More on the RBA’s decision
Australia’s Reserve Bank had been the only one expected to hike so soon, with central banks in the US, UK, European Union, Japan, Canada, Switzerland and Sweden all expected to leave rates on hold this week.
Even before the US struck Iran, Australian inflation had already been elevated at 3.8% – well above the bank’s 2-3% target.
The economy has been growing at its fastest pace in almost three years and unemployment has fallen since September.
The week before the decision, predictions of a rate hike firmed when the central bank’s deputy governor, Andrew Hauser, said data had “confirmed even more decisively … that our economy currently has limited spare capacity”.
Some economists, though, had warned the RBA needed to leave interest rates on hold for fear of a downturn in consumer spending.
Read more here:
The Reserve Bank has increased interest rates amid a global energy shock that threatens to push Australian inflation towards 5%.
The hike takes the RBA’s cash rate target from 3.85% to 4.1%, back to where it was in February 2025, wiping out the relief offered by two cuts last year.
Household budgets, already under pressure after a rate rise in February and soaring petrol prices, will face higher mortgage costs.
Someone with a $600,000, 30-year mortgage will see their weekly repayments rise by another $95 a month, once their bank passes the hike on.
The Victorian premier, Jacinta Allan, also held a press conference at parliament this morning, alongside consumer affairs minister, Nick Staikos, to announce a plan to ensure fuel stability across the state.
She said last week the government’s daily fuel price caps came into effect to prevent price-gouging at the pump. So far, she said Consumer Affairs Victoria has carried out 289 inspections to ensure all petrol stations complied with reporting their fuel prices, finding 23 unregistered stations and 16 that were not reporting.
Allan announced an additional $4.6m will be provided to Consumer Affairs Victoria to carry out more inspections, while the agency will also immediately begin handing over the data it gathers to the ACCC.
The premier also convened an emergency cabinet subcommittee, which met last night to monitor the fuel supply situation. She says she will also chair an industry forum this afternoon with fuel suppliers, business groups and agricultural representatives to understand the situation on the ground and outline the actions the government could take.
The government has also established an “energy controller” position at the State Control Centre.
RBA decision in 15 minutes
We’re expecting an interest rate decision from the RBA in about 15 minutes. We’ll bring you the news as soon as it happens.
The press conference follows the release of a video of members of Liberal party competing in the “Games that Victoria never hosted”, which has gone viral on social media.
The premier, Jacinta Allan, described the video as “petty politics” but Wilson said her MPs were “communicating and meeting Victorians where they are”. She said:
We know that Victorians think this state is headed in the wrong direction, and what I’m committed to is making sure that we’re communicating on every platform … So it’s my job to highlight that and to make sure we’re communicating that across different platforms.
Brad Battin, the party’s spokesperson for sport, also confirmed he doesn’t usually bicep curl 20kg:
All my friends at the gym will tell you, no, I don’t normally lift 20 kilos, but I wasn’t going on TV lifting 10.
Victoria Liberals say regions missed out after Commonwealth Games cancelled
The Victorian Liberals held a press conference outside the MCG this morning to mark what would have been the day of the opening ceremony of the Commonwealth Games, had the state government not cancelled them.
The Games – which would have been hosted in regional Victoria – were first announced by then premier Daniel Andrews in 2022, ahead of the state election, before he cancelled them in 2023, costing the state almost $600m.
The opposition leader, Jess Wilson, says Labor had made a “hollow promise” they “never intended to deliver”. She said:
The consequences isn’t just the $600m, the opportunity cost of that and the $200m that has gone to Glasgow to host these games. But it’s the regional communities that are missing out – missing out on the sporting infrastructure, missing out on the housing infrastructure.
Conservation groups call for LNG levy
Australia’s state conservation organisations have called on the federal government to introduce a 25% levy on all Australian liquified natural gas exports.
They say the unfolding conflict in Iran is creating turbulence in energy markets, and multinational gas companies will profit, while everyday Australians face soaring energy bills.
The groups – which include the Nature Conservation Council of NSW, Environment Victoria, Queensland Conservation Council, Conservation Council SA, Environment Tasmania, the Conservation Council of WA, Environment Centre NT and the Conservation Council (ACT) – say the revenue raised could be used to provide compensation to Australian households and invest in the necessary transition to a renewable energy economy.
Jacqui Mumford, chief executive officer of the NSW Nature Conservation Council, said:
For decades, these companies have polluted our planet and contributed to the devastating climate disasters we are now facing. Now they are profiteering from a global energy shock.
Anthony Gough, acting director of the Queensland Conservation Council, said:
The logic is simple: polluters should pay for the damage they are causing. Households across Queensland are grappling with the double whammy of a summer of floods and a cost of living crisis, while fossil fuel companies rake in massive profits and send our gas overseas.
NSW government undecided on expanding hate speech offences to protect LGBTQ+ community
The NSW premier, Chris Minns, says his government has not made a decision about expanding hate speech offences to protect the LGBTQ+ community, rejecting the idea he is “brushing under the carpet” the recommendations of an unreleased independent review.
As we reported earlier, the NSW government is introducing measures to toughen penalties for hate crimes against the LGBTQ+ community and create a new offence for luring a person under false pretences in order to rob or violently assault them.
