The Latest Breaking News from Commonwealth Bank

After two days of silence, Commonwealth Bank was the first of the "big four" banks to lift interest rates on its variable mortgages by 0.5 percentage points — in an uncharacteristically slow response to the Reserve Bank's rate hike on Tuesday.

Australians are buying fewer groceries and household goods as soaring prices and rising mortgage rates squeeze everyone from workers to retirees.

Sydney and Melbourne are leading Australia's falling house prices, which are gathering momentum as interest rates rise and consumer confidence takes a hit.

Here's what you need to get caught up on today's news.

All of Australia's biggest banks have lifted mortgage rates, matching the Reserve Bank's 25-basis-point increase.

Millennials and their young families make up the majority of people moving from the city to the country, as regional migration hits a record high.

Young families are heading for regional areas in droves and many say they couldn't be happier with their lives away from the big smoke.

As the Albanese government works on getting legislation ready for its highly anticipated corruption watchdog, calls are growing for it to boost protections for whistleblowers and drop criminal prosecutions against Richard Boyle, David McBride and Bernard Collaery, and to advocate for Julian Assange.

Petrol prices have eased below $2 per litre, ending a six-week run of increases, but rising global oil prices suggest this relief will be short-lived.