The Reserve Bank of Australia (RBA) will meet and set interest rates eight times a year instead of the current 11 as part of a sweeping overhaul into how the central bank decides the nation's monetary policy.

In a speech to the Economic Society of Australia, RBA Governor Philip Lowe confirmed cutting the number of interest rates meetings is just one of 10 steps the RBA will take in response to a government-commissioned review released earlier this year.

The full 10 steps can be read at the bottom of this story.

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The first Tuesday of the month will still play host to interest rates decisions in February, May, August and November, while dates for the other four are yet to be confirmed.

"The other four meetings will be held midway between these meetings," Lowe said.

"The exact dates for 2024 will be published soon and the dates for future years will be published well in advance."

From 2024 onwards, the bank's governor will also provide a press conference immediately after the meeting, to explain the decision to hold, raise or lower the cash rate.

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Those meetings will now run over two days – notably longer than the current ones.

"Together, these changes are significant and represent a substantial response to the recommendations of the review," Lowe said.

"The less frequent and longer meetings will provide more time for the board to examine issues in detail and to have deeper discussions on monetary policy strategy, alternative policy options and risks, as well as on communication.

"Likewise, the staff will have more time for analysis, with less time spent preparing summaries of recent developments. The board will also be able to hear directly from more staff and have greater opportunity to request work on particular topics.

"And the post-meeting media conferences will provide a timely opportunity to explain the board's decisions and to answer questions… together, this is a significant package of reform that will contribute to better decision-making and communication."

Lowe said other recommendations made by the report – including publishing unattributed vote counts from meetings and board papers, and establishing an expert advisory group to advise the board – should be deferred for now.

"These issues are interrelated," Lowe said.

"Practices differ across central banks, and they are often tailored to the country's particular circumstances and institutional structure.

"The current board has therefore judged that these four issues are best considered by the new monetary policy board as a package."

Lowe's speech comes as questions surround his future heading up the RBA.

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His term as governor expires on September 17, and it has been widely speculated that Treasurer Jim Chalmers will opt to replace Lowe rather than extend his tenure.

Asked about his time at the central bank potentially coming to an end, Lowe said he would support whoever the government selects.

"In terms of my own position, as I have said before, if I was asked to continue in the role, I would be honoured to do that and I would continue," he said.

"If I am not asked to continue in the role, I will do my best to support my successor, and the treasurer has said he will make an announcement before the end of this month.

"I haven't got anything more to add on that."

Current deputy governor Michele Bullock, treasury secretary Steven Kennedy, and Parliamentary Budget Office head Jenny Wilkinson have been mentioned among the list of potential candidates to replace Lowe.

Reserve Bank of Australia's 10 points of change

1. From 2024, the Board will meet eight times a year, rather than 11 times as is currently the case. Four of the meetings will be on the first Tuesday of February, May, August and November. The other four meetings will be held midway between these meetings. The exact dates for 2024 will be published soon and the dates for future years will be published well in advance.
2. The Board meetings will be longer than is currently the case. They will typically start on the Monday afternoon and then continue on the Tuesday morning. The outcome of the meeting will be announced at 2.30 pm on the second day, typically a Tuesday as is the case now.
3. All Board members will have the opportunity to attend an internal staff meeting some time before the Board meeting. This will allow them to hear directly from, and ask questions of, a broader range of staff.
4. The post-meeting statement announcing the decision will be issued by the Board, not, as is currently the case, the Governor.
5. The Governor will hold a media conference after each Board meeting to explain the decision. The media conference is expected to be held at 3.30 pm.
6. The quarterly Statement on Monetary Policy will be released at the same time as the outcome of the Board meeting (in February, May, August and November), rather than on the following Friday as is currently the case. Given this and other changes, we are reviewing the structure of this document.
7. The Board, rather than just the Governor, will be the signatory to the Statement on the Conduct of Monetary Policy, which is the document that records the common understanding on monetary policy between the RBA and the Australian Government. The new Statement is expected to be finalised later this year.
8. The Board will oversee the Bank's research agenda as it relates to monetary policy and aspects of financial stability.
9. The Bank will continue with its current approach to climate change analysis, focusing on the implications of climate change for the economy, inflation and the financial system.
10. The Board will work with the Treasury to undertake five-yearly open and transparent reviews of the monetary policy framework.

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Another Australian online retailer has collapsed, becoming the latest business to fall victim to higher costs and falling consumer demand.

Australian Made Clothes confirmed the news via social media, that the e-commerce business and its website australianmadeclothes.com.au would be closing its doors this week.

Founder and chief executive James Bennett said changing market dynamics, the pandemic and increased competition from international retailers led to the "difficult decision".

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Bennett thanked its "devoted customer base" for supporting a business that showcased locally-made clothing.

"It has been an incredible journey, and we are immensely proud to have served as a platform for Australian Made Clothes. We are grateful to our dedicated customers who have been with us on this journey," he said.

