The day that was, Tuesday 6 December
That is where we will shut down the live blog for the night.
Here’s what made the news today:
The Reserve Bank of Australia has raised the cash rate by 25 basis points to 3.1%. It is the highest the rate has been in a decade, and marks the eighth straight month of rate rises.
Westpac and NAB immediately announced plans to pass on the rate increase.
The treasurer, Jim Chalmers, said that the impact of the rate increases – while immediately felt in household budgets – would take time to flow through and affect inflation.
Chalmers also suggested the federal government may consider compensating states for forgone revenue should the government look to cap coal prices. He said the government is not keen to pursue a windfall profits tax.
That will all be discussed at national cabinet, now meeting online on Friday rather than Wednesday as the PM isolates at Kiribilli House with Covid-19.
The Reserve Bank has indicated it will likely continue to raise rates to combat inflation, with the next meeting to be held in February.
Lawyers for Scott Morrison said his “reputation is on the line” as they argued the former prime minister should be able refer to secret cabinet documents when he takes the stand at the robodebt royal commission next week.
A heatwave warning has been issued for Queensland and the Northern Territory.
The Australian Competition and Consumer Commission has put airlines on notice amid historic high domestic airfares, with carriers to be “closely” monitored to ensure they aren’t deliberately slowing their return to full service capacity so they can “keep air fares high”.
Until tomorrow, stay safe.
Updated
Sydney teen rescued from stormwater drain
AAP reports emergency crews have rescued a teenage boy who fell into a stormwater drain and fractured his arm while trying to retrieve a ball in Sydney’s western suburbs.
Emergency crews were called just before 11am after the teen slipped into the drain near Grahame Thomas oval in Bankstown.
Rescuers worked quickly on a plan to rescue the boy and he was walked out by Fire and Rescue NSW crews after midday, Fire and Rescue spokesperson Steve Brown said.
He was taken to Bankstown Lidcombe hospital in a stable condition.
NSW Ambulance inspector, Craig Watkins, said special operations team paramedics were able to begin treating the boys fractured arm before safely extricating him.
“This is an unfortunate incident for the patient but it has had a positive outcome given the danger that stormwater drains can present,” he said.
Updated
