Hello, it's Tuesday, August 2. Here's what you need to get caught up on today's news.
One thing to know: Interest rates have risen … again
It's not deja vu. This is the fourth month in a row we've seen a rise.
The Reserve Bank has raised the cash rate target by half a percentage point from 1.35 per cent to 1.85 per cent.
RBA governor Philip Lowe said the latest rate rise was unlikely to be the last this year and further increases would depend on inflation and the labour market:
"The board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time," he said.
Use our repayments calculator to see how much extra you may have to pay each month following the latest rate rise.
The silver lining for those with savings: Some banks are increasing the interest rates on savings and saving-maximiser accounts, so check to see if your bank is doing so.
We saw the first piece of legislation pass the new parliament
Here's the lowdown:
- The new legislation responds to the recommendations of the aged care royal commission
- It updates the aged care funding model and introduces new reporting and transparency requirements
- Much of the bill that passed the Senate today was introduced by the former Coalition government before lapsing at the election
- Aged Care Minister Anika Wells said there was still more work to do, like getting more staff in the sector:
"We do not value care workers in our country enough. And until they feel that value, we're not going to get enough people into the sector. So another reason that today's bill is the first bill through the parliament [and] is so important is so aged care workers out there, both that are still there and who have left, see that we value them."
The news Australia is searching for
- Ayman al-Zawahiri: The leader of Al Qaeda, who was labelled "Osama bin Laden's right-hand man", was killed in a US drone strike in the Afghan capital, Kabul. He helped coordinate the 9/11 attacks and US President Joe Biden said his death would bring some "closure" for the families of terrorist victims
- India vs West Indies: In cricket, West Indies evened its Twenty20 series with India after Obed McCoy skittled the visitors for a record 6-17 in the second match on Monday. McCoy produced the best West Indies bowling figures in a T20 to help bowl out India for 138 in 19.4 overs. The five-match series is at 1-1, with the third game on Tuesday staying in Basseterre
News you might have missed
The fate of the federal government's climate change bill is still up in the air. Here are the details:
- The government wants to legislate its 43 per cent emission reduction target by 2030 but it needs support from the Greens and at least one crossbencher in the Senate
- The Greens couldn't reach a consensus decision at a meeting this morning about whether to support the bill or push for more ambitious action
- They'll hold another meeting tonight and the lower house will debate the bill tomorrow
A court has found billionaire Clive Palmer and WA Premier Mark McGowan defamed each other in a case relating to comments made after the closure of WA's borders. Here are the details:
- Mr McGowan called Mr Palmer an "enemy of the state" over his challenge that sought to overturn WA's border policy
- Mr Palmer made comments about Mr McGowan’s role in passing legislation that prevented him from claiming up to $30 billion in damages over a mining development by his firm Mineralogy
- In a judgement handed down by Justice Michael Lee today, Mr Palmer was awarded $5,000 while Mr McGowan won a counterclaim of $20,000
One more thing
A giant sinkhole has opened up in Chile, near a copper mine located about 665 kilometres north of the capital Santiago.
The hole is about 25 metres wide and is estimated to be 200 metres deep.
That's it for now
We'll be back tomorrow with more.
ABC/wires
