Good afternoon, and a warm welcome to those who may not have received the first newsletter yesterday. We encountered a technical blip which resulted in a few emails not being sent – what’s a launch without a hiccup?
A technical hitch might be the least of our concerns, given the Reserve Bank today decided to lift the cash rate by a further 25 basis points to 2.85%. That means for individuals with a $500,000 loan, repayments are up $760 since the rate rises began. With low- and middle-income earners shouldering the burden of the inflation crisis, it might explain why murmurs of a windfall tax on oil companies were heard in both Washington and Sydney today. More on this below.
Top news
RBA rate rise | The seventh consecutive rate rise was a certainty after the September consumer price index rose to 7.3%, higher than expected. The RBA governor, Philip Lowe, says inflation is expected to continue rising over coming months, peaking at 8% later this year.
Melbourne Cup | Gold Trip has taken the cup on a day of wild weather that brought the typical Melbourne combo – wind, rain, hail and yes, teasing specks of sunshine. But according to the latest Essential poll, most Australians probably weren’t tuning into the race.
Victoria’s wettest month | October was the wettest recorded in the state. And the dark skies aren’t dissipating just yet, with the SES warning the flood risk may persist for up to two months.
China unhappy | China has scorned US-Australian plans to station nuclear-capable American B-52 bombers in Darwin, accusing the two nations of escalating regional tensions. A Chinese foreign ministry spokesperson warned the move “may trigger an arms race in the region”.
Elon Musk | Jacinda Ardern urged the billionaire to “stick strongly to the principle of transparency”, warning that disinformation was adversely “impacting liberal democracies worldwide”. Musk further entrenched his control of Twitter overnight by dissolving the board and appointing himself chief executive. Twitter employees are bracing for extensive layoffs, with the Washington Post reporting 25% of the workforce could go in a first round of sackings.
Biden windfall tax | The US president, Joe Biden, has accused oil companies of “war profiteering” as he raised the possibility of imposing a windfall tax if companies don’t boost domestic production – a week out from the US midterms. The Australian treasurer, Jim Chalmers, hinted that a similar move here might not be out of the question, saying there was “a pretty strong view in the community that we need to get a return for our resources”.
Swift coup | Taylor Swift has become the first artist in history to claim the Top 10 slots on the Billboard Hot 100 chart in the US, with tracks from her latest album, Midnights.
Full Story
The story of Daniel Andrews: dogged, divisive and enduringly popular
Veteran journalist Margaret Simons speaks to Laura Murphy-Oates about the rise of Daniel Andrews and why, despite lockdowns, scandals and a reputation as Australia’s most divisive premier, he appears set to win another term. Listen to this 26-minute episode.
What they said …
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“I’ve been dreading having a heart attack for years – everyone looks at me like I’m a walking heart attack.” – Magda Szubanski
The actor spoke to my colleague Sian Cain about health, dieting and the new Kath & Kim.
In numbers
But a local startup wants to boost these numbers. Melbourne-based Jaunt Motors will partner with the UK’s Zero EV to create Fellten – a major company specialising in converting existing petrol vehicles into electric cars.
Before bed read
The word “stampede” is often used to describe crowd behaviour. But it’s wrong, experts say, as it apportions blame on victims for self-destructive behaviour, when usually it’s the fault of authorities for poor planning and design.
“People don’t die because they panic. They panic because they are dying,” says Keith Still, a crowd safety expert at the University of Suffolk in England.
We take a deeper look with some supporting visuals at the tragedy in Seoul, and how crowd crushes happen.
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