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RBA predicts slow growth and limited interest rate cuts
RBA projects steady economic growth but no significant interest rate cuts, warning of ongoing cost-of-living challenges for Australians
RBA projects steady economic growth but no significant interest rate cuts, warning of ongoing cost-of-living challenges for Australians
– RBA predicts persistent cost-of-living issues with low chances of interest rate cuts; economy growth expected at 2%.
– Unemployment rose to 4.5%, but is projected to remain steady; inflation is forecasted at 3.7% by next June.
Unemployment rose to 4.5% last month but is expected to remain steady just below this level for the next two years. Some economists challenge this optimism. Productivity is improving more quickly than anticipated but remains relatively low by historical standards.
Inflation, meanwhile, is projected to stay persistently high despite solid growth and stable unemployment. The bank highlighted that last week’s inflation figures were significantly higher than expected, with the annual consumer price rise predicted to reach 3.7% by next June. With wage growth forecasted at only 3%, workers’ purchasing power is expected to decline.
No Rate Cuts
The RBA’s lack of interest rate cut forecasts have led markets to lower their expectations. The cash rate is predicted to bottom out at 3.3% next year, a revision from earlier projections of 2.9%. Many economists believe further cuts are unlikely, with a median expectation for no cuts until late next year.
RBA governor Michele Bullock acknowledged that maintaining the current rate is possible, noting that the RBA may not need to reduce rates significantly as other central banks have.
Competitive banking conditions offer some relief to borrowers, resulting in reduced spreads on variable-rate mortgages. Nonetheless, there are concerns that these spreads could increase as banks aim for higher profitability or as market risk premiums adjust. Australian variable mortgage rates may have reached their lowest point for the foreseeable future.
News
UPS cargo plane crashes in Kentucky, as death toll rises
UPS cargo plane crash in Kentucky kills four, injures 11, governor warns death toll may rise
UPS cargo plane crash in Kentucky kills four, injures 11, governor warns death toll may rise
– A UPS cargo plane crashed in Louisville, resulting in at least four deaths and 11 injuries.
– Investigations are underway, and all departing flights from the airport have been cancelled.
Several people with serious injuries are receiving treatment at nearby hospitals.
The crash affected two businesses in proximity to the airport: Kentucky Petroleum Recycling and Grade A Auto Parts. Grade A Auto Parts confirmed most employees were accounted for, although uncertainty remains regarding customer safety.
Nearby, a Ford Motor assembly plant lost power but was not directly impacted by the crash.
Emergency services have worked to contain a fire resulting from the incident, which required a significant number of responders. UPS has not confirmed details regarding its crew’s condition. Photographs showed the MD-11 engulfed in flames at the Louisville Muhammad Ali International Airport.
UPS operates its primary air cargo facility in Louisville, processing millions of packages daily. The plane’s fuel load of 38,000 gallons contributed to explosions that occurred upon impact with the businesses, prompting significant road closures.
Investigation Underway
The Federal Aviation Administration and the National Transportation Safety Board will conduct investigations into the crash.
In the aftermath, all departing flights from the airport have been cancelled, affecting major airlines including Delta Air Lines and American Airlines.
News
This may be the AI market correction, according to traders
US stocks tumble as tech giants report uneven earnings, prompting fears of a looming market correction.
US stocks tumble as tech giants report uneven earnings, prompting fears of a looming market correction.
US stocks have taken a sharp dive as investors grow nervous about stretched valuations and uneven earnings reports from tech giants. Major Wall Street banks, including Morgan Stanley and Goldman Sachs, are warning that the rally could be nearing a 10% correction – a wake-up call for traders betting on unstoppable market momentum.
Nvidia, the world’s most valuable public company, dropped nearly 4%, wiping out around $200 billion in market value. Meanwhile, Palantir slid 6%, dragging other AI and semiconductor names lower. Even gold — a traditional safe haven — dipped 1.6%, signaling widespread investor anxiety.
Bitcoin also broke below the $100,000 mark for the first time since June, underscoring how jittery markets have become. As earnings season unfolds and the US government shutdown looms, investors are questioning whether the bull run that lifted the S&P 35% since April has finally run out of steam.
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Dick Cheney dies at 84: The end of an era in American power
Former Vice President Dick Cheney dies at 84, leaving a controversial legacy in American politics and national security.
Former Vice President Dick Cheney dies at 84, leaving a controversial legacy in American politics and national security.
Former U.S. Vice President Dick Cheney has died at the age of 84, marking the end of one of the most influential — and controversial — political careers in modern American history. Cheney served under four Republican presidents, most notably George W. Bush, where he became known as one of the most powerful vice presidents in U.S. history.
His family confirmed he passed away from complications related to pneumonia and heart disease. Cheney’s decades in Washington were defined by his hardline approach to national security and his role in shaping America’s response to the September 11 attacks.
Even after leaving office, Cheney remained a strong defender of his policies, particularly the 2003 invasion of Iraq. His passing leaves behind a complicated legacy — one that reshaped U.S. foreign policy and continues to influence Republican politics today.
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