Happy Friday! The Reserve Bank has offered a dose of good news heading into the weekend, just days after it surprised economists by hiking the cash rate.
Inflation is coming down faster than predicted, according to the RBA, with its revised outlook showing the underlying inflation rate will fall to 4% by year’s end – lower than the 4.3% level forecast three months ago. The revision comes as ANZ became the latest big four bank to post a bumper profit courtesy of higher interest rates.
In other news, Peter Dutton has added to the chorus of voices calling for Julian Assange’s detention in the UK to come to an end.
Top news
Julia Gutman wins Archibald prize | The artist has won this year’s $100,000 prize for her portrait of the Australian singer Jessica Cerro, better known as Montaigne. The winning painting Head in the sky, feet on the ground was picked unanimously by the judges.
Dutton warns Victorian Liberals | “I wouldn’t rule out federal intervention and I make it very clear to the Victorian division that I want this mess sorted out as quickly as possible,” the federal Coalition leader said, a day after suspended Victorian Liberal MP Moira Deeming threatened to sue John Pesutto, the party’s state leader. Pesutto responded saying he doesn’t believe a federal intervention will occur “and I don’t believe it’s necessary”.
Author Gabrielle Carey dies | Tributes are flowing for Carey who has died aged 64. Carey is best known for co-authoring the Australian 1970s classic Puberty Blues, which Kylie Minogue remembered “devouring” in her bedroom at 13, while the feminist Germaine Greer called the novel a “profoundly moral story”.
Body cams for soccer refs | Body cameras will be worn by referees in a Sydney soccer association a week after their colleague had his jaw broken by a suspended player. Khodr Yaghi, 45, needed reconstructive surgery and spent four nights in hospital after being bashed at the end of a match last Friday.
Dutton backs end to Assange’s incarceration | For the first time in more than a decade, the leaders of Australia’s major political parties both publicly back a diplomatic intervention in the case, with Albanese saying “enough is enough” and Dutton agreeing it has “gone on too long”.
Serbia mass shootings | At least eight people have been killed and 13 injured in Serbia in a series of shootings south of Belgrade, just one day after a school shooting also saw nine killed in the capital. Police searching for the suspect, believed to be a 21-year-old man, have surrounded an area where he is believed to be hiding.
Coronation of Charles III a ‘dated pageant’ | The UK is spending £250m (AU$468m) for a coronation during a cost-of-living crisis, despite a mere 9% of British adults saying they care “a great deal”. What, exactly, is this weekend’s coronation for? Read our editorial on the unnecessary coronation.
Ukraine shoots own drone | Onlookers cheered as the drone, initially believed to be Russian, was taken down by the air defence over Kyiv. The Ukrainian air force later clarified it was their own drone that had malfunctioned. No casualties were reported from the incident.
Full Story
Are young people being denied a fair go? – with Lenore Taylor
Today’s young Australians will be the first generation to have lower living standards than their parents. Is the government leaving them behind? Our editors discuss in this 22-minute episode.
What they said …
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“If companies aren’t willing to show how they will protect nature, then I’m willing to cancel their projects – and that’s exactly what I’ve done.” – Tanya Plibersek
The environment minister cancelled two applications for coal mines in Queensland after the companies failed to submit requested information on how they would protect nature.
In numbers
Australia’s big banks have profited from the flurry of rate hikes dating back to May last year by increasing their lending rates at a faster pace than deposits. Dutton today called on banks to lift their deposit rates “as quickly as they increase the mortgage rates”.
Before bed read
The question on the lips of single mid-30s everywhere: should I move overseas or let my life roll into babies and houses?
“Being ‘incredibly bored’ sounds bad,” advice columnist, Eleanor Gordon-Smith, writes. “And if all you’re getting in exchange is what ‘everyone else has’, that’s not a good trade. You’d have to be totally committed to the value of the babies-and-houses life for it to be worth buying it with eternal boredom.”
Daily word game
Today’s starter word is: PITA. You have five goes to get the longest word including the starter word. Play Wordiply.
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