Tag Archives: oceania

Dire forecast for mortgage holders as hopes interest rates to soon fall dashed

Any hopes mortgage holders have that interest rates could soon fall have been dashed as the global fight against inflation continues.

The head of the US central bank said the battle to control inflation is far from over, meaning the path to lower interest rates is more difficult to achieve.

"The worst thing we can do is fail to restore price stability. If you fail to restore price stability… inflation comes back," US Federal Reserve chair Jerome Powell said.

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Houses aerial shot mortgage belt property interest rates suburb

The Bank of England governor Andrew Bailey backed up these comments, sending the market into a panic.

"We will need to keep interest rates high enough for long enough to ensure that we get the job done," Bailey said.

"Whatever happens we will do what is needed to get inflation back to normal."

But what does this all mean for Australia?

Well, forecasters had thought interest rates would stop rising globally and come back down in the short term.

But this has all changed with concerns the rate will stay stagnant – and high.

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In Australia, the big banks previously predicted there would be two interest rate cuts next year.

Now, the market forecasts none.

The cash rate in Australia currently sits at 4.1 per cent after it was held for the third time at the Reserve Bank of Australia's September decision.

The central bank said inflation had passed its peak but continued with its signature phrase that "further tightening of monetary policy may be required" in the future.

"Inflation is coming down, the labour market remains strong and the economy is operating at a high level of capacity utilisation," the bank said.

Rio Tinto damages another sacred Indigenous site in WA

Rio Tinto has apologised and paused work at a mining site in Western Australia over fears it has damaged another ancient cultural site sacred to the local First Nations peoples.

A tree and boulder fell from the overhang of a rock shelter in the Pilbara region, close to the Nammuldi mine, in August – the same month the WA government announced it would wind back laws designed to protect culturally significant sites in the state. 

It was because of Rio Tinto that those laws were rushed through parliament, with the mining giant's 2020 destruction of two 46,000-year-old rock shelters at Juukan Gorge, also in the Pilbara.

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The dislodged tree and boulder at the sacred Nammuldi rock shelter in the WA Pilbara region.

This time around, Rio Tinto said it hadn't found any evidence of structural damage to the 50,000-year-old rock shelter itself, which is sacred to the Muntulgura Guruma people.

It paused its operations at the Nammuldi site when it noticed the fall of the tree and boulder.

"As soon as we identified this, we paused work which was occurring 150 metres away, and notified the Traditional Owners of the land, the Muntulgura Guruma people," Rio Tinto said in a statement.

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The original position of the dislodged tree and boulder at the sacred Nammuldi rock shelter in the WA Pilbara region.

"Initial assessments taken by drone haven't found structural damage to the rock shelter or impacts to any cultural materials.

"We are working closely with the Muntulgura Guruma people to better understand what has happened and will be guided by them on the appropriate next steps.

"We deeply respect the Muntulgura Guruma people and have apologised for this incident."

Call to dismiss actor's sexual discrimination lawsuit

A theatrical company facing allegations it discriminated against an actor who made well-publicised sexual harassment complaints about another star will try to have the case dismissed or suppressed.

Christie Whelan Browne has brought a lawsuit against Oldfield Entertainment alleging victimisation after she complained of harassment by Craig McLachlan, her cast-mate in a 2014 production of the Rocky Horror Show.

The lawsuit centres around alleged discrimination experienced during the show and in Oldfield's responses to her complaints from 2017 onwards.

Christie Whelan Browne has issued a complaint to the Australian Human Rights Commission against her former employer.

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"I know that I deserved better treatment, that I deserved to feel safe and respected in my workplace," Whelan Browne said in a statement on social media earlier in September.

"Other women in the arts deserve better and I won't accept that anything less than that is 'just the way it is'."

The Federal Court lawsuit has been filed against the theatrical company and does not seek relief from McLachlan.

He was acquitted of alleged sexual assault in December 2020 and dropped defamation action against media outlets and Whelan Browne in 2022, citing a need to protect his own mental health.

Oldfield Entertainment's barrister Bronwyn Byrnes told a Federal Court hearing on Friday the company had been disadvantaged in responding to the lawsuit.

The whereabouts of some people named in the lawsuit was no longer known as they had finished working at the company and could not be directed to participate in the proceedings.

Their memories would also have "diminished significantly", Byrnes said.

Craig McLachlan was acquitted of alleged sexual assault and later dropped defamation action against Whelan Browne and media outlets.

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She foreshadowed an application to summarily dismiss or permanently stay the proceedings, saying the respondents were significantly prejudiced by a delay of more than eight years.

Oldfield also lacked access to transcripts of past criminal and civil proceedings and sought more time to respond to the proceedings, which Byrnes said the company only became aware of last week.

"Until then we had no sensitivity that proceedings were actually going to be launched," she said.

Whelan Browne's barrister Kate Eastman SC said Oldfield had been on notice since a complaint was made to and terminated by the Australian Human Rights Commission.

"The reasons that have been advanced this morning … are not reasons that should cause any delay," Eastman said.

Mediation is planned for late November to potentially avoid a trial.

Eastman said if a trial went ahead it should take "a trauma-informed approach" providing certainty to Whelan Browne about what was expected of her.

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The actor would be confident giving evidence orally, but her barrister raised concerns about requirements to prepare written affidavits "recounting all those incidents again", noting interest in the case from the media.

Byrnes sought suppression, arguing past reporting caused McLachlan distress and embarrassment.

He was not a party to Whelan Browne's lawsuit and could decide that he would not co-operate in the proceedings, which would further prejudice the defence, she said.

Justice Elizabeth Raper said she did not have the power to make the orders without a formal application, which Byrnes said would be made on Friday.

The case returns to court on Monday to schedule that hearing.