Updated at\u00a022.36 EDT<\/p>\n
Key events<\/p>\n
A map of the region affected by the flash flood in Nepal<\/p>\n
A map of the region affected by the flash flood in Nepal<\/a>Share<\/a>Household spending grows at fastest rate since mid-2023 \u201cAustralians might be telling pollsters they\u2019re doing it tough, but their credit cards clearly haven\u2019t got the memo.\u201d<\/p>\n That quote from an investment strategist neatly sums up figures from this morning which show we are in the midst of a surprising and counterintuitive boom in household spending.<\/p>\n The Australian Bureau of Statistics showed spending jumped by 1.1% in the month of July (nearly four times as fast as expected), which brought the annual growth rate to 7% \u2013 the fastest pace in more than three years.<\/p>\n Household spending rates<\/a><\/p>\n The ABS\u2019s monthly release pulls together de-identified card transactions, supermarket scanner data and motor vehicle sales figures.<\/p>\n It\u2019s not just we\u2019re being forced to fork out more on groceries and petrol: spending on non-essentials was up an even bigger 7.8% in the year to July as we splurged on clothing and footwear and attended sporting and cultural events.<\/p>\n This is all while consumer confidence is in the dumps and real wages go backwards.<\/p>\n Part of the increase in spending is explained by higher prices, but Belinda Allen, the head of Australian economics at CBA, admits it\u2019s hard to explain.<\/p>\n \u201cIt is challenging to unpack, because we are getting mixed signals from a number of different sources,\u201d Allen says.<\/p>\n She suspects some of the spending strength in July could be some payback from the initial caution that greeted the start of the Middle East conflict.<\/p>\n Maybe Australians are dipping into their savings to spend, and older households have been largely immune to higher interest rates and rents.<\/p>\n Whatever explains it, resilient spending adds to bets the Reserve Bank will need to do more to slow the economy if it wants to get inflation back to target.<\/p>\n Share<\/a><\/p>\n Updated at\u00a000.36 EDT<\/p>\n Two WA men arrested over alleged involvement in cybercrime syndicate linked to 500,000 stolen credentials<\/p>\n Two men from Western Australia have been charged<\/a> as part of an alleged cybercrime syndicate authorities say created malicious software to rob thousands of businesses around the globe.<\/p>\n The Australian federal police, WA police and the US FBI said in a joint release the men were charged with a combined 14 offences. Police will allege they were part of a \u201chighly organised syndicate\u201d that involved \u201clarge-scale cybercrime offending, including data intrusion, identity crime, and cryptocurrency-based money laundering\u201d.<\/p>\n Police will allege the syndicate inserted malicious code into software on an open-source platform, which was then used unwittingly by other developers. That infected software was then distributed to computer systems across governments, academia and the private sector which allegedly allowed the syndicate to harvest or steal data.<\/p>\n Police allege the code compromised more than 1,000 organisations and enabled the theft of more than 500,000 credentials. The financial impact is expected to be hundreds of millions of dollars in global remediation costs.<\/p>\n The men, aged 21 and 23, are scheduled to appear in court today.<\/p>\n Share<\/a><\/p>\n Updated at\u00a000.29 EDT<\/p>\n Glacial collapse caused huge flood leaving hundreds dead or missing in Nepal<\/a> and Tibet<\/p>\n A glacial collapse triggered the catastrophic flash flood in Nepal and Tibet that roared down valleys, wiping out entire villages and leaving a preliminary death toll of at least 165 people, the US Geological Survey said. Rescuers on Thursday raced to locate the hundreds missing, including nationals from India, the US, UK, Australia and Canada.<\/p>\n A security force member and his sniffer dog search for survivors. Photograph: Navesh Chitrakar\/Reuters<\/p>\n Early reports from Nepali \u200bofficials initially suggested an earthquake in the area could have caused the lower part of a glacier to collapse and trigger \u200cthe floods. But the US Geological Survey later said what was initially reported \u200cas a 4.4 magnitude earthquake was a seismic shock generated by glacial rock and ice collapsing and the flow of debris. \u201cNo earthquake had occurred.