Welcome, readers, to Afternoon Update.
Australian borrowers have been granted some additional breathing space today with the RBA holding interest rates steady for the third month in a row.
The cash rate will stay at 4.35%, a 12-year high, in a move that was widely anticipated by economists. While the inflation rate does appear to be tapering off, the RBA accepts that it “remains high”, and the timeline for when it will enter the target range of 2-3% is uncertain.
“This decision is a reflection of the good progress we’re making as a country in the fight against inflation,” the treasurer, Jim Chalmers, told parliament. “It gives us confidence that inflation is moderating in welcome and encouraging ways.”
Top news
Rowland defends ABC’s independence | The communications minister, Michelle Rowland, has emphasised the ABC’s editorial independence, in response to complaints from the Ukrainian ambassador Vasyl Myroshnychenko about Monday night’s Four Corners program spotlighting the perspective of Russian troops on the frontline. Myroshnychenko called the program “a bowl of vomit”.
Victoria announces unexplained wealth laws | Organised crime figures who splash out on yachts, penthouse suites and sex workers will be targeted by the Victorian government, under new laws that will force them to repay any wealth they cannot prove was lawfully acquired.
Postecoglou and Matildas return for exhibition game | Ange Postecoglou and Arsenal’s three Matildas will return to Australia for two exhibition fixtures in May designed to tap into the international success of the country’s best football exports.
Sydney neighbour dispute leads to alleged hit and run | A man and woman, both in their 40s, have been taken to hospital after an alleged hit-and-run incident in Sydney’s west. Police said the pair was allegedly hit by an SUV in Doonside “following reports of a neighbour dispute”. A 27-year-old man was arrested nearby.
US supreme court denies Trump ally’s bid to avoid prison | Peter Navarro, who served as trade adviser during Trump’s presidency, is set to become the first senior member of his administration to be imprisoned for actions related to the attempt to overturn Trump’s 2020 election loss.
Musk and Murdoch RBG awards revoked | The move came a day after James Ginsburg, Ruth Bader Ginsburg’s son, called the decision to give Elon Musk and Rupert Murdoch RBG awards – originally known as Justice Ruth Bader Ginsburg Woman of Leadership awards – a “desecration” of the memory of his mother.
Rose Dugdale dies aged 83 | Dugdale, who went from a background of wealth and privilege in England to become an IRA militant and bomb maker, has died in Dublin.
No nuclear weapons in space | The US and Japan are sponsoring a UN security council resolution calling on all nations not to deploy or develop nuclear weapons in space, the US ambassador has announced. The UN secretary general, António Guterres, briefed the council, saying “humanity cannot survive a sequel to Oppenheimer”.
How did your relationship survive infidelity? | Many consider sexual affairs to be the ultimate dealbreaker, but some couples can overcome these transgressions. If that is you, we want to hear how you did it.
In pictures
The real barbecue stopper: how much democracy is in a democracy sausage?
Just wait and see in this cartoon by Fiona Katauskas.
What they said …
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“We know that pill testing saves lives, so the time for talk is over; we need action.” – the Royal Australian College of General Practitioners
The RACGP have urged the Victorian government to follow coronial recommendations and introduce a pill-testing trial at fixed and mobile sites. There is a precedent – Queensland introduced pill testing last year and the ACT has also implemented pill testing at some events.
In numbers
The regulator released its draft default market offer for 2024-25 on Tuesday, setting a guide for electricity prices in New South Wales, South Australia and south-east Queensland.
The majority of households can expect price cuts of 0.4%-7.1%. Victoria’s Essential Services Commission released a separate draft decision, with average residential bills falling 6.4% and 7% for small businesses.
Before bed read
In the busy waters between China and Taiwan, the de facto border is being tested
After a fatal capsize off Kinmen island, China has rejected the existence of the prohibited waters line, which has been tacitly respected since the 1990s, writes Helen Davidson and Chi Hui Lin.
Daily word game
Today’s starter word is: WEED. You have five goes to get the longest word including the starter word. Play Wordiply.
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