Hi there. It's Tuesday, November 1 and you're reading The Loop, a quick wrap-up of today's news.
Let's start here
The Reserve Bank today raised its cash rate target by 0.25 of a percentage point, bringing it to 2.85 per cent — the highest it's been since May 2013.
NAB was the first major bank to announce its response to the RBA's decision. It's lifting rates on variable mortgages by 0.25 of a percentage point from November 11.
"The board expects to increase interest rates further over the period ahead," RBA governor Philip Lowe has warned.
What else is going on
- An Indigenous leader in Western Australia is calling for more Aboriginal-led mines in a lucrative northern corner of the state after condemning mining royalties at an event hosted by Andrew Forrest's company
- Tesla founder Elon Musk says he will serve as chief executive of Twitter after finalising his takeover of the social media network last week. He fired Twitter's previous chief executive Parag Agrawal and other top company officials as soon as the takeover was complete
- A University of Queensland-led study has found COVID-19 activates a similar inflammatory response to Parkinson's disease, but scientists say it's too early to cause alarm, with more work needed into how the virus affects the brain.
What Australia has been searching for online
- The Block. ICYMI, final reveals were last night, ahead of 2022 auctions hitting our TV screens this weekend. My head says house one, my heart says house two or five. My bank account says "good luck with that".
- Tim Roth. The musician and actor's 25-year-old son, Cormac, has died "peacefully in the arms of his family who loved and adored him" less than a year after being diagnosed with cancer.
One more thing
The Melbourne Cup looked, um … breezy.
If you're here for actual results, the 2022 Melbourne Cup was won by Gold Trip, ridden by Mark Zahra and trained by Ciaron Maher and David Eustace.
Second was Geelong Cup winner Emissary and Bendigo Cup winner High Emocean ran third.
Interpretation, also trained by Ciaron Maher and David Eustace, did not finish the race but was reportedly just "eased out" early, not injured.
If you missed the race, you can relive it here.
You're up to date
Thanks for reading.
ABC/wires
