Hi there. It's Tuesday, October 4 and you're reading The Loop, a quick wrap-up of today's news.
Let's start here: Interest rates have risen (again)
ICYMI this afternoon, the Reserve Bank of Australia has increased its cash rate target again. Here are the main takeaways:
- The RBA's cash rate is now sitting at 2.6 per cent, after rising by 0.25 of a percentage point — less than the 0.5 of a percentage point economists had predicted
- It's the sixth straight rate increase this year, with the cash rate target now the highest its been since July 2013
- RBA governor Philip Lowe said the bank's board decided to slow down rate rises "as it assesses the outlook for inflation and economic growth in Australia."
- NAB and Westpac were the first of the big four banks to pass on the increases in full to their variable loans customers
Want to read more? Our business reporter Michael Janda has you covered.
We heard about North Korea's latest missile launch
Let's get you up to speed:
- Earlier today Japanese authorities said North Korea fired a missile over Japan, which prompted a warning for residents to take cover in the country's north-east
- Japanese officials said at least one missile flew over the country before landing in the Pacific Ocean
- Defence Minister Yasukazu Hamada said Japan won't rule out any counterattack options in response to the launch "as we continue to work to fundamentally strengthen our defence abilities"
- South Korean officials said the missile appeared to have been an intermediate-range ballistic missile (IRBM) launched from North Korea's Jagang Province
- It's the fifth missile launch from Pyongyang in the past 10 days
News alerts you might have missed
- Around 30,000 current and former Telstra employees have had their names and email addresses leaked after a third-party rewards site used by the telco suffered a breach. No customer data has been lost.
- The driver of a ute that smashed into a tree and killed five teenagers in Buxton, south of Sydney last month has been granted bail in the NSW Supreme Court. Tyrell Edwards is facing five counts of dangerous driving occasioning death.
- Victoria's purpose-built COVID quarantine facility in Mickleham will close next week after a drop in demand. The $580 million facility first opened eight months ago and has only housed just over 2,000 people in that time.
What Australia has been searching for online
- Nick Kyrgios. The Australian tennis player has had his common assault case adjourned until February to allow time for a mental health assessment.
- Kim Kardashian. She's been fined $1.5 million by the US Securities and Exchange Commission for spruiking the cryptocurrency Ethereum Max without disclosing she had been paid to advertise it. She's also been banned from promoting cryptocurrencies for three years.
One more thing
If your evening commute home is slower than usual, a swan might be to blame — at least, it was the case over in England.
Rush hour commuters in Surrey experienced an hour-long delay during morning peak when a swan found its way onto the tracks and refused to move.
A brave staff member came to the swan's aid and safely removed the animal — in its very own bag, mind you — and it's now at a sanctuary to recuperate from the ordeal.
You're up to date
We'll be back with more tomorrow, but until then:
ABC/wires
