What we learned today, Sunday 4 February
With that, we are going to wrap the blog on this Sunday. Here are a few of the top stories:
A heatwave has swept across south-eastern Australia prompting warnings for people to take precautions.
The prime minister, Anthony Albanese, has flagged his support for the creation of a Palestinian state on condition it is “demilitarised”.
The PM also defended his government’s shift on stage-three tax cuts saying his government has “listened” amid changing circumstances.
Tributes flow for the Aboriginal civil rights leader Lowitja O’Donoghue who died on Sunday, aged 91.
Australia will finally get vehicle efficiency standards with the government flagging it would like to pass the legislation by the end of the year.
Australia has backed US airstrikes across the Middle East.
We will see you back here again for more news tomorrow.
Updated
RBA expected to leave cash rate unchanged
Australians will hear from the Reserve Bank for the first time in 2024 and although interest rates are likely to stay on hold, concerns about inflation are likely to remain.
In a welcome development for borrowers, the central bank board is widely expected to leave rates unchanged when it hands down its decision on Tuesday after inflation data came in a little softer than anticipated.
The treasurer, Jim Chalmers, will also introduce Labor’s revamped tax package into parliament, with draft legislation released on Sunday outlining how the measures would further help ease cost of living pressures.
Speaking to Sky News on Sunday, Chalmers said the changes to tax rates and brackets are not expected to add to inflation, adding he and his treasury secretary had met with the RBA governor, Michele Bullock, to properly assess the economic impacts:
This is better for cost of living and better for middle Australia, but it’s also better for workforce participation and working incentives and labour supply.
But the inflation data combined with evidence of subdued spending and a softening labour market, most economists say the RBA has little reason to move the cash rate higher.
All 27 experts and economists surveyed by Finder expect it to stay at 4.35% on Tuesday.
The decision itself may be straight forward but the governor will have an opportunity to set the tone on monetary policy in a post meeting statement and press conference – the latter being the first since such a set up was recommended last year.
Bullock is also set to appear before a parliamentary committee on Friday.
- AAP
Updated
