Welcome, readers, to the Afternoon Update.
There may have been a collective sigh of relief for mortgage holders around the country today as the Reserve Bank of Australia (RBA) kept the cash rate unchanged at 4.35% for a sixth meeting in a row.
The decision was widely expected by economists after market turmoil around the world lopped $160bn from the value of Australian shares over two days before stabilising today. The RBA said that “globally, financial markets have been volatile of late and … and geopolitical uncertainties remain elevated”.
Although the RBA acknowledged that inflation was “proving persistent”, Treasurer Jim Chalmers said “we are confident we can continue to see inflation moderate, we’re confident that we can continue to grow”.
Top news
Reynolds ‘incredulous’ Labor planned to ‘rain hell’ over Higgins accusation | On day three of the defamation trial brought by the Western Australian Liberal senator, Linda Reynolds, against Brittany Higgins, the court has heard Reynolds’ account of events after Higgins’ alleged rape in Parliament House in 2019.
Human remains found inside crocodile | Queensland police said a formal identification process was under way and a report would be prepared for the coroner, but the remains were believed to be those of a missing 40-year-old New South Wales man.
Sydney mailbox scam falsely claiming to be from NSW Health | A mailbox scam in Sydney claiming to be from NSW Health, that included a small bag of an unknown substance placed in someone’s letter box, has been reported to police. The state’s health minister, Ryan Park, urged people to dispose of the scam letters immediately.
Trump says he has ‘no choice’ but to back EVs | After months of denigrating electric vehicles – including suggesting that supporters of the greener cars should “rot in hell” – Trump has made an about-face because he was endorsed by Elon Musk.
Unrwa staff members ‘may have been involved’ in attack | The UN has fired nine staff from its agency for Palestinian refugees after an internal investigation found they may have been involved in the Hamas-led 7 October attack against Israel. Unrwa employs 32,000 people across its area of operations, 13,000 of them in Gaza.
German court due to rule on ‘from the river to the sea’ case | A 22-year-old German woman is accused of “condoning the assault by Hamas” by using the slogan “From the river to the sea, Palestine will be free” during a protest on 11 October in a case that is expected to test Germany’s limits on free speech.
Dustin Martin announces retirement | The three-time Norm Smith medallist, triple premiership player, Brownlow medallist, *catches breath* four-time All Australian, three-time Gary Ayers medallist, and dual Jack Dyer medal winner will be hanging up his Tigers jersey effective immediately.
Olympic Games: Australians in action on day 11 in Paris | From the heartwarming Fox family Olympic dynasty to odd “shushes” from the crowd, catch up on the latest at the Paris games, and prepare for the next round of Australian glory.
Second World War veteran Tom Pritchard dies | Pritchard, the last surviving Rat of Tobruk was described by Anthony Albanese (and two ministers) as a larrikin, selfless and with a wicked sense of humour. Pritchard was 102 years old.
Australian politics podcast
The next steps after an ‘extraordinary’ apology
Recently, the Northern Territory’s police commissioner, Michael Murphy, issued an apology to the Indigenous people of his jurisdiction. Murphy speaks to Guardian Australia’s political editor, Karen Middleton, about the reasons behind the apology and the changes he plans to make to the police force.
What they said …
***
“It felt like a war” – Simon, Tasty nightclub patron.
The Tasty nightclub was raided by Victoria police 30 years ago. How are those who were there that night marking such a dark anniversary? They’re throwing a big camp party.
In numbers
Fears of a US recession loom as big bets in AI and US tech titans fall short amid massive global sell-offs. European markets struggled, Wall Street suffered its worst day in almost two years but Japanese stocks have rebounded.
Before bed read
The vintage fur debate: does it honour an animal or normalise cruelty?
Furry looks are back in fashion. Whether faux, secondhand or inherited, there are environmental and animal welfare issues to consider, and other ways to reuse old pelts.
Daily word game
Today’s starter word is: LEAT. You have five goes to get the longest word including the starter word. Play Wordiply.
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