☕️ Will interest rates stay higher for longer?

What’s your time on Picture This today? No doubt it’s slower than the people doing it in less than 5 seconds (who/what are you?!?!) and faster than me, someone who is just undeniably terrible at guessing riddles.

Have a fantastic weekend.

“This is the most insane, intense, dramatic election cycle of my life and my Dad picked Sarah Palin as his VP without the campaign knowing her teenage daughter was pregnant…”
Meghan McCain, daughter of 2008 Republican presidential candidate John McCain, in a post to X.

700
The number of employees at mining company Fortescue who will lose their jobs this month, “to ensure [the company] remains lean… and generates the maximum value for shareholders”. The redundancies affect “people from across Fortescue’s global operations”.

1848
Women’s suffrage began in the U.S, marked by the country’s first women’s rights convention. Women weren’t allowed to vote until 1920 under the 19th Amendment.

An Australian who claimed he invented Bitcoin has shared a statement admitting he lied.

Scientist Craig Wright said he created the cryptocurrency in 2008, prompting a group of tech firms to launch legal action against him.

In March, a UK High Court judge ruled Wright was not the founder of Bitcoin. The Aussie stood by his claim before this statement was posted on his social media and website this week: “Dr Wright is not the person who created the Bitcoin system.”

Wright is now facing allegations of perjury — lying under oath in court.

In 2008, a person or people under the name Satoshi Nakamoto published a ‘white paper’ outlining the idea for an “electronic cash” system (cryptocurrency) that worked outside of banks, called Bitcoin.

In 2015, several tech publications named Craig Wright as the author.

Wright has repeatedly alleged he wrote the white paper and sued people who have developed Bitcoin technology without his consent, because he claimed to hold the copyright.

Late last year, the Cryptocurrency Open Patent Alliance (COPA) – a group of individuals and organisations linked to the crypto industry – launched a lawsuit to disprove Wright’s claims.

They alleged he committed “forgery on an industrial scale” by lying about inventing Bitcoin.

Wright testified in court that he was Nakamoto and the creator of Bitcoin.

UK High Court Justice James Mellor found there was “overwhelming” evidence Wright was lying.

This week, Justice Mellor ordered Wright to publish a statement with the court’s findings, and to stop launching any more lawsuits “based on the assertion that he is Satoshi Nakamoto”.

Mellor also said he was referring evidence from the case to UK authorities to consider if Wright should be charged with forging documents and lying in court.

Wright’s current location is unknown. Mellor noted that if he is to face criminal charges, he may be forced to return to the UK “from wherever he now is.”

Reporting by Lucy Tassell and Harry Sekulich.

A leading global financial organisation has warned inflation (rising prices) could remain high in the months ahead.

The latest outlook from the International Monetary Fund (IMF) found ongoing global cost of living challenges mean interest rates are not likely to come down over coming months.

Treasurer Jim Chalmers said that Australia is “not immune” to the pressure of “uncertainty in the global economy.”

The IMF is an international institution focused on economic growth and stability. It loans money to countries in debt, often in exchange for economic policy changes.

Even for countries like Australia which do not require IMF loans, the organisation provides regular policy advice aimed at improving prosperity.

The IMF examines economic growth, challenges and predictions across every continent. These findings are published monthly in the IMF’s World Economic Outlook.

The latest IMF outlook found global economies were growing “in line” with its forecast 3.2% increase for 2024.

However, it warned the the rising price of services (e.g. healthcare, education, hospitality) and persistent inflation means “higher-for-even-longer interest rates”.

The report also noted “escalating trade tensions and increased policy uncertainty” risked further instability.

Central banks are national bodies which set a country’s interest rates.

IMF chief economist Pierre Olivier-Gourinchas urged central banks to avoid a “premature easing” of interest rates while inflation remains high due to increased demand for goods and services.

“Unless goods inflation declines further, pressure on services prices and wages may keep overall inflation higher than desired,” Olivier-Gourinchas said.

A record number of elections are being held this year. The IMF said changes of government can impact economic policy and create unpredictability.

The report also warned against a trend of protectionism — countries boosting local industries and capabilities to avoid relying on overseas trade.

The Federal Government’s “Future Made in Australia” draft legislation is designed to boost local clean energy infrastructure like solar panels and wind turbines. Currently, Australia is heavily reliant on China for these resources and materials.

Inflation in Australia increased slightly to 4% in the year to May. Last month, the Reserve Bank of Australia (RBA) said it would “do what is necessary” to return inflation to its target range of 2-3%.

This could include increasing the cash rate (currently 4.35%). This figure influences the cost of borrowing across the economy and is also referred to as “interest rates”.

The RBA has raised the cash rate regularly over the last two years to fight rising prices (inflation) by curbing spending. At the start of 2022, the cash rate was 0.10%.

Treasurer Jim Chalmers said the IMF report is a “reminder that inflation is lingering” and that “uncertainty in the global economy in areas like international trade are contributing to inflationary pressures”.

Chalmers conceded “inflation is still higher than we would like”. However, he pointed to inflation reduction and cost-of-living initiatives like the Government’s tax reforms.

Shadow Treasurer Angus Taylor told TDA the Government’s handling of the economy has resulted in “higher interest rates and higher taxes for longer”.

Reporting by Harry Sekulich.

Men’s health is in crisis – and it impacts everyone.

Australian men face significant health challenges. With higher rates of suicide and a higher burden of disease for several preventable health conditions, like cancer, cardiovascular diseases, and injuries. Men are less likely to engage in preventative health, and that is putting immense pressure on the families and communities who care for men in poor health. Movember’s ‘Real Face of Men’s Health’ report highlights the current state of men’s health in Australia and its widespread effects on society.

The unexpected faces of men’s health

When men are unwell, it often falls on loved ones to care for them. This unpaid workforce – most of whom are women – is often overlooked in conversations surrounding men’s health.

Over one in 10 Australians are informal caregivers, with the toll of caregiving falling disproportionately on women. 50% of female caregivers report that caregiving has had a negative impact on their mental health. While caregiving can be incredibly rewarding, it can also come with significant emotional, physical, social, and financial pressures. That's why it's vital for everyone to work together to improve men's health outcomes.

Your experience matters. Share your story here.

Gladstone was nominated for Under the Bridge, and Reis for True Detective: Night Country. The Bear also broke records with its 23 nominations, the most a Comedy series has ever received in a single year. The 2024 Emmys will be held in September, eight months after strikes delayed the 2023 ceremony to January.

Reporting by Nandini Dhir.

If you could take a drug to live longer, would you? Scientists trialled a new drug aimed at doing just that on mice, and it worked.

According to findings published in the journal Nature, they were able to extend the life expectancy of the test subjects by up to 25%.

How? Researchers gave the mice medication targeting a protein related to aging. By blocking the protein, they were able to slow down the speed at which the mice aged.

The drug is now being tested on people. Depending on how that trial goes, scientists are hoping it may be able to extend the lives of humans, too.

Reporting by Nandini Dhir.

You’ve likely heard of Project 2025. It is a set of conservative policy recommendations for former President Donald Trump if he becomes the next President.

Trump says he is not directly involved in it, and he has publicly tried to distance himself from it. However, Democrats have consistently attacked Trump’s ties to the plan. President Joe Biden has labelled it “biggest attack on our system of government that has ever been proposed in the history of this country.” In today's deep dive, we explain everything you need to know about the plan.