![\"Patrick](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/03\/1774925888_770_Patrick_Commins.png\")
Patrick Commins<\/p>\nInflation to hit 5% in year to June, RBA predictsPatrick Commins<\/p>\n
The Reserve Bank says oil at around $US100 will push inflation to about 5% in the year to June, or 0.75 percentage points higher than expected in February.<\/p>\n
The international oil price benchmark, Brent crude, has traded at $US100 or above since the 17 March rate decision, and last fetched about $US109 a barrel.<\/p>\n
The RBA board decided to hike rates<\/a> earlier this month, in a 5-4 split decision that spoke to a dissenting view among a big minority of members that it would have been better to wait a few weeks to better gauge the potential fallout from the US-Israel war on Iran.<\/p>\n In the end, a majority believed the Middle East conflict was overwhelmingly an inflationary shock that threatened to broaden out into other prices beyond fuel.<\/p>\n All agreed, however, that rates would have needed to go up sooner rather than later, given inflation was already running too hot before the start of hostilities.<\/p>\n The minutes push back against some predictions that we have three more rate hikes ahead of us.<\/p>\n Members agreed:<\/p>\n double quotation markThat it was not possible to predict the future path for the cash rate target with any confidence, given the high degree of uncertainty around the breadth and duration of the current conflict in the Middle East.<\/p>\n The minutes noted \u201ca longer conflict could have a material bearing on both inflation and economic activity. Members therefore acknowledged that future policy decisions would require the board to balance its two objectives carefully\u201d \u2013 the two objectives being low and stable inflation, and full employment.<\/p>\n Share<\/a><\/p>\n Updated at\u00a021.26 EDT<\/p>\n Key events<\/p>\n Show key events only<\/p>\n Please turn on JavaScript to use this feature<\/p>\n Israeli ambassador defends investigation process over Frankcom\u2019s death<\/p>\n Israel\u2019s ambassador to Australia says he is not aware that the investigation into the Israeli drone strike that killed Zomi Frankcom and six aid workers in Gaza has been shelved or that there will be no prosecution.<\/p>\n At the National Press Club, Hillel Newman defends the Israeli government\u2019s actions and says Australian investigator, Mark Binskin, who was sent by the Albanese government, delivered a report that found \u201cthe attack was not intentional\u201d.<\/p>\n Binskin\u2019s review, handed to the government, found the IDF strike on the World Central Kitchen volunteers was the result of \u201cserious failures to follow procedures\u201d.<\/p>\n Newman says:<\/p>\n double quotation markYou say it\u2019s been shelved, I don\u2019t know what basis, I have not \u2026 I have never heard it\u2019s been shelved. It could be I have not been updated, I will check.<\/p>\n As far as I know they have not come to final conclusions not because they delay, there are legal cases in Israel that go on for years \u2026 as far as I know it [has] not come to that conclusion yet but I will check again.<\/p>\n Newman says Binskin was \u201cgiven full access at the time to what they had available and he drew up the conclusions together\u201d. But Binskin has said he was never shown the drone audio during the investigation.<\/p>\n Journalist Anna Henderson pushes Newman on why the drone audio was not shown to Binskin and whether he will commit to it being released.<\/p>\n He won\u2019t make the commitment.<\/p>\n The Israeli ambassador to Australia, Hillel Newman, at the National Press Club in Canberra. Photograph: Lukas Coch\/AAP<\/p>\n double quotation mark[It] could be intelligence. I was not there \u2026 I would have to check [why] it is not possible to release that video information.<\/p>\n Last month, prime minister Anthony Albanese told Israeli president, Isaac Herzog, Australia wanted to see transparency over the investigation<\/a> and \u201cany appropriate criminal charges\u201d.<\/p>\n Share<\/a><\/p>\n Updated at\u00a022.57 EDT<\/p>\n Coalition is \u2018only party fixated on\u2019 increasing size of parliament, Farrell says<\/p>\n Don Farrell has refuted claims the government is working on increasing the size of parliament while the fuel crisis across the country worsens.<\/p>\n The opposition held a press conference earlier today, accusing Farrell of \u201cbelling the cat\u201d on the issue, after he told National Press Club yesterday he hadn\u2019t given up on increasing the number of representatives.