\u201d<\/p>\n An initial study of Planet Labs satellite imagery indicated that a landslide of ice and rock triggered the debris-laden flood in the Lhende River, about 20km north-east of the Nepal-China Rasuwagadhi border crossing, Nepal\u2019s national disaster authority said. Experts say the risk of such events is compounded by the extreme topography of the Himalayas.<\/p>\n Read more:<\/p>\n Share<\/a><\/p>\n Updated at\u00a000.06 EDT<\/p>\n Japanese artist Yayoi Kusama dies aged 97<\/p>\n Yayoi Kusama, the Japanese outsider artist who reached superstar status after decades living in a psychiatric hospital, has died aged 97.<\/p>\n Kusama died in a Tokyo hospital on 14 August, her studio announced in a statement on her website on Thursday.<\/p>\n \u201cThroughout an extraordinary lifetime devoted entirely to artistic creation, Kusama pursued an internationally acclaimed career as a pioneering avant-garde artist whose creative practice encompassed visual art, performance, fiction, and poetry,\u201d the statement read.<\/p>\n double quotation markShe continued to paint until her final days, never setting aside her brush, and continued exploration of forever love and eternal soul.<\/p>\n Read more here:<\/p>\n Japanese artist Yayoi Kusama, in 2012. Photograph: Kirsty Wigglesworth\/APShare<\/a> Queensland parliament farewells former Labor MP Jimmy Sullivan<\/p>\n Queensland parliament has held a condolence motion for the family and friends of former Labor MP Jimmy Sullivan, who died in April<\/a>.<\/p>\n Sullivan followed in the footsteps of his father, Terry, a fellow Stafford MP, who watched on from the public gallery on Thursday as a string of Labor MPs shared their memories.<\/p>\n A number of MPs spoke through tears. Many said they\u2019d known Sullivan for decades, at law school, serving as a staffer in the Paluszczuk government or in young Labor.<\/p>\n The Labor leader, Steven Miles, told parliament that when they were younger \u201cJimmy was the one we all agreed would make it\u201d.<\/p>\n \u201cWhile most of the rest of us scrapped our way to get ahead, Jimmy seemed set up,\u201d the former premier said.<\/p>\n double quotation markCharming, funny, smart, popular \u2013 he had a way of drawing people to him.<\/p>\n Jimmy Sullivan, seen in 2020. Photograph: Darren England\/AAP<\/p>\n The Labor whip, Mark Ryan, called Sullivan \u201cthe sentinel of Stafford\u201d, a man who knew people\u2019s names, and whose electorate office was always open.<\/p>\n Bundaberg MP Tom Smith said the last time he had spoken to Sullivan, the father-of-two told Smith his child had just learned how to call him \u201cdaddy\u201d.<\/p>\n \u201cThat\u2019s the memory that I want to remember. Jimmy Sullivan, who was proud to be a father, who was so happy to know that he was loved by his family,\u201d he said.<\/p>\n Labor retained Stafford at a byelection in May.<\/p>\n Share<\/a><\/p>\n Updated at\u00a023.40 EDT<\/p>\n Wong confirms additional Dfat personnel being deployed to Nepal<\/p>\n The foreign affairs minister, Penny Wong, says extra Dfat personnel have been deployed after deadly flash floods swept through the Nepal-Tibet border.<\/p>\n Speaking to the media in Adelaide, Wong said:<\/p>\n double quotation markWe are currently deploying further Dfat personnel, including crisis response, to the area.<\/p>\n I would anticipate that support will be needed. If you look at the footage and the destruction, we know this is a country that may not have the resources that will be needed to deal with the recovery by themselves.<\/p>\n With at least 34 Australians among those missing, Wong said the focus remains on finding them with the support of the Nepali government, the UN, the Red Cross and other humanitarian organisations.<\/p>\n double quotation markThe first point for us is to try and ascertain Australians\u2019 whereabouts and wellbeing. And secondly, we will look at what government assistance we can provide in the near future.<\/p>\n I would say to you at this stage, access and information are very limited given the scale of the disaster. We will do our best to confirm and ascertain whatever information we can.<\/p>\n Share<\/a><\/p>\n Updated at\u00a023.12 EDT<\/p>\n One dead and two injured in Canberra crash involving car and cyclists<\/p>\n One person has died and two others are in hospital after a \u201cserious traffic incident\u201d in Canberra reportedly involving three cyclists and a car.<\/p>\n ACT policing said the incident took place at about 6.30am on Gungahlin Drive. One person died at the scene and two were taken to Canberra hospital, one in a critical condition.<\/p>\n The driver involved in the collision is assisting police with their inquiries. The road is closed in both directions during the investigation and police said an hour ago it was expected to remain closed \u201cfor some time\u201d.