The economy is losing steam, inflation is beginning to ease and unemployment is up – three trends the Reserve Bank wants to see as it considers a 10th consecutive hike to interest rates.
Australia’s GDP grew 0.5% in the December quarter, slower than the 0.8% tipped by economists, while inflation in January was 7.4% – down from 8.4% in December and short of the 8.1% predicted by economists. Unemployment also rose in January from 3.5% to 3.7%.
“I’m confident the worst of inflation is behind us rather than ahead of us,” the treasurer, Jim Chalmers, said.
Will it be enough to convince the RBA not to raise interest rates next week? Probably not, according to our economics correspondent, Peter Hannam, who said: “The RBA remains an odds-on favourite to lift its key interest rate when its board meets next Tuesday. At its February rates meeting, the RBA made it clear more interest rate rises were in the works and it would be require an abrupt change of course for them to avert a 10th rate rise in a row next week.”
Top news
Rajwinder Singh lands in Australia | The man suspected of murdering Cairns woman Toyah Cordingley in 2018 touched down at Melbourne airport today, escorted by Queensland police officers. Singh was extradited from India and taken to a Melbourne magistrates court before an expected move to Cairns.
Regional towns squeezed by population influx | The post-pandemic sea change is real, raising concerns of pressure on services in regional communities. Thirteen regional local government areas around the country recorded a jump in net internal migration levels of more than 100% through 2022 – with regional Queensland and Victoria taking the largest share of movers.
$26m for LGBTQ+ health research | The federal government announcement has been hailed by Equality Australia as a “gamechanger” that “will save lives”. The government will also announce a 10-year national action plan for the health and wellbeing of LGBTIQA+ people, to address health disparities and improve systems.
Labor leading in NSW polls | With less than three weeks before the 25 March state election, the Resolve Political Monitor poll is pointing to a majority Labor victory. It found Labor’s primary vote had increased one percentage point to 38%, while the Coalition’s had dropped two points to 32%.
Deadly Greece train crash | At least 32 people have been killed and dozens injured after a head-on crash between passenger and cargo trains near the town of Tempe in central Greece.
Finland building fence on Russian border | Helsinki is boosting its security as it edges closer to joining Nato, with construction of a new fence along parts of its 1,340km border with Russia. Finland and neighbouring Sweden abandoned decades of non-alignment to apply for Nato membership after Russia’s invasion of Ukraine.
China hits back over TikTok bans | The US decision to ban Chinese-owned TikTok on government devices is “abusing state power”, a Chinese foreign ministry spokesperson has said. China – which itself has banned YouTube, Twitter, Facebook and Instagram – said the US was showing its insecurities by fearing “a young person’s favourite app”. Canada joined the US on the ban this week, while the Australian treasurer Jim Chalmers today said Canberra would look to national security agencies to decide whether to follow suit.
Walking 11 minutes a day | … could prevent 10% of premature deaths, according to the largest ever study of its kind. It equates to 75 minutes of moderate intensity activity a week, which is also enough to reduce the risk of cardiovascular disease by 17% and cancer by 7%. So, get walking!
Full Story
The money, rules, and major players behind the voice referendum
The yes and no campaigns are beginning to heat up – with donations rolling in, powerful groups and individuals vowing support, and events being held around the country. Who are the major players? We discuss in this 24-minute podcast episode.
What they said …
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“Let’s talk about our whole tax system. Not just one tax at a time … We need to consider other tax options. For example – what about a minerals resource rent tax for future mining?” – Allegra Spender
Tax is all the rave in Canberra this week, after the government announced its plan to change superannuation tax concessions. While the right have attacked Labor’s tweak to super, independents such as Spender want the government to go beyond superannuation, noting the huge profits made by fossil fuel companies in the wake of the Ukraine war.
In numbers
It’s a 15% increase on the previous reporting period, which Queensland police are attributing to better reporting of violence against partners and family members.
Before bed read
Modern science and ancient mythology have found a point of convergence on whales.
Old Norse mythology refers to a large sea creature – the hafgufa – that lies still with its mouth open waiting for fish to hop right in. A maritime archaeologist at Flinders University in Adelaide has recently discovered the ancient texts were describing – albeit more colourfully – a whale feeding technique that scientists have only documented in recent years.
Daily word game
Today’s starter word is: IRES. You have five goes to get the longest word that includes the starter word. Play Wordiply.
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