![\"Luca](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/09\/Luca_Ittimani.png\")
Luca Ittimani<\/p>\nRBA leaves interest rates on holdLuca Ittimani<\/p>\n
The Reserve Bank has left interest rates on hold at 3.6%, in a widely expected move.<\/p>\n
Economists were confident the bank would hold today and are now parsing the RBA board\u2019s statement for signs a fourth rate cut could still come this year.<\/p>\n
The board has cut interest rates three times in 2025, most recently in August. Inflation has been on the rise in recent months but remains within the bank\u2019s 2-3% target range.<\/p>\n
We\u2019ll bring you market reaction and more in a moment.<\/p>\n
Updated at\u00a000.31 EDT<\/p>\n Key events<\/p>\n Show key events only<\/p>\n Please turn on JavaScript to use this feature<\/p>\n Humpback whale calf entangled in shark nets off Gold Coast beach<\/p>\n And in some Queensland news, another humpback calf has become entangled in shark nets off Kirra beach, making it the thirteenth whale trapped this season.<\/p>\n Whale scientist Dr Vanessa Pirotta said the number of entanglements this season had been \u201cexceptionally large\u201d, with them starting early and continuing throughout, in a situation that was \u201cdistressing for everyone\u201d.<\/p>\n She said:<\/p>\n How many entanglements does it take for us to have more of a serious conversation?<\/p>\n As long as the nets are going to be in, we\u2019re going to see entanglements. It\u2019s been happening for years.<\/p>\n Is it now time for the government to sit down with experts in the field to really seriously talk about proactive ways to try and reduce this?<\/p>\n You can read more on this here:<\/p>\n Share<\/a><\/p>\n Updated at\u00a003.58 EDT<\/p>\n Victorian opposition leader says Labor MP Emma Vulin has \u2018made her community proud\u2019<\/p>\n The Victorian opposition leader, Brad Battin, has issued a statement on Labor MP Emma Vulin\u2019s decision to quit politics at the 2026 election<\/a>.<\/p>\n It\u2019s rare that we see this from opposing political parties \u2013 but Battin is in the neighbouring electorate to Vulin and has known her for years through her volunteer work at the CFA.<\/p>\n Battin said:<\/p>\n I first met Emma before she entered parliament, when she was already working tirelessly in her local community. Her commitment to making her community a better place to live, work and raise a family has always been clear.<\/p>\n He said she had \u201cmade her community proud\u201d and thanked her for her friendship:<\/p>\n Her courage has shone through over the past couple of years following her diagnosis with MND. It has been heartbreaking to watch her face such a cruel disease, yet Emma has always remained positive, inspiring those around her to stay strong.<\/p>\n Emma Vulin at Victorian Parliament House. Photograph: Charlie Kinross\/The GuardianShare<\/a><\/p>\n Updated at\u00a003.39 EDT<\/p>\n RBA governor says government housing policies won\u2019t help affordability for two years<\/p>\n Back to the Reserve Bank governor, Michele Bullock has predicted government policies to boost housing supply will have little impact \u201cin the next two years\u201d after blaming poor affordability on supply shortages.<\/p>\n The RBA governor said there was nothing she could do personally about housing prices as the Reserve Bank had to focus on broader price levels and employment, repeating that supply shortages were to blame for poor affordability, as we reported earlier. She told reporters:<\/p>\n Governments now get that, and you are seeing some action on that, but it\u2019s going to be slow to work its way through.<\/p>\n Asked about her confidence in those policies, Bullock said:<\/p>\n I\u2019m not confident it\u2019s going to make any impact in the next two years.<\/p>\n State and federal governments are aiming to boost supply with direct spending on construction and easing planning restrictions<\/a> and red tape<\/a> but building activity has been slow to pick up, even as falling interest rates make borrowing easier.<\/p>\n Building approvals fell for the second month straight in August, according to Australian Bureau of Statistics data out today. Westpac\u2019s Neha Sharma said the tentative upswing apparent earlier in 2025 had stalled, with the year\u2019s approvals likely to total just 189,000<\/p>\n Share<\/a><\/p>\n Updated at\u00a003.33 EDT<\/p>\n Victorian bail laws come into effect<\/p>\n Changes to the Victoria\u2019s bail laws \u2013 which passed parliament last month \u2013 also come into effect today.<\/p>\n Under the change, bail will be refused for anyone accused of a serious offence while they are already on bail for another serious offence, unless the decision-maker is satisfied there is a \u201chigh degree of probability\u201d the person will not reoffend.<\/p>\n This new test applies to alleged offenders of all ages \u2013 including youth \u2013 and covers six offences: aggravated home invasion, aggravated carjacking, armed robbery, aggravated burglary, home invasion and carjacking.