<\/p>\n It\u2019s the 10th road fatality in the ACT this year.<\/p>\n Share<\/a><\/p>\n Updated at\u00a023.14 EDT<\/p>\n Aircraft debris found in waters off NT coast where pilot crashed<\/p>\n Aircraft debris has been found in waters off remote islands in Australia\u2019s north where a search is under way for a missing pilot after his plane crashed into the sea, AAP reports.<\/p>\n An Air Frontier twin-engined Beechcraft Baron aircraft went missing after taking off from Gove airport at Nhulunbuy on the Northern Territory coast with only the pilot aboard. The air charter company\u2019s plane was due to land at the remote Indigenous community of Numbulwar at 11.50am on Tuesday but never arrived.<\/p>\n A search led by Northern Territory police began after a witness on a vessel reported seeing the plane crash into the sea near Isle Woodah.<\/p>\n Police divers have been deployed to conduct searches of the sea floor in the vicinity of the crash site.<\/p>\n Search mission coordinator, Acting Sergeant Nathan Conelius, on Thursday told ABC Radio that in \u201ca little bit of good news\u201d aircraft debris had been found in the search area on Wednesday.<\/p>\n double quotation markThat\u2019s helped refine our search planning so we are more hopeful today of finding something else.<\/p>\n There were strong sea currents in the area that could move debris, he said.<\/p>\n Air Frontier CEO Kylie Hunt said the company was \u201cdeeply saddened\u201d by the accident and her thoughts were with the pilot and their family.<\/p>\n As a precautionary measure, the company has grounded all five of its Beechcraft Baron aircraft pending advice from authorities.<\/p>\n The Australian Transport Safety Bureau has initiated a crash investigation.<\/p>\n Share<\/a><\/p>\n Updated at\u00a023.13 EDT<\/p>\n Australian man fears friends in Nepal<\/a> have died<\/p>\n An Australian man says two of his friends who were working as tour guides on the border of Nepal and Tibet are feared dead after flash flooding.<\/p>\n Suman Shrestha says the two men cannot be contacted and last spoke to their families around 9am on Wednesday. He says their families are desperately seeking answers.<\/p>\n double quotation markI can see that lots of my friends are missing. This happened along a trekking line and they work as tourist guides.<\/p>\n It\u2019s hard. One of them is my close friend\u2019s brother. The other lived near my home in Nepal. I know them well. They were helping the tourists on their trips.<\/p>\n Their families know that they have been trekking in this area and now they cannot contact them.<\/p>\n The families are trying to get in contact with the government, but there is no proper way to search for them. There are no phone lines, there is no wifi. There is no way to contact them.<\/p>\n Share<\/a><\/p>\n Updated at\u00a022.18 EDT<\/p>\n Three in four major banks now predict another RBA rate hike The fallout from Wednesday\u2019s hotter than expected inflation number continues, with NAB now predicting the Reserve Bank will deliver a fourth rate hike next month, while CBA joined ANZ to now pencil in an increase to 4.6% in November.<\/p>\n Consumer price growth fell to 3.5% in the year to July, from 3.8%, but that was far less than hoped \u2013 analysts had predicted it would drop to 3.3%.<\/p>\n Even more concerning was underlying inflation \u2013 which removes the most volatile prices \u2013 which held at 3.6% through the year.<\/p>\n By either measure, inflation is far above the 2.5% the RBA is hoping to reach by the end of next year, and economists reckon one bad month will be enough to force the central bank\u2019s hand. NAB economists led by Sally Auld wrote this morning:<\/p>\n double quotation markThe RBA has repeatedly signalled in recent weeks that the monetary policy board would act if upside risks to inflation were realised.<\/p>\n The NAB team even warned that there was a risk of a further hike in November if the economy \u201cshows resilience\u201d in coming months.<\/p>\n Belinda Allen, CBA\u2019s head of Australian economics, also pencilled in a November hike, warning it could come in September. Allen said:<\/p>\n double quotation markThe path back to the RBA\u2019s target band was always expected to be gradual and left little room for upward surprises to inflation or growth.<\/p>\n That leaves Westpac as the only major bank not expecting higher rates this year.<\/p>\n Justin Smirk, a senior economist at Westpac, said the RBA will wait for a fuller picture in the September quarterly inflation report before drawing any firm conclusions.