Australia news LIVE: RBA hikes interest rates to 4.35 per cent; author Craig Silvey pleads guilty to possessing, distributing child exploitation material

by · WAtoday

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What we covered today

By Sherryn Groch

Thanks for following our rolling coverage of breaking news from Australia and around the world. Here are the main things we covered today:

  • The Reserve Bank has lifted interest rates for the third time this year (to 4.35 per cent) as insurance against rising inflation from the Iran war, pushing rates to their highest level in nearly 18 months. That adds nearly $100 in monthly repayments to an average $600,000 mortgage.
  • Treasurer Jim Chalmers blamed the rate rise on Trump’s war with Iran and the resulting global oil squeeze, which the RBA warned could further hurt the economy yet. But shadow treasurer Tim Wilson said the rate hike showed the RBA wasn’t confident the government could bring inflation down.
  • As for that war, Iran has been widely condemned for its latest drone and missile strikes targeting the UAE that hit ships in the Strait of Hormuz and set a port ablaze overnight – the biggest exchange of fire with the US since a fragile ceasefire began four weeks ago.
  • The UK and Saudi Arabia were among nations calling for a return to diplomacy, as the US pushes China to use its ties to Iran to pressure the nation into reopening the strait – and Iran warned Trump that his new operation to reopen the strait called “Project Freedom” had already become “Project Deadlock”.
  • Author Craig Silvey plead guilty to possessing and distributing child exploitation material. Since his arrest in January, publishers, schools and bookshops have been pulling his books, which include bestsellers Runt and Jasper Jones.
  • Four Australians are among more than 100 people stranded on the M/V Hondius cruise ship hit by an outbreak of the rare hantavirus. The ship remains off the coast of Cape Verde in West Africa under quarantine as health authorities organise the transfer of ill people. Three people have died so far.