Julie Fairey says she was not aware of her beneficial role until today.

The Reserve Bank of Australia has delivered a shock 12th rate hike since May last year, deciding to lift interest rates in a bid to tackle persistently high inflation.

The central bank chose to lift the cash rate target by 25 basis points to 4.10 per cent, surprising the financial markets and the majority of economists who predicted a pause on rate hikes in June.

For the average Australian mortgage, today's rate hike represents an additional $1,264 in mortgage repayments since the cash rate was 0.10 per cent in April 2022.

READ MORE: Australians bracing for another rate rise as mortgage arrears spike

Australia's base interest rate level is now at it's highest point since April 2012.

In his monetary statement RBA Governor Philip Lowe said today's increase was a necessary step to contain inflation.

"Inflation in Australia has passed its peak, but at 7 per cent is still too high and it will be some time yet before it is back in the target range," Lowe said.

"This further increase in interest rates is to provide greater confidence that inflation will return to target within a reasonable timeframe."

Lowe said there were signs that the economy was slowing, but inflation was still a way off the central bank's target band of between 2 and 3 per cent.

"The combination of higher interest rates and cost-of-living pressures is leading to a substantial slowing in household spending," he said.

"Housing prices are rising again and some households have substantial savings buffers, although others are experiencing a painful squeeze on their finances."

READ MORE: National 'misery index' up 220 per cent as Aussies struggle

He said the RBA remains "resolute" in bringing down inflation, forecasting that further hikes may be needed.

"Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve," he said.

"The Board will continue to pay close attention to developments in the global economy, trends in household spending, and the outlook for inflation and the labour market.

"The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that."

Treasurer Jim Chalmers said today's decision would be hard to hear for millions of Australians, but said the it was not right to blame Australians for inflation-adding decision such as asking for pay rises or buying property.

"This will make life much harder for people with a mortgage," he said.

"I do expect that there will be a lot of Australians who find this decision difficult to understand and difficult to cop.

"Ordinary working Australians are already bearing the brunt of these interest rate rises, they shouldn't bear the blame too."

READ MORE: Aussie bank's grim prediction for millions of borrowers

Graham Cooke, head of consumer research at Finder, said the decision came as a shock to many.

"The RBA continues to operate in the dark, as our panel of economists are split on the bank's intentions," he said.

"Aussies with an average loan size of $577k will be spending over $15k more per year on their mortgage compared to what they were in April last year.

"That's an additional $1,200 every month – a huge amount of extra money to be forking out on your mortgage."

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RateCity.com.au research director Sally Tindall said many Australian households are facing a financial reality few could have forecast when rates were at the historic low of 0.10 per cent in 2022.

"Australia's twelfth hike in 14 months puts many borrowers into financial territory they never thought they'd see in the life of their loan, let alone in just over a year," she said.

"The RBA is increasingly starting to look like Fred Flintstone and Barney Rubble. It's doing what it can with a very blunt instrument.

"Some borrowers are well into the red with limited avenues out. Others are either splashing the cash or squirreling it away in the bank. At what point should the government reassess the instrument rather than the Board using it?

"In less than two weeks' time, the majority of borrowers will be charged a higher interest rate as a result of this RBA decision, yet, in many cases, the extra money won't come out of their bank accounts for another three months – depending on their bank."

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A man who admitted the 1988 killing of American mathematician Scott Johnson at a Sydney gay beat deserves no leniency and should face the longest time in jail, the dead man's brother has told a court.

Scott Phillip White, 52, faced the family's wrath in court on Tuesday after successfully overturning a prior guilty plea to the murder of Johnson in Manly and later pleading guilty to the lesser charge of manslaughter.

White surprised his own legal team by making an early plea of guilty to murder in what Steve Johnson said looked like a show of remorse.

READ MORE: Rapist jailed for 20 years after 'terrifying' attack at Merri Creek

"My sister Rosemary and I all felt some compassion because of his generous plea. Today I have no sympathy," he said in a victim impact statement read out to the NSW Supreme Court.

Any gratitude the family felt was undone after White's conviction and jail sentence were overturned on appeal, he told reporters after the hearing.