<\/p>\n The government has said the change will increase the \u201clikelihood that bail will be refused and prevents re-offending.\u201d<\/p>\n A ban on private companies from providing electronic monitoring services for those on bail has also come into effect.<\/p>\n Share<\/a><\/p>\n Updated at\u00a003.18 EDT<\/p>\n Age of criminal responsibility in Victoria increased to 12 as justice system changes come into effect<\/p>\n The age of criminal responsibility in Victoria has increased from 10 to 12, as part of changes to the justice system that come into effect today.<\/p>\n Victoria is the first state to raise the age from 10 to 12. It follows the Northern Territory, which raised it to 12 in 2023, while the Australian Capital Territory raised it to 14 in July.<\/p>\n While Victoria had also planned to eventually raise the age to 14 it backtracked last year<\/a> amid concerns about increased youth crime. However, the Victoria Legal Aid executive director of criminal law, Kate Bundrock, said it was still important to acknowledge the \u201cimportant milestone\u201d, which she described as an example of \u201clegislative reform driven by evidence\u201d.<\/p>\n She said:<\/p>\n As a community we know that 10 and 11-year-old children need care and love. Children should be supported to stay engaged with their community, family, friends and education.<\/p>\n They should not be spending time in police stations, court rooms or custody, which only increase the likelihood of those children re-entering the justice system in the future. While we will continue to advocate for the age to be raised to 14, it is important to recognise and celebrate the significance of this milestone.<\/p>\n The change formed part of the youth justice bill passed by parliament in September 2024 following years of campaigning by First Nations, legal and human rights groups.<\/p>\n The bill also lowered the age of prosecution for recruiting children into criminal activity from 21 to 18, which also comes into effect today. At the time, the government said the change would close a \u201cloophole\u201d that could result in the recruitment of young people to commit crimes.<\/p>\n Share<\/a><\/p>\n Updated at\u00a003.17 EDT<\/p>\n RBA governor says November rate cut still possible<\/p>\n Here\u2019s some more from the Reserve Bank governor after today\u2019s rates decision \u2013 she\u2019s said it\u2019s still possible interest rates could be cut in November despite a surprise pickup in inflation.<\/p>\n Inflation hit 3% in the year to August, on the less reliable monthly measure, up from 1.9% in June. AMP has predicted underlying inflation could stop falling as a result, holding at 2.7% in September on the RBA\u2019s preferred quarterly measure.<\/p>\n Economists had warned the RBA would be less willing to cut if inflation stopped falling to 2.5% and the bank\u2019s board\u2019s warning today that inflation was \u201cpersistent\u201d has seen market predictions of a cut this year fade, from 71% chance to 54%.<\/p>\n But Michele Bullock said inflation had risen but was not \u201crunning away\u201d, meaning more cuts were possible. She told reporters:<\/p>\n We\u2019ll make that decision in November about whether it\u2019s down again or maybe it\u2019s hold again and, if the economy is continuing to recover, that\u2019s really good news.<\/p>\n Bullock said the RBA could cut rates even if inflation was at 2.7% and not falling, adding such a scenario could equally justify a longer hold and:<\/p>\n That could mean a couple more reductions. It might not, I don\u2019t know at this point, and we\u2019ll look at all this again in November.<\/p>\n Share<\/a><\/p>\n Updated at\u00a003.16 EDT<\/p>\n Optus board expresses confidence in chief executive<\/p>\n The chair of Optus, John Arthur, has said the board, including the Singtel chief executive, Yuen Kuan Moon, is confident CEO Stephen Rue and his executive team will \u201cundertake the critical reforms to continue to transform the business and strengthen the Optus mobile network, restoring the confidence and trust of the Australian public.\u201d<\/p>\n After the meeting with the communications minister, Anika Wells, on Tuesday, Arthur said the company would appoint independent experts to provide additional oversight of the mobile network \u2013 something Wells had requested.<\/p>\n Global consulting firm Kearney has been appointed to begin immediate oversight, quality assurance and verification as Optus \u201cuplifts its mobile network management and services consistent with required standards\u201d, Arthur said.<\/p>\n Kearney will report regularly to Rue and the Optus board.<\/p>\n Arthur said:<\/p>\n The Optus board, which includes Singtel group chief executive officer Yuen Kuan Moon, is confident that Optus CEO Stephen Rue and the management team, supported by the best external expertise, will undertake the critical reforms to continue to transform the business, and strengthen the Optus mobile network, restoring the confidence and trust of the Australian public.