"Thank you all so much"

The online retailer, which appears to have opened in 2020, is known for its Australian made clothing and products.

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While the business is closing, Bennett urged customers to explore other local retailers.

"It is hoped that the closure of this beloved online store will highlight the importance of supporting independent businesses and the role consumers play in shaping the future of the industry," he said.

"As customers bid farewell to Australianmadeclothes.com.au, the impact of its closure serves as a poignant reminder of the ever-changing landscape of online retail and the need to adapt to meet the demands of the market."

All online orders are expected to be filled and delivered before the closure.

The brand's collapse comes after a spate of liquidations including online furniture retailer Brosa and numerous construction companies across Australia.

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A windswept Arctic fox, a murmuration of birds facing a snowstorm in the Himalayas, and a man and a boy in a flooded living room are among the images recognized in this year's Prince Albert II of Monaco Foundation's Environmental Photography Award.

Charles Manson follower Leslie Van Houten walked out of a California prison on Tuesday after serving more than 50 years of a life sentence for her participation in two infamous murders.

Van Houten "was released to parole supervision," the California Department of Corrections and Rehabilitation said in a statement.

She left the California Institution for Women in Corona, east of Los Angeles, in the early morning hours and was driven to transitional housing, her attorney Nancy Tetreault said.

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"She's still trying to get used to the idea that this is real," Tetreault told The Associated Press.

Days earlier Governor Gavin Newsom announced he would not fight a state appeals court ruling that Van Houten should be granted parole. He said it was unlikely the state Supreme Court would consider an appeal.

She is expected to spend about a year at a halfway house, learning basic skills such as how to drive a car, go to the grocery store and get a debit card, according to her attorney.

"She has to learn to use to use the internet. She has to learn to buy things without cash," Tetreault said.

"It's a very different world than when she went in."

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Van Houten, who will likely be on parole for about three years, hopes to get a job as soon as possible, Tetreault said. She earned a bachelors and a masters degree while in prison and worked as a tutor for other incarcerated people.

Van Houten, now in her 70s, received a life sentence for helping Manson's followers carry out the August 1969 killings of Leno LaBianca, a grocer in Los Angeles, and his wife, Rosemary.

The LaBiancas were killed in their home, and their blood was smeared on the walls afterward. Van Houten later described holding Rosemary LaBianca down with a pillowcase over her head as others stabbed her, before she stabbed the woman more than a dozen times as well.

The slayings happened the day after Manson followers killed actress Sharon Tate and four others. Van Houten, who was 19 at the time, did not participate in the Tate killings.

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Van Houten was found suitable for parole after a July 2020 hearing, but her release was blocked by Newsom, who maintained she was still a threat to society. She filed an appeal with a trial court, which rejected it. She then turned to the appellate courts.

The Second District Court of Appeal in May reversed an earlier decision by Newsom, who rejected parole for Van Houten in 2020. She had been recommended for parole five times since 2016. All of those recommendations were rejected by either Newsom or former Gov. Jerry Brown.

Newsom was disappointed by the appeals court decision, his office said.

"More than 50 years after the Manson cult committed these brutal killings, the victims' families still feel the impact," the governor's office said in a July 7 statement.

Manson died in prison in 2017 of natural causes at age 83 after nearly half a century behind bars.

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Former UK prime minister Boris Johnson has announced the birth of his third child, Frankie, with his wife Carrie. 

Carrie Johnson announced the happy arrival in a post to social media overnight, revealing the newborn arrived last week.

"Welcome to the world Frank Alfred Odysseus Johnson born 5th July at 9.15am," the new mum wrote alongside a sweet snap cradling the newborn.

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While the meaning behind his name hasn't been revealed, Carrie made a quip about the bub's middle names, adding: "(Can you guess which name my husband chose?!)"

The now mum-of-three said big brother Wilfred and big sister Romy were loving helping Frankie settle in at home.

"Am loving every minute of the sleepy baby bubble," she wrote.

"Seeing my older two embrace their new brother with such joy and excitement has been the most wonderful thing to see. We are all very smitten."

After thanking the team of doctors and nurses for looking after them in hospital, the new mum asked for TV recommendations to watch while breastfeeding.

The couple's older son Wilfred Lawrie Nicholas Johnson was born in April 2020, weeks after Boris battled COVID-19 in hospital, with his middle names paying homage to those treating the PM at the time.

Wilfred's birth made Boris one of just four UK leaders to welcome a newborn while serving at Number 10 in 150 years, following in the footsteps of David Cameron, Tony Blair and Lord Russell.

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They then welcomed daughter Romy Iris Charlotte Johnson on December 9, 2021 after suffering a devastating miscarriage earlier in 2021.

Having described the pregnancy as her rainbow baby following the loss, they chose the name Iris as a middle name, which is the Greek word for "rainbow".

Little Frankie's birth make Boris is a dad of eight, having publicly acknowledged in 2021 that he fathered another child in addition to his four children with second wife, Marina Wheeler.