"So I am hoping the judge will give him the stiffest sentence he possibly can."

White's cowardly decision to flee the scene without calling the police had prolonged the family's grief and loss for decades, Johnson said.

"He didn't check on Scott, he didn't call for help, he notified no one. He simply let Scott die."

In her own statement, Rosemary Johnson had some heartfelt words for her sweet, kind and gentle brother-in-law.

"You are loved, you are missed, your life mattered, and you have not been forgotten," she said.

READ MORE: Man dies in hospital after alleged assault in Victorian town

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In the heat of an argument on December 10, 1988, White threw a punch at Johnson causing the 27-year-old to stagger backwards and fall to his death over a cliff at North Head, which was known at the time to be a gay beat.

Originally deemed a suicide, NSW Police opened an investigation into what they thought was a gay hate crime almost three decades after the death.

In her now overturned judgment on the murder conviction, Justice Helen Wilson found there was not enough evidence to show the attack was motivated because of Johnson's sexuality.

Crown prosecutor Brett Hatfield conceded that on Tuesday that Justice Robert Beech-Jones, the judge overseeing the new sentence, could also make this finding.

READ MORE: Kathleen Folbigg speaks for the first time since being pardoned

However, he still sought a higher jail sentence, saying it was an unprovoked attack on a vulnerable individual who was naked in a remote location.

"It's a serious example of manslaughter entailing a significant degree of criminality," Hatfield said.

White's barrister Tim Game SC urged the court for leniency because of his client's cognitive difficulties at the time of the crime as well as his dysfunctional background.

"He had just become an adult and his life was chaotic and a terrible mess," the barrister said.

Justice Beech-Jones will hand down his sentence for White on Thursday.

Counselling and referral services for LGBTIQ+ individuals are available through QLife on 1800 184 527 or online.

If you need help in a crisis, call Lifeline on 13 11 14. For further information about depression, contact beyondblue on 1300224636 or talk to your GP, local health professional or someone you trust.

Kathleen Folbigg says she is grateful for being pardoned, after being released from jail where she served 20 years over the deaths of her four children.

Folbigg, 55, was convicted of killing her three children Patrick, Sarah and Laura and the manslaughter of her firstborn, Caleb, between 1989 and 1999, when the kids were aged between 19 days and 19 months.

Speaking in a video, Folbigg said she was "extremely humbled and extremely grateful for being pardoned and being released from prison".

READ MORE: Pizza, Kahlua and coke – Folbigg savours first night of freedom

"My eternal gratitude goes to my friends and family, especially Tracy (Chapman) and her family.

"I would not have survived this whole ordeal without them.

"Today is a victory for science and especially truth.

"And for the last 20 years I have been in prison I have forever and will always think of my children, grieve for my children and miss them or love them terribly."

READ MORE: Kathleen Folbigg speaks following pardon after 20 years in jail

After new scientific evidence raised doubts over the guilty verdict, NSW Attorney General Michael Daley on Monday announced Folbigg had been pardoned and would be released immediately.

The convictions, which resulted in her being jailed for 20 years, have not been quashed as that can only be done through the Court of Criminal Appeal.

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Mortgage arrears are slowly climbing across the country as borrowers continue to be hit with consecutive interest rate rises on top of skyrocketing cost of living pressures.

The man accused of stealing Nick Kyrgios's car from the tennis star's mother at gunpoint has pleaded not guilty over the incident.

The man, who is not being named for legal reasons, entered a not-guilty plea to five charges: aggravated robbery, driving a vehicle without consent, failing to stop for police, resisting a public official and driving while suspended.

The 32-year-old accused robber appeared in ACT Magistrates Court from custody via phone link.

READ MORE: Pizza, Kahlua and coke: Folbigg savours first night of freedom

It's alleged he threatened Kyrgios's mum with a gun, and demanded she hand over the keys to the Wimbledon finalist's green Tesla which was parked outside, and then show him how to drive it.

Kyrgios then called triple zero and used a smartphone app to track the car's location, and giving the information to police.

The app was also used to limit the car's speed to 80km/h.

Police tried to arrest the driver after tracking him down, but the man allegedly sped off, with police having to end the pursuit after the car entered a school zone.