<\/p>\n The board\u2019s highest priority is ensuring that Australians can rely on triple zero when it matters most, and we would once again like to apologise to all those impacted by the 18 September outage.<\/p>\n The Optus CEO, Stephen Rue. Photograph: Bianca de Marchi\/AAPShare<\/a><\/p>\n Updated at\u00a003.02 EDT<\/p>\n S&P Global Ratings affirms Australia\u2019s top AAA credit rating<\/p>\n S&P Global Ratings has affirmed Australia\u2019s top AAA credit rating, pointing to our country\u2019s \u201csound fiscal metrics\u201d and relatively low debt levels against overseas peers.<\/p>\n A day after official figures confirmed that the budget tipped back into a small deficit in 2024-25 after two straight surplus years, S&P provided a tick of approval for the national finances.<\/p>\n S&P said it expects the general government deficit (which includes the states and territories) \u201cto steady at 1.5-2% of GDP over the next few years, as commodity prices normalise from highs over 2023-2024\u201d.<\/p>\n It also said:<\/p>\n Net general government debt is lower than that of most advanced economy peers and will likely remain below 30% of GDP.<\/p>\n The New-York based organisation pointed to \u201csagging\u201d productivity but said it expected economic growth to pick back up as lower interest rates flow through to the increased activity.<\/p>\n S&P don\u2019t think US trade tariffs will have much of an impact on our economy.<\/p>\n They also have some nice things to say about the country more broadly:<\/p>\n National institutions are stable and provide checks and balances to power. Australia has strong respect for the rule of law, free flow of information, and open public debate on policy issues.<\/p>\n Share<\/a><\/p>\n Updated at\u00a002.34 EDT<\/p>\n Reserve Bank governor says there\u2019s \u2018nothing I can do personally\u2019 about housing prices<\/p>\n Bullock has acknowledged that Australians who are facing the prospect of never breaking into the housing market are in a \u201cvery, very difficult situation\u201d, but downplayed the Reserve Bank\u2019s role in guiding property prices.<\/p>\n She has said:<\/p>\n As an individual and as a citizen, I think it\u2019s we\u2019re in a very difficult position with the property market and I don\u2019t actually think that most reasonable people think that this is a good outcome.<\/p>\n Having said that, there\u2019s nothing that I can do personally about it.<\/p>\n Can we impact housing prices or should we impact housing prices? No. We have to focus on our mandate, which is inflation. I\u2019ve said a number of times before, the problem in the housing market is a structural deficit of supply. That is the problem.<\/p>\n So the bottom line is that all I can do is make sure I keep inflation low and stable, and I keep employment as strong as possible because that gives people the best opportunities to get jobs and be able to possibly get into the market.<\/p>\n Share<\/a><\/p>\n Updated at\u00a002.08 EDT<\/p>\n Bullock has been noncommittal when asked by journalists about the potential for future rate cuts based on different inflation indicators, saying she doesn\u2019t want to give forward guidance.<\/p>\n She has said:<\/p>\n I\u2019m not going to predict what the interest rate is going to be in the next three to six months.<\/p>\n What I\u2019m saying is that we have got a situation now, which is actually quite a positive situation. We have inflation back in a 2% to 3% band, both in underlying and headline.<\/p>\n Share<\/a><\/p>\n Updated at\u00a002.08 EDT<\/p>\n Reserve Bank governor says RBA aiming for \u2018low and stable inflation\u2019<\/p>\n Bullock has been asked about her previous statements that, in general, the price of things will never go back to what they were before the pandemic and the massive spike in inflation that followed it.<\/p>\n She\u2019s reiterated that \u201cthe fact is that prices have risen and they\u2019re staying up there permanently\u201d but said the Reserve Bank is trying to maintain \u201clow and stable inflation\u201d rather than getting prices to go deflate or go backwards.<\/p>\n Bullock said:<\/p>\n Deflation is not good for businesses. It\u2019s not good for making investment decisions.<\/p>\n That\u2019s why low and stable inflation is best when it\u2019s in the background and it isn\u2019t influencing decisions.<\/p>\n But I just want people to understand that when we\u2019re lowering inflation, that doesn\u2019t mean we are lowering the price level.<\/p>\n We\u2019re lowering the rate at which prices are increasing.<\/p>\n Share<\/a><\/p>\n Updated at\u00a001.46 EDT<\/p>\n Michele Bullock says \u2018price level isn\u2019t coming back down\u2019<\/p>\n The governor of the Reserve Bank of Australia<\/a> (RBA), Michele Bullock, is holding a press conference in Sydney to shed some light on why the bank decided to keep interest rates steady at 3.6%.