Boris and Carrie were first connected back in 2018, but the pair only made their romance official in June 2019 when they appeared in public together for the first time.

They then became engaged during a trip to the island of Mustique in late 2019 and announced their first pregnancy at the same time as their engagement – two weeks after Boris's second marriage was formally ended.

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Authorities in Iceland on Tuesday warned tourists and other spectators to stay away from a newly erupting volcano that is spewing lava and noxious gases from a fissure in the country's southwest.

The eruption began Monday afternoon after thousands of earthquakes in the area, meteorological authorities said.

This one comes 11 months after its last eruption officially ended. The eruption is in an uninhabited valley near the Litli-Hrútur mountain, some 30 kilometres southwest of the capital, Reykjavik.

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The area, known broadly as Fagradalsfjall volcano, erupted in 2021 and 2022 without causing damage or disruptions to flights, despite being near Keflavik Airport, Iceland's international air traffic hub. The airport remained open on Tuesday.

The Icelandic Meteorological Office said the eruption was initially more explosive than the previous two.

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Aerial footage showed streams of orange molten lava and clouds of gases spewing from a snaking fissure about 900 metres long.

"Gas pollution is high around the eruption and dangerous," the Met Office said.

"Travellers are advised not to enter the area until responders have had a chance to evaluate conditions."

By Tuesday morning, the fissure and the volume of the eruption had shrunk, scientists said.

"This has become a small eruption, which is very good news," University of Iceland geophysics professor Magnús Tumi Guðmundsson told national broadcaster RUV.

He said the eruption could "certainly last a long time, but luckily we're not looking at a continuation of what we saw in the first few hours."

A 2021 eruption in the same area produced spectacular lava flows for several months. Hundreds of thousands of people flocked to see the sight.

Iceland, which sits above a volcanic hot spot in the North Atlantic, averages an eruption every four to five years.

The most disruptive in recent times was the 2010 eruption of the Eyjafjallajokull volcano, which sent huge clouds of ash into the atmosphere and led to widespread airspace closures over Europe.

More than 100,000 flights were grounded, stranding millions of international travellers and halting air travel for days because of concerns the ash could damage jet engines.

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Vicky Freeman said it was “pretty cool” the photo kept on being used.

Police have offered a $1 million reward to anyone with information leading to an arrest over the "execution-style" murder of Robert "Jack" Richardson in 1984 in Victoria.

Richardson, 49, had strong links to organised crime and was due to face court along with two others over heroin trafficking charges, before his body was found dumped in bushland off King Parrot Creek Road near Strath Creek on March 31, 1984.

A father to a young daughter at the time, police say Richardson was shot dead in an execution-style killing.

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He was last seen with two men in St Kilda between 1.20am and 2am on March 4, with detectives believing he was murdered some time later that day.

The killing has also since been linked to an attempted murder of a NSW Police undercover officer, who was a prosecution witness in the case.

Police say the investigation was heavily linked to "high-level" organised crime, with connections to the Painters and Dockers union.

Richardson, who had been granted bail over the trafficking charges, was living with his girlfriend in St Kilda at the time of his murder.

An initial inquest in 1985 found that he was killed by assassins unknown to him, with the murder most likely arranged by people he trusted, including friends.

"Since the time of the original investigation, detectives have received further information about Jack's death and those potentially responsible however at this time there is insufficient evidence to charge anyone," Victoria Police said in a statement.

"A forensic re-examination of an exhibit located at the crime scene has also been conducted and fresh DNA has been identified.

"Police believe this will also provide further avenues of enquiry for the investigation."

Police today announced a $1 million reward for information in relation to those responsible for Richard's death, in the hope it will provide new leads.

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"Every person who loses their life in this way, regardless of their background or personal circumstances, deserves justice," Detective Inspector Dean Thomas said.

"The fact that Jack's murder is unsolved also means that we have had someone out there in the community for almost four decades who has never been held to account for their behaviour.

"This was someone willing to commit the ultimate act of violence with no regard for the life of others.

"These factors alone make this investigation an important one and one that we are still very keen to solve."

Thomas said "Jack also had a young daughter at the time of his death" who "sadly has grown up without a father" and "never knew" who killed her dad and why.

"Jack's death had all the hallmarks of an underworld execution and the evidence suggests he probably had no warning he was going to be killed and trusted the person who did it," he said.

"Ultimately, his fatal mistake may have been trusting the wrong person.

"It's not just the person who pulled the trigger who we are searching for, it's also anyone who assisted with jack's murder both before and after it occurred.

"The drug matter Jack was involved with before his death had significant links to both organised crime in Melbourne, specifically criminal elements of the notorious Painters and Dockers union.

"It's also worth noting the timing of Jack's death – it occurred two years to the day after the original police arrests in relation to the drug investigation and the day before the trial was meant to begin.

"We do not believe that this was in any way coincidental."

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Police say the burglary happened late on Monday night.

The levy policy was also ‘unfair and prejudicial’ to drivers, the group allege.