Good morning. The Reserve Bank of Australia board will meet today and is expected to raise interest rates by 0.5 percentage points, which, if it goes ahead, would be a further squeeze on households already dealing with soaring energy prices and grocery bills. Chief economist at the Commonwealth Bank, Gareth Aird, said the case for a larger increase was weak with some analysts saying inflation is already slowing. “The [June quarter] inflation data did not surprise to the upside. And whilst the annual rate increased, the quarterly pulse of inflation did not accelerate,” Aird said.
The gold medals continue to roll in for Australian athletes at the Commonwealth Games. It’s been a busy day in the pool. Emma McKeon won her 12th Commonwealth gold and 17th medal overall in the 50m butterfly, making her the Games’ most successful swimmer ever. Gold medals were also won by Matthew Levy in the men’s 50m, Kyle Chalmers in the men’s 100m freestyle, and Kaylee McKeown breaking a Games record to win women’s 200m backstroke.
