The Reserve Bank raises interest rates once again in an effort to quell inflation, Anthony Albanese receives a formal welcome in Beijing, and jockey Mark Zahra wins the 2023 Melbourne Cup on 'Without a Fight'.
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TRANSCRIPT
- The Reserve Bank raises interest rates once again in an effort to quell inflation.
- Anthony Albanese receives a formal welcome in Beijing.
- And in sport, jockey Mark Zahra wins the 2023 Melbourne Cup on 'Without a Fight'.
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Treasurer Jim Chalmers says the government is not considering cutting fuel excise tax as a way to help Australians cope with yet another interest rise.
The Reserve Bank has lifted interest rates again with the official cash rate is now 4.35 per cent, up from 4.1 per cent.
It's the first rise in four months, and the cash rate is now at its highest point in twelve years.
The Reserve Bank has again cited stubbornly high inflation as the reason for the rate rise.
Dr Chalmers admits this latest rise will hurt very vulnerable Australians.
He says the primary driver of the most recent inflation figures was petrol prices.
But he says those are a result of things beyond the government's control- and the government is trying to help people cope with cost-of-living pressures in other ways.
"Well, we've seen some extreme volatility in petrol prices in recent months, that is largely a consequence of a decision taken by the oil-producing countries to wind back supply. We've seen some wild fluctuations in different markets around Australia. We're not currently working up any proposals on the fuel excise. We are focused on rolling out 23 billion dollars of cost-of-living help, which is designed to take some of the sting out of these inflationary pressures."
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Prime Minister Anthony Albanese has been officially welcomed with a military guard of honour at the Great Hall of the People in Beijing, on the final day of his visit to China.
The Prime Minister shook hands with Chinese Premier Li Qiang in front of Australian and Chinese flags as a military band played the countries' national anthems.
Accompanied by Foreign Minister Penny Wong, Mr Albanese told officials that Australia's proximity and population ties with China made them important partners now and in the future.
"That is why the full resumption of free and unimpeded trade between our two countries so important, it's why we should work together to address shared challenges like climate change and environmental degradation, food security and transnational crime, and why we should discuss ways to shape a regional and global order that is peaceful, stable and prosperous where countries respect each other's sovereignty and meet their obligations under international law and conventions."
Last night, Mr Albanese also met with President Xi Jinping and discussed issues such as trade, defence and human rights.
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The government of Western Australia has imposed new restrictions on the use of e-cigarettes, as part of a plan to reduce their use in schools.
The government says students who are found with a vape in school may miss out on a variety of activities including excursions, camps, or even their school ball.
Education Minister Tony Buti says the new policy will bring all public schools on board, after previously leaving them to devise their own solutions to the growing problem.
Mr Buti says it will involve four different measures.
"One is the loss of good standing of any student who is caught with a vape or vaping. We are also ensuring that the mandatory programs or education from years five to seven, we're also going to have a 24-month trial period of vaping detectors in 10 schools that are throughout Australia in the metro area, and also the region."
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In sport,
Racing horse ‘Without A Fight’ has won the Melbourne Cup.
Soulcombe finished second, and Sheraz finished third in the 3,200 metre race at Melbourne Flemington Racecourse.
It's a second Melbourne Cup victory in row for jockey Mark Zahra.
He chose to ride ‘Without A Fight’ in this year's race, instead of Gold Trip, the horse he rode to victory last year.
He told the Ten Network that last year's victory was of immense value this year.
"I must say, I reckon winning one helps you a lot. You're just so much more confident, you know? Because, if you haven't won one, you're like, I might never get the chance, I might never get the chance. When you've won one, you're thinking: if I stuff up, at least I've still got one to go home to. It's not the end of the world. So, you can ride with a lot of confidence."
‘Without A Fight’ is the first horse to win both the Caulfield and Melbourne Cups in the same year in 23 years.
