Afternoon Update: RBA cuts number of meetings; wastewater exposes cities’ drug habits; and an algorithm creates the ‘best’ expletive ever

Reserve Bank of Australia governor Philip Lowe has announced the RBA will cut the number of meetings that set the cash rate to eight times a year. Photograph: Darren England/AAP

Good afternoon. The Reserve Bank of Australia has decided to cut the number of meetings that set the official interest rate to eight times a year, starting next February.

The RBA previously met 11 times a year, with Governor Philip Lowe announcing that the changes would give more time for the board to examine key issues in detail and have deeper discussions on monetary policy strategy.