<\/p>\n In a statement, Farrell says he is awaiting the findings of the joint standing committee on electoral matters, which holds a post election review every term. He will \u201cshow the committee the respect it deserves of not pre-empting their important work.\u201d<\/p>\n double quotation markThe only party fixated on this enough to have done costings is the Coalition. The government is focused on fuel security and cost of living relief for Australians.<\/p>\n This is clearly not about the policy or issues; it\u2019s about the internal audition for attention in the Coalition.<\/p>\n Trade minister Don Farrell. Photograph: Mick Tsikas\/AAPShare<\/a><\/p>\n Updated at\u00a022.23 EDT<\/p>\n \u2018Israel and Australia stand in the same camp\u2019: Israeli ambassador<\/p>\n Israel\u2019s ambassador to Australia says the two nations are \u201cclose allies\u201d, with the relationship \u201cdeeply rooted in history\u201d.<\/p>\n Hillel Newman is speaking to the National Press Club, his first address since taking on the role earlier this year.<\/p>\n The diplomatic relationship between the two nations has faced some strain over the last two years, including Israeli president Benjamin Netanyahu publicly criticising the Australian prime minister for recognising Palestinian statehood last year, and accused Albanese of \u201cbetraying\u201d Israel.<\/p>\n Newman says:<\/p>\n double quotation markIsrael and Australia stand in the same camp. Of moderates, modern democracies that value human rights and uphold democratic concerns. That has long characterised the relationship between our two countries. Our connection is deeply rooted in history and founded on shared values. It is only natural, for Australia and Israel to be close allies.<\/p>\n We share the same values, we share the same threats, we must stand together and defend our values.<\/p>\n Israeli ambassador Hillel Newman speaks at the National Press Club in Canberra. Photograph: Lukas Coch\/AAPShare<\/a><\/p>\n Updated at\u00a022.07 EDT<\/p>\n Parliament begins to debate three-month fuel excise cut<\/p>\n The House of Representatives is debating the government\u2019s bill to halve the fuel excise for 3 months.<\/p>\n Tony Burke moved to suspend standing orders (which the government was easily able to do with a majority in the chamber), to bring on the bill for debate, and bring it to a vote by 5:30pm tonight.<\/p>\n It means it can then be debated in the Senate tomorrow and passed on the last sitting day until May.<\/p>\n Earlier, Jim Chalmers defended the measure, calling it \u201cresponsible\u201d and temporary cost of living relief.<\/p>\n Fuel pumps at a service station in Melbourne. Photograph: Morgan Hancock\/Getty ImagesShare<\/a><\/p>\n Updated at\u00a021.56 EDT<\/p>\n PM says he is engaging with world leaders, including Trump, over Middle East conflict<\/p>\n Anthony Albanese says he talking to world leaders regularly about the conflict in the Middle East and the growing global energy shock.<\/p>\n The prime minister told Labor MPs that the foreign minister, Penny Wong, was talking with her counterparts regularly as well.<\/p>\n In a caucus meeting at Parliament House, Albanese again pointed out that the US had three stated objectives for the war in Iran, including degrading missile capability, stopping Tehran getting a nuclear weapon and regime change in the country.<\/p>\n Albanese believes the first two objectives have been achieved, while the third \u201chasn\u2019t happened\u201d. He said:<\/p>\n double quotation markHistory shows the difficulty of something like that ever occurring.<\/p>\n Albanese said there was great uncertainty about the war, including as other Gulf countries are attacked.<\/p>\n Prime minister Anthony Albanese. Photograph: Mick Tsikas\/ReutersShare<\/a><\/p>\n Updated at\u00a021.41 EDT<\/p>\n Inflation to hit 5% in year to June, RBA predicts The Reserve Bank says oil at around $US100 will push inflation to about 5% in the year to June, or 0.75 percentage points higher than expected in February.<\/p>\n The international oil price benchmark, Brent crude, has traded at $US100 or above since the 17 March rate decision, and last fetched about $US109 a barrel.<\/p>\n The RBA board decided to hike rates<\/a> earlier this month, in a 5-4 split decision that spoke to a dissenting view among a big minority of members that it would have been better to wait a few weeks to better gauge the potential fallout from the US-Israel war on Iran.<\/p>\n In the end, a majority believed the Middle East conflict was overwhelmingly an inflationary shock that threatened to broaden out into other prices beyond fuel.