Why, hello. It's Tuesday, June 7, and you're reading The Loop, a quick wrap-up of today's news.
Let's start here
The Reserve Bank has lifted the official cash rate by half a percentage point to 0.85 per cent — well ahead of most economists' expectations.
If passed on in full by the banks, the rate rise will add $133 a month on a $500,000 mortgage, and $265 a month on a loan worth $1 million.
It's not likely to stop there, with rates expected to continue to rise for some time yet
If the cash rate lifts to 2.5 per cent by next year as predicted, many borrowers will be paying hundreds of dollars more on their mortgages every month.
Treasurer Jim Chalmers says today's interest rate rise will be "very difficult news" for Australians already faced with "skyrocketing costs of living in this country".
How is the rising cost of living impacting everyday Australians? We want to hear your stories and questions — get in touch with us here.
What else is going on
- The family of a pregnant couple killed in a hit-and-run have broken down in court while giving emotional victim impact statements. A teenager was driving a stolen four-wheel-drive when it collided with a tow truck, rolled and struck Katherine Leadbetter, 31, and Matthew Field, 37, last year. Kate's mum Jeannie said the "unbearable" death of her daughter had left a "gaping hole in our everyday existence"
- The Australian Federal Police are investigating 51 Italian organised crime clans across NSW, Victoria, Queensland, South Australia and Western Australia. Investigators have accused them of working with Middle Eastern crime gangs, Asian triads and South American cartels to smuggle illegal drugs into the country, as well as saying they're "pulling the strings" of bikie gangs responsible for recent violence in Australia
- The former top leader of the far-right Proud Boys extremist group and other members have been charged with seditious conspiracy for what federal prosecutors in the US say was a coordinated attack on the Capitol to stop Congress from certifying President Joe Biden's 2020 electoral victory. They are scheduled to stand trial before a federal court in August, with the indictment alleging the Proud Boys conspired to forcibly oppose the lawful transfer of presidential power
What Australia has been searching for online
- Lilibet. Prince Harry and Meghan, Duchess of Sussex, have shared a new photo of their daughter, named after the Queen and Princess Diana, to mark her first birthday (which was last week). Look at that red hair!
- Steven May. Melbourne have suspended their key defender after he got into a scuffle with teammate Jake Melksham. He was under concussion protocols, meaning he shouldn't have been drinking, but both he and Melksham had been consuming alcohol before the "lighthearted disagreement".
One more thing
It's a dangerous day to be an NRL coach.
Michael Maguire has been axed as Wests Tigers coach after a pretty dismal start to the season, and the Warriors have parted ways with Nathan Brown after he told the club he didn't want to move to New Zealand long term.
Stacey Jones will coach the Warriors in the interim and Brett Kimmorley will stand in for the Tigers until both clubs find permanent replacements.
We're barely halfway through the season but today brings us to three NRL head coach departures, after Trent Barrett's exit from Canterbury last month.
You're up to date
Thanks for reading.
ABC/wires
