Interest rates left on hold at 4.1 per cent; Australia to launch a new economic strategy to deepen ties with countries in Southeast Asia; and in Tennis, Australian 13th seed Alex de Minaur knocked out of the US Open.
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TRANSCRIPT
- Interest rates left on hold at 4.1 per cent for the third month in a row
- Australia to launch a new economic strategy to deepen ties with countries in Southeast Asia
- In Tennis, Australian 13th seed Alex de Minaur knocked out of the US Open
Australia's interest rates have been left on hold at 4.1 per cent.
The Reserve Bank board decided to maintain the pause for a third month in a row.
RBA governor Philip Lowe says further interest rate rises are still a possibility.
Treasurer Jim Chalmers says the decision is a welcome relief for many.
"This is a third month in a row that rates have been kept on hold. A third moment of relief and reprieve for many Australians and small businesses that we know are already under the pump, particularly those who have come off fixed rates, and the half a million more who will transition before the end of the year."
The back-to-back months on hold follow four percentage points of increases since May last year that have been piling pressure on borrowers.
Monthly repayments have gone up by $1,217 on a $500,000 home loan during the RBA's latest tightening cycle, according to comparison website Canstar.
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Prime Minister Anthony Albanese says he has a lot he wants to achieve on his trip to Indonesia for the ASEAN conference - and then to India for the G20 Leaders’ Summit.
He flies out tonight for those meetings, but also plans to travel to Manila and meet with President Ferdinand Marcos Jr on Friday.
The bilateral visit to the Philippines is the first by an Australian prime minister since 2003.
Addressing parliament during question time, he says a new economic strategy will be launched tomorrow building closer ties between Australia and countries in Southeast Asia.
"We have Indonesia one of the world's largest economies. And one of the world's largest democracies just on our doorstep. But the truth is Indonesia is not even in our top trading partners. We need to do better. This blueprint does just that. It provides an opportunity to maximise those opportunities for Australian businesses and workers in the most dynamic region in the world. Southeast Asia is the centre of global activity and business."
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Vanuatu's new prime minister says the Pacific island nation will likely need to rethink a security agreement signed with Australia.
Less than a day into his tenure, Sato Kilman said the parliament was unlikely to ratify the agreement with questions raised about it being in Vanuatu's best interests.
This is the fifth time Mr Kilman has been elected prime minister. His most recent term was back in 2016.
On Monday, he was elected 27 votes to 23 in a secret ballot after a court upheld the results of a no-confidence motion in Ishmael Kalsakau.
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Issues affecting First Nations children are front and centre at a three-day gathering of 1,500 delegates in Darwin.
The national non-government body representing First Nations children, SNAICC, is holding its tenth national conference.
The group's chair, Muriel Bamblett, says it is an important opportunity to talk about the ways forward in closing the gap between Indigenous and non-Indigenous children.
"We are sectors from child welfare, family violence, homelessness, justice, all areas where children are over-represented, obviously. Our focus is to close the gap. A lot of work needs to be done, particularly here in the Northern Territory - but across our nation to improve outcomes for obviously the most vulnerable children in our country."
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There's a fresh crackdown on advertising and regulations for botox, fillers and other cosmetic procedures.
All registered practitioners will be expected to adhere to new rules around treatments and how they are advertised in early 2024, with consultation set to begin in coming months.
They are likely to place a stronger emphasis on pre-procedure consultations and informed consent, including for prescription-only cosmetic injectables like botox.
Australian Health Practitioner Regulation Agency chief executive Martin Fletcher said the organisation wants to ensure practitioners are doing everything necessary to keep the public safe.
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And in sport,
Former world number one Daniil Medvedev has defeated Alex de Minaur in four sets to prevent the Australian 13th seed from making back-to-back quarter finals at the US Open.
De Minaur won the first set before the 2021 champion Medvedev found his best form of the tournament to race to a win.
It leaves Australia without any players in the men's or women's singles draws.
