Mencari Today's Rundown

Reserve Bank Holds Rates Steady as Inflation Jumps, Rate Cuts Unlikely Until 2027

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Reserve Bank Holds Rates Steady as Inflation Jumps, Rate Cuts Unlikely Until 2027

Mencari Team

Nov 04, 2025

Good morning, Australia! Today is November 5 and here is your news briefing!

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Here’s what else you need to know to get going and get on with your day.

1️⃣ RBA Maintains 4.35% Rate as Inflation Exceeds Target Band

The Reserve Bank of Australia held the official cash rate at 4.35 percent Tuesday, signaling no relief for mortgage holders as inflation climbed to 2.8 percent in the September quarter, exceeding the central bank’s 2-3 percent target range.

Key Developments:

Interest rate unchanged at 4.35 percent
Inflation rose to 2.8 percent, outside RBA target band
HSBC chief economist warns next move more likely to be rate increase
No rate cuts anticipated until 2027, according to market analysts

Political Response:

Shadow Treasurer Ted O’Brien criticized government as “biggest spending government in 40 years outside of recession”
Treasurer Jim Chalmers defended fiscal policy, citing need for household support
Coalition attributed inflation spike to excessive government expenditure

The decision reflects ongoing tensions between subdued GDP growth of 1.8 percent and persistent inflation pressures. HSBC’s Paul Bloxham noted the economy is operating at capacity constraints, with productivity declining more than 5 percent, discouraging business investment.

2️⃣ Melham Becomes First Woman to Win Melbourne Cup-Caulfield Cup Double

Jockey Jamie Melham rode Half Yours to victory in the $10 million Melbourne Cup at Flemington Tuesday, becoming the first female rider to win both the Melbourne Cup and Caulfield Cup in the same year.

Historic Achievement:

Second female jockey to win Melbourne Cup after Michelle Payne (2015)
Won Caulfield Cup on Half Yours in October
First husband-wife duo to ride in same Melbourne Cup (husband Ben Melham finished 14th)
Victory margin: two and three-quarter lengths

Personal Context: Melham dedicated the win to her grandfather, who died the previous week. “He’s up there opening those gaps for me,” she told Nine Network. The winning horse was bred by Melham’s mentors Janice and Col McKenna, with Col having passed away in 2024.

Race Results:

Winner: Half Yours (trainer: Tony and Calvin McEvoy)
Second: Goodie Two Shoes (Ireland)
Third: Middle Earth
Pre-race favorite Presage Nocturne finished 19th

The victory continues the McEvoys’ legacy as the first father-son training team to win the Cup.

3️⃣ Parliament Moves FOI Debate to Federation Chamber Amid Transparency Concerns

The government transferred debate on Freedom of Information law reforms from the main parliamentary chamber to the federation chamber Tuesday, drawing criticism from opposition and crossbench members who argue the changes warrant greater scrutiny.

Proposed Changes:

Expansion of cabinet and confidence document exemptions
Removal of anonymity for FOI applicants
Introduction of application fees
Broader restrictions on accessible government information

Opposition Response: Independent Member for Indi Helen Haynes characterized the reforms as “government overreach,” arguing they undermine citizens’ rights to access information. The Coalition accused Labor of avoiding scrutiny by relocating the debate.

Government Position: Attorney-General defended reforms as necessary to address inefficiencies in current system, citing lengthy processing times and resource constraints at public agencies.

Parliamentary Procedure: The federation chamber typically handles less contentious legislation, leading critics to question whether the government seeks to minimize debate on transparency measures.

4️⃣ Environmental Protection Law Reform Faces Scrutiny Over Ministerial Override Powers

Parliament is considering the first comprehensive update to environmental protection laws in 25 years, but crossbench members are seeking amendments to limit ministerial discretion and strengthen community consultation requirements.

Legislative Framework:

First major reform since 2000
Implements recommendations from 2020 Samuel Review
Introduces bioregional planning mechanisms
Includes ministerial override provision for national interest projects

Key Concerns: Independent MP Helen Haynes identified two primary issues: undefined “national interest” criteria allowing ministerial overrides, and insufficient transparency requirements when ministers exercise discretionary powers.

Proposed Amendments:

Clear definition of national interest circumstances
Mandatory public disclosure of ministerial override justifications
Enhanced community consultation standards for large-scale developments
Specific focus on grid-scale renewable energy projects

Rural Impact: Haynes noted 70 percent of rural and regional Australians support renewable energy transition, but emphasized need for effective early consultation to maintain social license for major infrastructure projects.

5️⃣ Streaming Platforms Required to Invest in Australian Content Production

The federal government will introduce legislation this week mandating streaming services with more than one million Australian subscribers invest in local content production, ending a regulatory gap between traditional broadcasters and digital platforms.

Investment Requirements:

10 percent of local expenditure or 7.5 percent of revenue
Must fund Australian drama, documentary, children’s, arts, or educational programming
Applies to Netflix, Disney+, Amazon Prime, and comparable services
Originally scheduled for July 2024, delayed due to trade agreement concerns

Policy Context: Arts Minister Tony Burke and Communications Minister Anika Wells framed the measure as job protection for creative industries facing artificial intelligence disruption. Free-to-air and pay television already operate under similar content obligations.

International Considerations: Implementation was postponed due to concerns about compatibility with Australia-US free trade agreements. Following resolution of trade policy issues and completion of both nations’ election cycles, the government proceeded with the mandate.

Industry Impact: Officials cited children’s program Bluey as evidence of Australian content’s global commercial viability, arguing the requirements will sustain domestic production capacity while sharing Australian stories internationally.

Stay informed on Australia's evolving political landscape with our comprehensive coverage of parliamentary developments and policy analysis.

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