Officers then used the car's location on the app to find it again and arrested the man, alleging he resisted.

Magistrate Glenn Theakston set down a pre-trial hearing for July 18.

READ MORE: Apple creates new kind of virtual reality headset

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The anticipated El Nino and forecasts of warmer, drier conditions in the coming year are set to roll Australian agriculture back from recent record-breaking levels.

A new report from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) found that the overall value of the sector would shrink by 14 per cent in 2023-24.

ABARES executive director Dr Jared Greenville said the reduction was to be expected after the records broken in the past three La Nina years.

READ MORE: Pizza, Kahlua and coke: Folbigg savours first night of freedom

"The value of agricultural production will still reach $79 billion in 2023-24, which is an expected fall given the circumstances," Greenville said.

"We are expecting exports to follow suit, falling by 17 per cent to $65 billion in 2023-24, which would be the third highest result on record."

Despite La Nina conditions triggering repeated flooding in some of Australia's prime farming country in recent years, crop yields were still exceptional.

READ MORE: Melissa Caddick's parents told to leave Sydney apartment

But El Nino, combined with the forecast positive Indian Ocean dipole, will have the opposite impact.

"Crop production in 2023-24 is forecast to fall by 34 per cent from record production volume in 2022-23," Greenville said.

"At the same time, domestic prices for most crops are expected to fall in 2023-24."

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Furthermore, increased global production is expected to lower prices for crops globally.

However, it's not the same story across all industries.

"Horticulture production is expected to increase by $1.5 billion to reach a record $18 billion, reflecting strong growth in nut production and increasing domestic fruit and vegetable consumption," Greenville said.

"The wine industry will also rebound from a challenging 2022-23, as the expected drier conditions in 2023-24 should reduce the occurrence of disease which reduced the 2022-23 crop."

READ MORE: RBA to hand down critical interest rate decision

Livestock producers are looking at a mixed forecast.

Production is forecast to increase for beef, sheep, and milk, but the value of the sector is set to drop to $35 billion in 2023-24 due to lower prices.

"This is down to a number of factors, such as less demand for restocking, and like crops, we expect global production to pick up," Greenville said.

But wool is expected to have a strong 2023-24 – thanks in part to a surprise source.

"Strong demand for Australian from China is forecast to increase wool prices, with production values expected to rise by $175 million in 2023-24," Greenville said.

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On her first night of freedom after 20 years in prison, Kathleen Folbigg enjoyed the simple things in life, and her "face muscles hurt from smiling so much".

Folbigg, 55, ate slices of pizza and chunks of garlic bread, and she sipped on a kahlua and coke last night with her childhood friend and longtime advocate Tracy Chapman.

There had been plans for a steak dinner but that didn't pan out, Chapman said, "which was a bugger" but the two pals shared happy "flashback" moments through the evening.

READ MORE: 'So elated it's not funny': Kathleen Folbigg speaks following pardon after 20 years in jail

"She slept for a first time in a real bed, had a cup of tea in a real crockery cup, with real spoons to stir it," Chapman said, describing how Folbigg had begun to tentatively reacquaint herself with life on the outside.

"Decent tea, real milk.

"That sounds basic to you all, but she's grateful."

There was also the small matter of getting to grips with two decades of technological advancements, devices like smart phones and concepts such as streaming platforms.

The phones had "bamboozled" her friend, Chapman said, while on-demand television was a new frontier unimagined when Folbigg got locked up in 2003.

"She's like, 'This is amazing.' She said 'I'm going to be watching some binge TV.'"

https://omny.fm/shows/ben-fordham-full-show/battle-over-ashes-lawyer-reveals-kathleen-folbigg/embed

After her release from prison just before 11am yesterday, Folbigg travelled to Chapman's private farm in Glenreagh in the Northern Rivers region of New South Wales.

Folbigg meandered the property yesterday, playing with the dogs, petting guinea pigs and feeding chickens.

"Hugging the horses … filled her heart up," Chapman said.

"She felt really, like a strong feeling in her chest."

