TRANSCRIPT
- Interest rate remains 3.6 per cent
- Police charged 18 people over $60 million drug bust...
- Horse Half Yours wins the Melbourne Cup for 2025.
Interest rates have been left on hold with the cash rate at 3.6 per cent, for the second time in a row.
The Reserve Bank of Australia's board says recent data suggests some inflationary pressure may remain in the economy, which has lead to the decision to keep the interest rate unchanged.
The decision was made despite a surprise surge in inflation in the September quarter from 2.1 per cent in June quarter to 3.2 per cent.
The RBA board will have its final meeting this year in December.
Treasurer Jim Chalmers says he understands many Australians who were looking forward to a rate cut will be disappointed by the decision.
"I acknowledge and we acknowledge, that even with this progress we've made, Australians are still under pressure. Those three interest rate cuts are providing a little bit of relief, but we know that many Australians would have preferred to see more relief delivered today. We've got inflation down, we've kept unemployment low, the economy continues to grow, the private sector is recovering in welcoming ways, we got real wages growing, and interest rate's fallen three time this year, but we always know that there's more work to do."
The interest rate was a key focus in Question Time, with the Coalition criticising Labor for failing to drive down the rate.
The Opposition leader Sussan Ley accuses Labor of reckless spending.
"Prime Minister, Australians have just been denied a Christmas rate cut, because of Labor's reckless spending. 32 per cent of households are going without food or skipping meals, and in some suburbs, 90 per cent are struggling to pay their mortgage, Labor has just killed a Christmas rate cut. Is this what the Prime Minister meant when he promised life would be cheaper under him?"
In response, Prime Minister Anthony Albanese says Ms Ley's question contain what he calls rhetorical flourishes before detailing his government's cost of living relief.
Climate Change Minister Chris Bowen says Labor's new policy offering three hours of free electricity to solar-ready households will maximise savings for Australians.
The three hours of free electricity will be part of Labor's Solar Share program announced today.
It will be first implemented in New South Wales, south-east Queensland and South Australia from July next year in homes with smart meters, regardless whether they have installed rooftop solar panels or not.
Mr Bowen says Australian households can use these three hours of peak solar production time to conduct dishwashing or charge their electric vehicles to save money.
"We are a solar nation, we've 4.2 million houses with solar panels on their roofs. That means we have lots of electricity in the middle of the day and often, electricity prices are negative in the middle of the day, energy companies are not paying for the power they'd provide in the middle of the day. So we will require part of the default market offer in those states where it applies, energy companies to make that part of their offer under DMO."
Police have charged 18 people and seized a combined 269 kilograms of illicit drugs estimated to be worth $60 million.
New South Wales Police, Western Australia Police and Australia Federal Police have launched a joint investigation into a national drug syndicate over large-scale supply of illicit drugs across Australia.
Between May and October 2025, police detectives executed 30 search warrants across New South Wales and Western Australia, and 18 people have been arrested.
New South Wales Police Detective Superintendent John Watson says while the focus of this operation is on New South Wales and Western Australia, the investigation has found the syndicate has connections in every state and territory.
"They had the means and their disposal, regardless of the type of drug to receive it, to break it open, and to move it. They were well organised, they were very capable in doing it in very short time frame, and as I said previously, moving multiple consignments. So this was a real breakthrough for law enforcement, being able to work at both ends of Australia, from coast to coast."
China has extended its free-visa policy to next year, meaning Australians can continue to travel to China for 30 days without applying for a visa in advance.
China launched the visa-free policy last year to 31 countries - including Australia - last year in an attempt to boost the country's tourism amid economic slowdown.
Its Foreign Ministry has announced it will extend the scheme for one more year, while also including Sweden in the visa waiver program.
Half Yours has won the Melbourne Cup for 2025 in cold and drizzly conditions at Flemington.
Jamie Melham steered Half Yours to victory to complete a historic double win.
Weeks ago Melham became the first female jockey to win the Caulfield Cup.
Goodie Two Shoes finished second ahead of Middle Earth.