<\/p>\n Bullock has said monetary policy works with a lag, so the full effect on the economy of the three interest rate cuts the bank has agreed on this year \u201care yet to be seen\u201d.<\/p>\n She\u2019s also said that, while inflation remains within the Reserve Bank\u2019s target range, recent data \u201cindicate there could be a bit more upward pressure than we thought\u201d, and that:<\/p>\n We know that high inflation has pushed up prices across the board over the past few years.<\/p>\n While inflation has fallen a lot, the price level isn\u2019t coming back down and this higher price level affects everyone.<\/p>\n And it\u2019s been especially tough on people of lower incomes and the more vulnerable. This is why it\u2019s so important to keep inflation low and stable and unemployment as low as possible.<\/p>\n Share<\/a><\/p>\n Updated at\u00a001.45 EDT<\/p>\n Coalition\u2019s Ted O\u2019Brien blames government spending for RBA rates decision<\/p>\n The opposition\u2019s Treasury spokesperson, Ted O\u2019Brien, has been speaking live in Brisbane where he criticised the government after the Reserve Bank\u2019s cash rate decision.<\/p>\n O\u2019Brien has said his heart goes out to mortgage holders and young Australians wanting to get into the housing market, and blamed the bank\u2019s decision not to cut rates on the Albanese government\u2019s economic management.<\/p>\n Not happy. The shadow treasurer, Ted O\u2019Brien, says the RBA didn\u2019t cut the cash rate because the government is spending too much. Photograph: Dean Lewins\/AAP<\/p>\n He\u2019s noted that the Reserve Bank pointed to inflation in the September quarter being higher than expected when it decided to keep rates steady at 3.6%, and claimed this is a \u201cdirect consequence of the Albanese government\u2019s spending spree\u201d.<\/p>\n He said:<\/p>\n This government is spending $160bn extra \u2026 this financial year compared to when the Coalition was in government.<\/p>\n Clearly, the RBA has very little wriggle room. The market is estimating that there might perhaps be just one more rate cut now [this year].<\/p>\n If that comes to fruition, while welcomed, it means that the average mortgage holder will be paying $1,700 more every single month in interest payments rather than today\u2019s $1,800.<\/p>\n Share<\/a><\/p>\n Updated at\u00a001.29 EDT<\/p>\n Chalmers acknowledges RBA rate decision disappointing for mortgage holders<\/p>\n The treasurer, Jim Chalmers is addressing reporters from Melbourne after the Reserve Bank held interest rates steady at 3.6%.<\/p>\n The bank\u2019s decision was widely expected, but mortgage holders will still be disappointed that their repayments won\u2019t fall at least until later this year.<\/p>\n The treasurer, Jim Chalmers, acknowledges the RBA\u2019s decision was not what mortgage holders wanted to hear. Photograph: Joel Carrett\/AAP<\/p>\n Chalmers acknowledged that was disappointment, saying:<\/p>\n This is not the outcome that millions of Australian homeowners would have wanted but it\u2019s certainly the outcome that markets and economists were expecting.<\/p>\n The treasurer has been repeating some of his classic lines \u2013 emphasising the bank\u2019s independence, saying that he doesn\u2019t pre-empt its decisions and declining to comment when asked if he\u2019s concerned it won\u2019t bring rates down further.<\/p>\n He said:<\/p>\n I don\u2019t engage in that kind of commentary. We\u2019ve seen interest rates cut three times already this year.<\/p>\n When we came to office, interest rates were already rising. Inflation was around double what it is now and rising fast.<\/p>\n We\u2019ve been able to get inflation down. We\u2019ve seen interest rates cut multiple times. As a consequence we\u2019ve got real wages growing. We\u2019ve kept unemployment low.<\/p>\n Share<\/a><\/p>\n Updated at\u00a001.22 EDT<\/p>\n Good afternoon, I\u2019ll take you through the rest of today\u2019s news.<\/p>\n Share<\/a> That\u2019s all from me! Catie McLeod will be your shepherd for the rest of the arvo. Take care.<\/p>\n![\"A](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/09\/3236.jpg\")
Photograph: David Gray\/ReutersShare<\/a><\/p>\n![\"Petra](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/09\/Petra_Stock.png\")
Petra Stock<\/p>\n![\"Benita](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/09\/1759219868_292_Benita_Kolovos.png\")
Benita Kolovos<\/p>\nLuca Ittimani<\/p>\nBenita Kolovos<\/p>\nBenita Kolovos<\/p>\nLuca Ittimani<\/p>\n![\"Josh](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/09\/1759219869_503_Josh_Taylor.png\")
Josh Taylor<\/p>\n![\"Patrick](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/09\/1759219869_376_Patrick_Commins.png\")
Patrick Commins<\/p>\n![\"Catie](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/09\/Caite_McLeod.png\")
Catie McLeod<\/p>\n![\"Nick](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/09\/1759219869_459_Nick_Visser.png\")
Nick Visser<\/p>\n