read our latest coverage of the World Cup, where New Zealand and Iran have just played to a 2-2 draw.
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Gavin Newsom claims Trump ‘coming after’ him in DoJ investigation
By Michael Koziol
California Governor Gavin Newsom, a presumed Democratic candidate for the US presidency in 2028, says he and his wife are the victims of a politically motivated investigation by US President Donald Trump’s Department of Justice.
Newsom said in a video statement that federal agents had knocked on the doors of his family members, friends and former employees in recent days. He did not provide details about these encounters, but said that agents were “demanding records” and “trying to find” a crime.
“Donald Trump isn’t just coming after me because of my mean tweets, he’s coming after me because I am considering running for president,” Newsom said, calling Trump “the most corrupt president in American history”.
Newsom, whose term as governor ends early next year, has long been considered a leading contender for the Democratic presidential nomination and has relentlessly targeted Trump online using rhetoric and invective similar to that deployed by the president and White House social media accounts.
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