Over breakfast, having slept in a bedroom instead of a confined, sterile cell, Folbigg told Chapman "my face muscles hurt from smiling so much".

READ MORE: Melissa Caddick's parents told to leave Sydney apartment

https://twitter.com/brigidglanville/status/1665873409346007040?ref_src=twsrc%5Etfw

Folbigg's lawyer Rhanee Rego brought some seriousness to the joy being expressed on the farm this morning, where birdsong provided a backdrop to the press conference.

Civil action against the state was absolutely an option, Rego said, but that hadn't been discussed yet.

"She's very much trying to focus on taking one step in front of the other," she said.

"(They were) not rushing into things because she has just been waiting to feel the grass on her feet, to look at the sky and watch the sunrise for the first time in 20 years.

"We won't be rushing her and pushing her to do anything she does not want to do until she's ready."

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READ MORE: Aussies warned over $17,000 hike

Folbigg, 55, yesterday walked free after serving 20 years of a 25-year sentence for killing her four babies.

An inquest heard new scientific evidence that raised reasonable doubt over her conviction and that paved the way for her dramatic release.

Folbigg, who has always maintained her innocence, was found guilty in 2003 of murdering three of her children, and the manslaughter of one child.

Her children – Patrick, Sarah, Laura and Caleb – all died between 1989 and 1999, when they were aged between 19 days and 19 months.

The murder and manslaughter convictions have not been quashed, but that could happen.

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Some economists are tipping the Reserve Bank of Australia (RBA) will today decide to lift interest rates again as new data shows the number of Aussies falling behind on their mortgages is at a two-year high.

Despite 11 increases since last May, some forecasts predict more pain for mortgage borrowers today, with another 0.25 per cent hike on the cards.

The RBA paused interest rate rises in April but restarted the relentless hikes in its shock May decision to raise the cash rate by 25 basis points to 3.85 per cent.

The RBA's full interest rate decision will be published here at 2:30pm AEST.

READ MORE: Australia's 'misery index' up 220 per cent in a year

The Australian economy continues to be plagued by stubbornly high inflation, a factor that may sway the RBA towards another cash rate increase.

About one in three economists are predicting another rate rise today.

National Australia Bank chief economist Alan Oster told Today this morning he thought the decision to lift rates was "line ball", but he tipped the RBA to keep them on hold.

"Basically, we are starting to see signs that the Australian economy is slowing," he said.

"I think it might be useful for the Reserve Bank to take some time and just assess so that you don't essentially kill the economy trying to chase inflation. But ultimately I think the Reserve needs more to do."

But Oster also warned further interest rates may be needed in coming months to tackle stubbornly high inflation, meaning more short-term pain for the Australian economy.

"We don't expect to see much growth at all for the rest of the year. But in two years' time we will have an inflation rate that's back two to three, growth around 2 per cent." 

Another 0.25 per cent increase could see people with an average $600,000 mortgage paying up to $17,000 extra a year since the RBA began lifting interest rates last May.

Meanwhile, new data showed mortgage arrears are rising in Australia.

Credit agency S&P Global warned that the cost-of-living impact on household savings and tighter refinancing conditions are causing more borrowers to fall behind on their mortgage repayments.

READ MORE: ANZ bank's grim prediction for millions of borrowers

"The cumulative effect of multiple interest rate rises is taking effect and borrowers' savings buffers are eroding as the cost of living rises," S&P said.

And it warned there may be tougher conditions later this year if the RBA continues to raise interest rates and banks cease cashback offers, further limiting competition.

S&P said this will mean "tougher" conditions and cause more arrears in coming months.

READ MORE: How to save money fast

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A humpback whale has been freed on the Gold Coast after getting caught in shark nets overnight.

Reports first came in last night of a sub-adult humpback whale caught in a net at Mermaid Beach.

SeaWorld and local fisheries worked from 6am this morning to free the animal.

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They also managed to zip-tie the damaged shark net together to avoid any more sea creatures from getting caught in it.

This is the first humpback to be spotted in the area this winter, marking the start of whale season.

More than 40,000 whales are expected to travel through the "humpback highway" off the coast of Queensland.

READ MORE: Whales frolic off Bondi Beach

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