<\/p>\n Reserve Bank of Australia. Photograph: EyeOfPaul\/Getty Images<\/p>\n All agreed, however, that rates would have needed to go up sooner rather than later, given inflation was already running too hot before the start of hostilities.<\/p>\n The minutes push back against some predictions that we have three more rate hikes ahead of us.<\/p>\n Members agreed:<\/p>\n double quotation markThat it was not possible to predict the future path for the cash rate target with any confidence, given the high degree of uncertainty around the breadth and duration of the current conflict in the Middle East.<\/p>\n The minutes noted \u201ca longer conflict could have a material bearing on both inflation and economic activity. Members therefore acknowledged that future policy decisions would require the board to balance its two objectives carefully\u201d \u2013 the two objectives being low and stable inflation, and full employment.<\/p>\n Share<\/a><\/p>\n Updated at\u00a021.26 EDT<\/p>\n Scrapping \u201cunfair\u201d junior rates a win for low-paid workers, Greens say<\/p>\n In another perhaps unsurprising move, Greens senator Barbara Pocock says scrapping \u201cunfair\u201d junior rates is a big win.<\/p>\n She says they guarantee an \u201cendless supply of cheap labour\u201d:<\/p>\n double quotation markLow-paid workers are already facing an uphill battle as wages have failed to keep up with the inflation.<\/p>\n The Greens believe workers\u2019 pay should reflect their skills, not their age. We need to continue to raise the wages of under-18s who do the same work for less pay.<\/p>\n Share<\/a><\/p>\n Updated at\u00a021.21 EDT<\/p>\n Fair Work Commission decision \u201cadds to cost pressures\u201d, retailers say<\/p>\n The Australian Retail Council (ARC), perhaps unsurprisingly, is not entirely happy with today\u2019s Fair Work Commission decision to get rid of junior wages for those aged 18 and up.<\/p>\n It says the move will add significant costs to businesses already under pressure.<\/p>\n ARC chief executive officer, Chris Rodwell, says junior rates have served the nation well \u201cfor generations\u201d:<\/p>\n double quotation markThey recognise that younger workers often have little or no workplace experience and help employers, particularly small businesses, give young people their first opportunity.<\/p>\n Crucially, junior rates for workers aged 17 and under will remain in place. That\u2019s important. Early work experience is critical, and we cannot afford to make it harder for young Australians to get their first job.<\/p>\n Customers use a self-serve checkout counter at Coles supermarket. Photograph: Ye Myo Khant\/SOPA Images\/ShutterstockShare<\/a><\/p>\n Updated at\u00a021.18 EDT<\/p>\n Allan hops on \u201ctemporary\u201d free public transport<\/p>\n The premier spoke from the Peter MacCallum Cancer Centre before boarding a train at Parkville station to Town Hall to mark the first day of free public transport <\/a>for the next month. Jacinta Allan said it was a \u201ctemporary measure\u201d to help ease financial pressures on households:<\/p>\n double quotation markFree public transport will [have] a broader benefit to everyone. It\u2019ll save people money \u2013 we expect that it will save regular users of our public transport system over $220 for the month of April \u2026 and it\u2019s going to take pressure off the pump, which leaves that fuel available for others in our community.<\/p>\n Whilst we can\u2019t control global oil prices, as Victorian premier, I am determined to do everything that I can to ease cost of living pressures.<\/p>\n Asked whether she would extend the measure if the war continues to rage on, Allan said the government would \u201ccontinue to monitor the situation in the Middle East and continue to look at the practical, sensible ways we can continue to help Victorians households\u201d.<\/p>\n She said authorities would also be keeping a close eye on public transport and roads data but said the network had capacity to deal with additional commuters.<\/p>\n Share<\/a><\/p>\n Updated at\u00a021.04 EDT<\/p>\n Allan takes aim at \u201cbitter infighting\u201d within Liberals<\/p>\n The Victorian premier, Jacinta Allan, also held a press conference this morning (see post below about Liberal leader Jess Wilson\u2019s presser), where she had a crack at the Liberal party\u2019s disunity \u2013 despite facing tensions within her own Labor ranks<\/a>.<\/p>\n She said the preselection saga<\/a> demonstrated the \u201cbitter infighting\u201d within the Liberal party:<\/p>\n double quotation markIf you can\u2019t run your own party, how on earth can you put yourself forward to run the state? Victorians can see that the Liberal party, being the weak, extreme, divided outfit that they are, are only focused on themselves.