<\/p>\n \u201cOne month is not a trend,\u201d Smirk said.<\/p>\n Share<\/a><\/p>\n Updated at\u00a022.23 EDT<\/p>\n Environment group disappointed by H5 bird flu funding announcement for wildlife<\/p>\n The Invasive Species Council has described a government announcement of an additional $20m for wildlife affected by H5 bird flu as \u201cdeeply unserious\u201d.<\/p>\n The Albanese government said it would boost biosecurity spending by $125m in response to the deadly virus, in a cost-sharing arrangement with state and territory governments.<\/p>\n It has committed a further $20m specifically for wildlife \u2013 10% of the $200m conservation groups had called for. The government said it would seek matched contributions from the states and territories.<\/p>\n Invasive Species Council chief executive Jack Gough said:<\/p>\n double quotation markTwenty million dollars for wildlife resilience in the face of a wildlife disease that puts almost one in five of our native mammals and birds at high risk of severe population decline is deeply unserious.<\/p>\n Gough pointed to the $2.5bn bailout package recently announced by the federal and NSW governments for the Tomago aluminium smelter:<\/p>\n double quotation markRight now nature needs a bailout, but the government couldn\u2019t even find 1% of that investment.<\/p>\n The environment minister Murray Watt said the wildlife funding built on money already spent over \u201cseveral years\u201d preparing for the arrival of H5 bird flu:<\/p>\n double quotation markAs a result, our most at-risk species are in a better position to withstand and recover from the impacts of this virus.<\/p>\n Share<\/a><\/p>\n Updated at\u00a021.56 EDT<\/p>\n Nepali tour operator has lost contact with group including 15 Australians, just \u20181%\u2019 hope they have survived A Nepali tour operator says he fears that 15 Australians trekking with his company in a valley ravaged by flash flooding have died.<\/p>\n Sagar Pandey, the founder and chief executive of Himalayan Glacier Trekking, said he has lost all contact with his tour group of 47 people, which included 15 Australians.<\/p>\n The missing Australians are aged 11 to 64.<\/p>\n He has since flown over the area where the tour was staying in a helicopter and said he has little hope they survived. He told Guardian Australia:<\/p>\n double quotation markThe flash flood swept away everything, everything, you couldn\u2019t see any human creations at all.<\/p>\n Still, I have a hope, but like 1%; the rest I don\u2019t have a hope, they are missing and missing and missing.<\/p>\n Share<\/a><\/p>\n Updated at\u00a022.18 EDT<\/p>\n Banks tip another rate rise after inflation figures<\/p>\n Unexpectedly strong inflation figures have forced a rethink on interest rates, with three out of four big banks now tipping the RBA to hike rates again by Melbourne Cup day.<\/p>\n AAP reports economists at NAB and Commonwealth Bank followed ANZ in changing their rates forecast on Thursday.<\/p>\n ANZ was the first of Australia\u2019s biggest lenders to switch their call from an extended hold to one more rise on Wednesday, after July consumer price figures showed underlying inflation rose 0.5% in the month, well above expectations.<\/p>\n While ANZ and CBA predict the Reserve Bank will lift the cash rate in November, NAB experts think it will be even sooner, forecasting a hike at the central bank\u2019s next meeting in September.<\/p>\n Even though headline inflation slowed on an annual basis from 3.8 to 3.5%, the broad-based rise in underlying inflation suggests the RBA\u2019s preferred quarterly trimmed mean measure will probably come in above 1% in September, NAB said.<\/p>\n Read more here:<\/p>\n![\"Patrick](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/08\/1787806333_166_Patrick_Commins.png\")
Patrick Commins<\/p>\n![\"Kate](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/08\/Kate_Lamb.png\")
Kate Lamb<\/p>\n![\"Tim](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/08\/Tim-Jonze,-L.png\")
Tim Jonze<\/p>\n![\"Andrew](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/08\/Andrew_Messenger.png\")
Andrew Messenger<\/p>\n![\"Achol](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/08\/Achol_Arok,_L.png\")
Achol Arok<\/p>\n![\"Henry](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/08\/Henry_Belot.png\")
Henry Belot<\/p>\nPatrick Commins<\/p>\n![\"Lisa](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/08\/Lisa_Cox.png\")
Lisa Cox<\/p>\n![\"Nino](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/08\/Nino_Bucci.png\")
Nino Bucci<\/p>\n