Good afternoon. About one in 20 mortgage holders are spending more than they earn because of higher interest rates and cost-of-living increases.
That share should halve by the end of 2025, the Reserve Bank said in its latest financial stability review, which also found most borrowers are keeping up with rising debt repayments.
Ongoing strength in the labour market, which saw unemployment unexpectedly dive to 3.7% last month from 4.1% in January, has helped most borrowers meet their debt repayments despite borrowing costs rising about 30% to 60% since the RBA started hiking its cash rate in May 2022.
Top news
Baby killer refused release from jail | Keli Lane (pictured), convicted in 2010 of murdering her newborn daughter in 1996, has been denied parole after spending 13 years behind bars. The New South Wales state parole authority knocked back her first bid for release in a test of so-called “no body, no parole” laws introduced in 2022.
Beau Lamarre removed from NSW police force | A New South Wales senior constable accused of killing two men using his police weapon has been sacked from the force. The 28-year-old is being held in custody after being charged with the alleged murder of Jesse Baird, 26, and Luke Davies, 29, in Sydney’s east.
Faith leaders reject report on LGBQ+ discrimination exemptions | Faith leaders have hit back after a landmark report called for the repeal of exemptions allowing religious schools to discriminate against LGBTQ+ staff and students. The open letter says faith leaders are “deeply disappointed” with the proposed reforms, and said the recommendations will “prevent the overwhelming majority of faith-based schools from preferring persons who share and authentically live out their faith”.
Cyclist killed in race across Australia | One cyclist is dead and another is seriously injured after separate incidents on a remote Western Australian highway, the Eyre Highway, on Thursday morning, while participating in the Indian Pacific Wheel Race.
Crocodile captured after walking into Queensland service station | A freshwater crocodile has surprised residents by wandering into a north Queensland service station, prompting an unusual call to police. The snappy customer was spotted wandering into the Townsville business on Tuesday night.
EU and US pile on pressure for Gaza ceasefire | EU leaders have overcome their differences to call for an “immediate humanitarian pause leading to a sustainable ceasefire” in Gaza, hours before the US is expected to bring a resolution to a vote at the UN calling for a truce and a hostage deal without delay in the face of a looming famine.
Reddit shares soar | Social media platform Reddit’s shares ended their first day of trading in New York up 48%, valuing the company at more than $9bn. The long-awaited IPO had been in the works for more than two years.
Keir Starmer calls for England to scrap football kit with new St George’s Cross design | The UK Labour leader has called for England’s new kit for the Euros to be scrapped, following the decision to swap in a multicoloured St George’s Cross for the traditional red and white one on the shirt.
Everest climbers prepare to pick up their own poo | Mountain climbers are preparing for a new rule demanding they carry their faeces in biodegradable bags as they trek up and down the mountain. The permanent change aims to reduce pollution from human waste by making visitors remove their faeces.
What they said …
***
“Mike, this is a political career killer if you do this.”
Donald Trump warned his vice-president, Mike Pence, that he was risking his career by refusing to block certification of Joe Biden’s election victory, according to newly released testimony from a presidential valet.
Trump told Pence that by phone on the morning of January 6, the New York Times reported, citing a transcript of testimony to the House committee that investigated the deadly attack on Congress that unfolded later that day.
In numbers
The proportion is up from one in five at the start of 2022, continuing the industry’s run of worsening results. According to the latest monthly report from the transport department’s research bureau, 4% of flights were cancelled in February.
Before bed read
“Why is tallness so important? Is it because you, as a woman, want to feel small, like Stuart Little? Are you afraid of your own power?”
Women buying into heterosexual dating culture’s obsession with height need to open their minds and get themselves a footstool, writes Rebecca Shaw.
Daily word game
Today’s starter word is: PROP. You have five goes to get the longest word including the starter word. Play Wordiply.
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