<\/p>\n Well, as Victorian premier, I\u2019m focused every minute of every day on Victorians who need their government helping them to make life easier and more affordable.<\/p>\n Victorian premier Jacinta Allan. Photograph: Jay Kogler\/AAPShare<\/a><\/p>\n Updated at\u00a021.06 EDT<\/p>\n Most children haven\u2019t been removed from social media, despite federal ban The eSafety Commission says the federal government\u2019s ban on under-16s accessing social media<\/a> is not working as well as had been hoped, with a survey finding nearly a third of young people still had social media, and that nearly 70% of children with accounts on major platforms had not been removed.<\/p>\n In a compliance report on the legislation, more than three months on from the law coming into force, eSafety said \u201cdespite overall reductions in account ownership, a substantial proportion of children under 16 retained accounts on age-restricted platforms\u201d. It said:<\/p>\n double quotation markOf the parents who reported their child had an account on each platform prior to 10 December 2025, around 7 in 10 reported that their child still had an account on Facebook (63.6%), Instagram (69.1%), Snapchat (69.4%), and TikTok (69.3%). Around three in 10 reported that their child no longer had an account. One in two of these parents (48.5%) reported that their child still had an account on YouTube following the age restrictions coming into effect.<\/p>\n A young person uses their mobile phone to access social media. Photograph: Dean Lewins\/AAP<\/p>\n Prior to the ban, the survey respondents said about 49.7% of their kids had social media; post-ban, that was down to 31.3%. The Albanese government has long conceded that not all kids would be immediately removed from their accounts, but that the laws would reduce the number and help parents set their own household rules.<\/p>\n As we reported earlier, eSafety is \u201cactively investigating potential non-compliance\u201d with the ban by Instagram, Facebook, Snapchat, Instagram and YouTube. The eSafety report said the most common reason kids still had social media was that they hadn\u2019t been asked by the platform to verify their age, with 67% of parents listing this as the main reason.<\/p>\n But the report also noted that age verification technology is not perfect, and makes mistakes. The government was not prescriptive about what methods the platforms should use, but often pointed to facial scanning as a method to verify age. The eSafety report said facial age estimation is \u201ca popular and effective form of age assurance\u201d but conceded that it \u201cis known to have higher error rates for children near the age threshold of 16 years.\u201d<\/p>\n Communications minister Anika Wells will hold a press conference at 12.30pm.<\/p>\n Share<\/a><\/p>\n Updated at\u00a021.02 EDT<\/p>\n PM says Labor focused on fuel \u2018supply, supply, supply\u2019 Anthony Albanese says uncertainty over the duration of the war in Iran is adding to Australians\u2019 anxiety about price increases and tensions overseas.<\/p>\n Speaking to Labor MPs at Parliament House on Tuesday morning, he said the government was working to shore up fuel supply, even as global energy reliability is being undermined by the war.<\/p>\n \u201cWe have been concentrating on supply, supply, supply,\u201d Albanese told the closed-door caucus meeting.<\/p>\n double quotation markPeople are doing it tough. There is uncertainty over the war and uncertainty over how it ends. This is causing understandable anxiety.<\/p>\n The increase in price only adds to this anxiety.<\/p>\n The PM said Australia was viewed as a reliable partner for energy exports in Asia and \u201cexpect that reliability to be reciprocated\u201d.<\/p>\n He also said the government wanted to \u201cavoid mandating\u201d fuel purchases. \u201cWe\u2019re a nation where we want to look after each other,\u201d he said.<\/p>\n Albanese will address the National Press Club in Canberra on Thursday.<\/p>\n![\"Reserve](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/03\/1774925889_505_3648.jpg\")
Reserve Bank of Australia. Photograph: EyeOfPaul\/Getty Images<\/p>\n![\"Tom](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/03\/Tom_McIlroy.png\")
Tom McIlroy<\/p>\nPatrick Commins<\/p>\n![\"Benita](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/03\/1774925889_828_Benita_Kolovos.png\")
Benita Kolovos<\/p>\nBenita Kolovos<\/p>\n![\"Josh](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/03\/Josh_Butler.png\")
Josh Butler<\/p>\nTom McIlroy<\/p>\n