The Loop: Why interest rates are rising, Albanese to visit flood-affected NSW, protester interrupts hot-dog-eating contest, Russia claims victory in Luhansk

Hello, it's Tuesday, July 5. Here's what you need to get caught up on today's news.

One thing to know: interest rates have gone up … again

Here's the lowdown:

• Australia's RBA has lifted the cash rate to 1.35 per cent. That's up 0.5 percentage points from 0.85 per cent last month.
• That rise is mostly to curb rising inflation, which is affecting such things as the cost of food, fuel and materials.
• The nation's Consumer Price Index, which measures inflation, is currently at 5.1 per cent, and is expected to peak at 7 per cent later this year.
• In future, the RBA will need to keep adjusting interest rates to slow down inflation and keep it within its target range of 2-3 per cent.
• So what does the rate rise mean for you? Our mortgage calculator shows how much more you will have to pay each month:

 (Remember, individual lenders decide how much of the rate rise to pass on to customers, so check with yours to get an exact amount.)

We heard a lot about the floods in NSW

Prime Minister Anthony Albanese will visit flood-affected areas tomorrow, along with New South Wales Premier Dominic Perrottet.

Here's what's in store, weather-wise:

• Sydney's wet weather is expected to ease later today and into tomorrow as the heavy rain moves north.
• The weather bureau expects the largest falls to be over the Hunter and Central Coast, before the system heads further north tonight.
• From tomorrow, the focus of the heaviest rainfall is expected to be over the state's Mid-North Coast.
• More than 100 evacuation orders are in place, affecting about 50,000 people.

Australians are searching for 'Joey Chestnut'

Joey "Jaws" Chestnut was the winner of New York's annual Fourth of July hot-dog-eating contest.

Jaws downed 63 hot dogs and buns, while Miki Sudo chomped 40 franks to win the women's event. 

There was a bit of drama when the contest was interrupted by a protester wearing a Darth Vader mask who rushed the stage with a sign saying: "Expose Smithfield's Deathstar."

Hot dog eater chokes out Darth Vader to win Independence Day contest.

Smithfield manufactures Nathan's hot dogs and it has been accused of animal cruelty in the past.

News you might have missed

• More than 10,000 Australians have died of COVID-19, with 80 per cent dying this year. Now there are calls for a fourth vaccine dose to be made available to the general public, including from the NSW Health Minister.
• In Toowoomba, 12 members of a religious group have been arrested over the death of an eight-year-old girl who was allegedly denied medical care for her diabetes.
• US police have arrested a 22-year-old person of interest after six people were shot dead and dozens were injured at a July 4 parade in Chicago, while two police officers received non-life-threatening wounds after being shot at another July 4 event in Philadelphia.

One more thing: a Russia-Ukraine war update

Here's the latest:

• Vladimir Putin's forces have claimed a key region in Ukraine's east.
• The Russian President declared victory in Luhansk, one day after Ukrainian forces withdrew from Lysychansk, their last wall of resistance in the province.
• Luhansk is one of two regions in Donbas, the greater eastern region of Ukraine.
• Russian forces have now set their sights on their next objectives in Ukraine's eastern Donetsk province.

That's it for now

We'll be back tomorrow with more.

ABC/wires