☕️ RBA keeps cash rate on hold

For those new here, on Wednesdays we do riddles!

Here is today’s riddle: Which word in the dictionary is spelled incorrectly?

Answer is in the titbit!

"A potential cyber criminal has made contact, and we are currently working to validate this. As this is a criminal matter, we have engaged the Australian Federal Police and won’t be commenting any further on the details of the contact."
Qantas in a statement regarding a cyberattack last week which targeted one of its call centres, accessing customers’ personal data.

1,267
The number of measles cases in the U.S. as at 1 July. It is the highest number of cases in 33 years.

Susurrus [soo-SUR-us]
Definition: A soft, whispering, rustling sound.
Used in a sentence: The susurrus of the wind through the trees calmed her on her walk.

The Reserve Bank of Australia (RBA) has left the cash rate unchanged at 3.85%.

The cash rate is what the RBA charges banks for short-term loans.

We usually refer to changes in the cash rate as the RBA changing interest rates, because the cash rate affects interest rates across the economy, including home loans.

The higher the interest rate, the more expensive it is to borrow money (like having a mortgage).

The RBA said it needs to “wait for a little more information to confirm that inflation remains on track” to reach its target range (2-3%).

The RBA’s target range relates to underlying inflation, which measures the rate of price growth once you remove extremes on either side (such as a sudden fall in energy prices).

The latest data from the Australian Bureau of Statistics showed underlying inflation was at 2.9% in March.

The cash rate has been cut twice since the start of this year, when it was 4.35%.

There were expectations there would be another cut today. However, the RBA said in its decision: “Uncertainty in the world economy remains elevated.”

The next RBA decision will be handed down on 12 August.

U.S. President Donald Trump has delayed the onset of tariffs to 1 August, to allow for negotiations on trade deals.

Trump first announced a blanket 10% tariff on every country, including Australia, in April.

Certain countries and products were subject to higher rates.

Meanwhile, the federal Productivity Commission has released a report suggesting Australia’s economy could grow under the tariffs.

A tariff is a tax on imports. It’s applied to foreign-made goods brought into another country and paid by the importer.

For example: Country A and Country B make the same product. Country A wants its citizens to buy its own version of the product, not Country B’s, so it applies a tariff.

Importers in Country A now pay the tax when they bring in B’s product, and pass on the cost to consumers, making this version of the product more expensive to buy.

In April, Trump announced a blanket 10% tariff on all imports to the U.S.

This came into effect on 5 April (Australian time). Australia received the 10% rate.

On top of the 10% tariff, other countries were given higher rates, based on claims that trade with them cost the U.S. money. For example, Indian products were tariffed at 26%.

Trump then announced a 90-day pause on these higher tariffs to enter trade talks with each country.

Few countries have successfully negotiated deals since the 90-day pause was implemented.

The tariff rate has been reduced for cars from the UK. China and the U.S. did place even higher tariffs on each other, but have also since paused them.

Australia has not secured an exemption, despite talks between senior ministers and their American counterparts.

Prime Minister Anthony Albanese hasn’t directly met Trump, with their planned meeting in Canada at an international summit cancelled.

The 90-day pause was due to end tomorrow, 9 July.

However, overnight, the White House confirmed Trump has pushed out the implementation of tariffs until 1 August.

Trump’s press secretary Karoline Leavitt told reporters the next few weeks will be spent negotiating with countries to “cut the best deals for the American people.“

Trump has posted on social media a series of letters sent to leaders of various countries announcing a revised tariff deal.

In near-identical formats, Trump outlines his view of trade relations between the country and the U.S, and then announces the new tariff rate.

Japan and South Korea were told they will be hit with 25% tariffs, while Laos received 40%.

Leavitt confirmed all other countries will receive letters with updated tariff deals in the coming weeks.

The Productivity Commission, an economic advisory body, has published a report suggesting Australia’s economy could grow as a result of the tariffs.

It said countries that are “heavily affected” could choose to increase trade with Australia. Additionally, it could lead to an increase in local Australian manufacturing and production.

The report said if Australia doesn’t reciprocate tariffs with the U.S, Australia’s GDP (the value of goods and services) could rise by 0.35%.

Reporting by Harry Sekulich.

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Always read the label and follow the directions for use. 

🍊 The stage is set for Origin Game 3. Who’s on the line-up?
🍊 Why did a South African cricketer refuse to break a record?
🍊 Wimbledon is progressing without Aussie players.
🗞️ Also in the Sport Newsletter: cycling, soccer, and more…

Suriname received formal certification from the World Health Organisation recognising the milestone this month, joining a list of fewer than 50 malaria-free territories. To receive WHO certification, a country must be able to prove it has not recorded a locally acquired malaria case in at least three consecutive years. The WHO said “Suriname did what was needed to eliminate malaria — detecting and treating every case quickly, investigating to prevent spread, and engaging communities.”

Want more good news? Sign up to our weekly Good Newsletter here - we promise it’ll make your week better!

Reporting by Anju Dhanushkodi.

Cats vs. dogs — it’s the eternal debate.

But what if we told you there’s one competition where they both win?

Research shows that owning dogs and cats can keep our brain feline good for longer (sorry, we had to).

A paper published in the journal Scientific Reports says: “Dog and cat ownership was associated with slower cognitive decline compared to no pet ownership… [suggesting they contribute] to healthy cognitive ageing.”

As for fish and birds? They showed “no such association.”

Reporting by Anju Dhanushkodi.

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Riddle answer: Incorrectly. (Please send your feedback: Was this too easy? Too hard? Do you prefer harder or easier? I never know! Just hit reply to this email to let me know!)

Northern Territory Coroner Elisabeth Armitage has handed down the long-awaited findings in the inquest into the killing of 19-year-old Warlpiri-Luritja man Kumanjayi Walker, by then-police officer Zachary Rolfe.

Armitage found that Rolfe was a racist, embedded in a racist culture at NT Police, and that Walker’s death was “avoidable”. In today’s podcast, we’ll explain Armitage’s findings about Rolfe and Walker’s lives, and her recommendations to the territory government and police.