Today’s changes raise the penalties for inciting violence against vulnerable groups, but do not make changes to a controversial offence – section 93ZAA of the NSW Crimes Act – for inciting hatred on the grounds of race, introduced last year against the recommendations of the Law Reform Commission.
A six-month independent review on whether it should be expanded to cover religion, gender identity and sexual orientation, authored by former supreme court justice John Sackar, was tabled in November, but the government has not released it. The Independent MP for Sydney, Alex Greenwich, who has welcomed the changes announced today, has called on the government to share the report and follow its recommendations.
At a press conference this morning, Minns would not say if Sackar recommended the expansion of 93ZAA to cover offences against the LGBTQ+ community. He said:
We haven’t made a decision about it yet. The report’s been to cabinet and I don’t want to release before we make a call. Codifying vilification legislation is really difficult … primarily because it’s a clash of rights, but we’re considering it seriously and looking at the next steps. And I don’t want the report released before we made a decision in relation to it, so it’s not something that we’re brushing under the carpet.
Stonewall Hotel, iconic queer Sydney venue, closes doors on Oxford Street
The Stonewall Hotel, a mainstay of Sydney’s Oxford Street and the queer community, has closed its doors after 28 years. Craig Bell, a co-owner of the venue, said the move was a “sad and difficult decision” after the hotel took over an empty bank nearly three decades ago and made “something truly special”. An Instagram post announcing the decision reads:
Over the years, we have employed wonderful people, connected with remarkable customers, and forged friendships that will last a lifetime. My sincere thanks go out to every one of you who contributed to our story.
It seems that nearly everyone you meet who knows Stonewall has a story to share, a tale to boast about, or a cherished experience linked to our venue.
Stonewall recently opened a new venue in nearby Newtown, saying:
Change is constant, and Stonewall’s story is far from over. The party will continue as we embrace our new home in Newtown, carrying forward the spirit and community that has defined us for so long.
Bowen won’t speculate about fuel rationing, says the government working ‘non-stop’ to deal with supply issues
The energy minister added:
I have said many times since the beginning of the bombing of Iran and the subsequent events, we can’t guarantee that international times won’t be uncertain. We can guarantee the government will be working non-stop to ensure we are as prepared as you possibly can be and that the impact on Australians and Australia is as little as it can be.
Every ship that we have expected to arrive has arrived, whether it is diesel, petrol or jet fuel. All the companies say to me that they fully expect deliveries into March and well into April but we are in internationally uncertain times.
The energy minister, Chris Bowen, issued an urgent call for Australians to stop panic buying fuel, saying the country is well placed to weather the war in the Middle East but that the situation will only get harder if people hoard more than they need.
Bowen is speaking to reporters in Canberra, where he said:
As I’ve said, what we want is Australians to buy as much fuel as they need, not more not less. That is the best answer for everyone.
Because the fuel continues to arrive in Australia, as expected, because the refineries are working very well … and supplying the regions as quickly as they can … if Australians respond in the spirit of all coming together, and not panic buying, then that maximises our chances of getting through this situation.
Panic buying does not help the situation, panic buying very much causes the situation. I completely understand the concerns of Australians who might be thinking, we will buy a bit of extra fuel. Separately, people going to Bunnings and buying out all the Bunnings jerry cans – that is unhelpful. That is unAustralian. If they’re trying to maximise profits on Facebook marketplace …
The premier, Chris Minns, says arts organisations shouldn’t expect a government bailout if they have alienated corporate sponsors by making certain programming decisions.
His comments come as PwC confirmed it has withdrawn its sponsorship from the Biennale of Sydney, after complaints over alleged antisemitic content during the event’s opening night on Friday.
A statement from PwC said the company was disappointed that it had to withdraw from the biennale:
We entered this partnership to support an experience and series of arts and creative culture events which would be welcoming and inclusive for everyone. Following comments made by a performer at the opening night event, we no longer have confidence that the festival can meet our expectations.
A performance by US artist DJ Haram at the Lights On opening concert on Friday has attracted widespread criticism for invoking a “Zio-Australian-Epstein empire” that she claimed was responsible for silencing dissenters. She also praised the Palestinian martyrs of the Gaza conflict and suggested Australia was complicit in genocide against the Palestinian people.
Minns said he underwood how it could be tempting for festival programmers to engage such artists.
But it has big implications for the launch and the viability of the organisation from a financial perspective.
You can’t expect the taxpayer to step in two or three years down the line, because you’ve turned away all your funding and all your supporters and all the ticket sales, and then come to the taxpayer and say: ‘Can you bail us out?’
These are public conversations. They’re not held in private. Everybody’s got an obligation to either lower the tone, and try not to put on a pedestal people who are determined to rip the social fabric of our community apart.
DJ Haram has not responded to the Guardian’s request for comment. She has already left Australia. The biennale says it is conducting an internal review into the matter.
PwC has demanded the biennale remove all its logos and branding from event material and has cancelled an associated event for its clients scheduled for Thursday night. A spokesperson said PwC’s support had been both financial and contra, but the company was not the biennale’s auditor.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: theguardian.com
