Mortgage Holders Still $1,800 Monthly Worse Off Despite Rate Cuts;RBA Slashes Productivity Forecasts 30% as Wage Growth Stalls
Good morning! It's Wednesday 13 August . This is The Front Cover, your daily portal into Mencari News's universe as well as our interpretation of the global scene.
We're still following the story about Australia recognising the State of Palestine at the UN General Assembly meeting in September. As you know, different political organisations have been criticising PM Anthony Albanese over it. Another big story this morning: the RBA just cut interest rates. Read on for more details.
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Today's reading time is 5 minutes. - Miko Santos
Reserve Bank of Australia Lowers Cash Rate to 3.60 Percent
The Reserve Bank of Australia cut its benchmark interest rate by 25 basis points to 3.60 percent Tuesday, marking the third reduction this year as inflation continues to fall toward the central bank's target range.
The unanimous decision by the Monetary Policy Board brings the total decline in the cash rate to 75 basis points since the beginning of 2025, as policymakers respond to moderating price pressures and slightly easing labor market conditions.
"With underlying inflation continuing to decline back towards the midpoint of the 2–3 percent range and labour market conditions easing slightly, as expected, the Board judged that a further easing of monetary policy was appropriate," the central bank said in its policy statement.
Australia-Israel Diplomatic Rift Deepens Over Palestinian Statehood
Australian Prime Minister Anthony Albanese revealed Tuesday he confronted Israeli Prime Minister Benjamin Netanyahu last week over Israel's military strategy in Gaza, marking a significant deterioration in bilateral relations as Australia prepares to recognize Palestinian statehood at the United Nations next month.
The diplomatic clash emerged during a phone conversation where Albanese warned Netanyahu that Australia would formally recognize a Palestinian state, prompting Netanyahu to make public comments criticizing the Australian government before Cabinet had finalized the decision.
"I spoke with Prime Minister Netanyahu last week and indicated to him the direction that Australia was headed," Albanese told reporters Tuesday. "Prime Minister Netanyahu, before yesterday's statement, before our Cabinet met, made comments based upon the discussion that I'd had with him."
Chinese Warship Collides with Own Coast Guard Vessel While Pursuing Philippine Boat in South China Sea
A Chinese warship crashed into one of its own coast guard vessels Monday while pursuing a Philippine patrol boat near the contested Scarborough Shoal, Philippine officials said, releasing dramatic video footage showing the Chinese vessel's bow completely caved in from the collision.
The incident occurred as the Philippine Coast Guard vessel BRP Suluan escorted boats distributing aid to local fishermen in the disputed waters, according to coast guard spokesperson Commodore Jay Tarriela. Video released by Manila showed the Chinese coast guard ship CCG 3104 and a much larger Chinese navy vessel bearing hull number 164 colliding with a loud crash.
"The CCG 3104, which was chasing the BRP Suluan at high speed, performed a risky maneuver from the vessel's starboard quarter, leading to the impact with the PLA Navy warship," Tarriela said in a statement Tuesday. "This resulted in substantial damage to the CCG vessel's forecastle, rendering it unseaworthy."
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