Tag Archives: oceania

Major bank’s bleak warning of more rate pain in matter of weeks

Two of the big four banks are now predicting a fourth consecutive rate rise to start the year as the Reserve Bank of Australia (RBA) tries to fight rising inflation, caused in part by the war in the Middle East.

The RBA yesterday raised the cash rate by 25 basis points to 4.35 per cent for the third time, effectively unwinding last year's round of cuts.

Governor Michele Bullock acknowledged that Australians were "feeling poorer" but said the increase was necessary to give the central bank "space" to assess the global and domestic situation.

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Today, NAB updated its monetary policy forecast, and now predicts rates to be raised again to 4.60 per cent at the RBA's next meeting in June.

"The governor explicitly called the 'wait and watch' strategy the 'wrong term' in her press conference, and so it doesn't appear that the board thinks it has time on its side," the bank's economists Sally Auld and Gareth Spence wrote.

"This, together with the board's clear preference to prioritise the price stability aspect of its dual mandate given a broadly benign labour market forecast, suggests to us that the next rate rise will come in June."

Westpac had been predicting further rate rises before yesterday's hike, but believes it may not be until later this year.

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Workers in the Sydney CBD.

"We think the chance that they now hike rates in June is less than what we thought before, I mean, it was never a certainty but it was our base case," the bank's chief economist Luci Ellis said.

"But we still think that there are likely to be rate hikes from here, but perhaps pushed out a bit from what we previously thought."

The remaining big four banks, Commonwealth Bank and ANZ, are currently predicting a hold in June.

All four big banks passed on yesterday's rate rise onto their customers, which will take effect in the coming weeks.

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‘I won’t be forgetting him’: Victim of fatal crash in Sydney’s Royal National Park identified

A 20-year-old man who died after becoming trapped in a sinking car that had swerved into the water in Sydney's Royal National Park has been identified as a university student and budding cricketer.

The car is believed to have veered off the road before crashing into Audley Weir in the Sutherland Shire about 1.15am.

The 20-year-old driver of the blue Audi was able to free himself from the sinking car and was taken to hospital for mandatory testing.

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Car being pulled from the water.

He has since been released and was in custody at Sutherland Police Station.

The passenger became trapped in the vehicle, and his body was found, along with the submerged car, following a multi-agency search.

He has been identified as 20-year-old Muhammad Kashif, a university student studying electrical engineering and a budding cricketer from Casula.

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20-year-old Muhammad Kashif.20-year-old Muhammad Kashif.

"Everybody will be remembering him because of his energy and smile," former cricket coach Omar Khan told 9News.

"We can't forget his smiley face.

"I won't be forgetting him for the rest of my life."

Sergeant Steven Planinic said the 18-year-old driver of a second vehicle, a silver Mercedes, was speaking with police and the car had been seized.

"There was a passenger in the second vehicle, who is voluntarily at the police station providing police information about what happened," he said.

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Divers search for the car and the body of the passenger trapped inside.

Police say there does not appear to have been any contact between the two vehicles.

"Charges may be pending for both drivers," Planinic said. 

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Three child protection workers stood down amid Kumanjayi Little Baby investigation

WARNING: Aboriginal and Torres Strait Islander readers are advised this story contains the image of a person who is deceased.

Three Northern Territory child protection staff members have been stood down as the government investigates the circumstances before Kumanjayi Little Baby's alleged murder.

The NT's child protection minister, Robyn Cahill, said she asked the department for information relating to its interactions with the girl's family.

Cahill was reportedly offered a delayed briefing on Friday, where she learned that the NT child protection department had received six reports about Kumanjayi Little Baby's welfare in the weeks before she went missing.

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"They've been stood down while an investigation is underway into actions taken, or not taken, in relation to this case," Cahill told Australian Associated Press.

"I am calling for an independent investigation from someone who is removed from the existing situation so we can have total accuracy and be sure that we are getting the information that we need to get to understand how this failure could happen," she earlier told Sky News.

Nine.com.au has contacted the Northern Territory's child protection department for comment.

A full investigation into how the department handled Kumanjayi Little Baby's case will take place and the NT children's commissioner has been asked to run an independent investigation.

Nine.com.au does not suggest any wrongdoing by the child protection staff members, only that they have been stood down.

Kumanjayi Little Baby – the name used in line with cultural tradition after her death – vanished from a home in a town camp in Alice Springs on April 25.

Her disappearance triggered a massive land and air search across central Australia until her body was found on April 30.

Jefferson Lewis, 47, has been accused of murdering the five‑year‑old girl near Alice Springs.

He was expected to appear in Alice Springs Local Court yesterday via video link from custody in Darwin but his appearance was excused.

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No application for bail was made, and the case was adjourned to July 30.

The alleged murder horrified the tight‑knit community, many of whom spent anxious days scouring creek beds and scrub for the missing girl before her body was found in bushland outside the town five days after she disappeared.

Lewis was arrested at another Alice Springs town camp after being beaten unconscious by locals.

Federal Minister for Indigenous Australians Malarndirri McCarthy told ABC's 7.30 it was important to remember Kumanjayi was very loved by her family, who were in deep mourning and did not want her death to be turned into a political fight.

For 24/7 crisis support run by Aboriginal and Torres Strait Islander people, contact 13YARN (13 92 76).