Morning Briefing
Australia's Reserve Bank has hiked interest rates for the third time this year, and the banks have already passed it on — crushing hopes for would-be homebuyers while the AUD surges and markets rip higher globally. It's a strange day where borrowers are hurting but traders are euphoric.
What Matters Today
- RBA hikes again — third time this year. Banks immediately passed on the 0.25% increase. Property prices at the entry level are still rising, meaning the home ownership dream is getting further away for younger Australians even as borrowing costs climb. Brutal timing. Guardian AU
- Craig Silvey pleads guilty to child exploitation crimes. The celebrated author behind Jasper Jones — a staple of Australian school curricula — has admitted the charges following a January police raid on his Perth home. A deeply shocking fall from grace. SBS News
- Albanese government quietly axes inland rail. The 1,700km Melbourne-to-Brisbane mega-project has been gutted — now ending at Parkes, NSW. A multi-billion dollar infrastructure retreat that's barely getting the attention it deserves amid the rate hike noise. Guardian AU
- Hantavirus spreading between cruise ship passengers — WHO confirms. Two cases confirmed, three dead. The WHO says human-to-human transmission is occurring, which is rare for hantavirus. Australians are on board. This one warrants watching closely. BBC World
- Israel's West Bank army chief: "killing like we haven't killed since 1967." Leaked remarks from Maj Gen Avi Bluth describing fatal shootings of stone-throwers. Incendiary stuff that will add fuel to an already volatile geopolitical situation. Guardian AU
- Daemon Tools supply-chain attack — a month-long backdoor. If you or anyone on your team uses Daemon Tools disk software, check your machines now. A stealthy monthlong compromise of a widely-used utility is exactly the kind of low-profile, high-impact threat that flies under the radar. Ars Technica
- Australia-Japan defence and minerals deals sealed. A sweeping package covering critical minerals, energy and defence — apparently signed with an AC/DC drum skin and a $200 melon involved. Genuinely important strategic alignment that deserves more column inches. SBS News
Markets
It's a full-blown risk-on rip across the board — the S&P 500 is up over 10% and the NASDAQ has exploded 15.75%, suggesting a major macro catalyst (likely a significant trade or tariff development) has hit overnight. The ASX 200 is riding the wave at +1.18%, and the AUD/USD has surged to 0.719 (+3.96%), reflecting renewed risk appetite and possible USD weakness. Bitcoin has rocketed to $81,635 (+18.34%) with Ethereum up nearly 13% — crypto is behaving like a pure risk asset today. Gold is the odd one out, down 1.93% at $4,566, as the flight-to-safety trade unwinds fast.
Worth a Read
- OpenAI co-founder on Musk: "I thought he was going to hit me" — Greg Brockman's testimony during week two of the Musk vs. Altman trial is getting wild. The interpersonal drama at the founding of OpenAI reads like a Silicon Valley thriller. BBC Tech
- Formula 1 eyes a return to V8 engines — Drivers have been vocal about hating the new electric power unit era, and now the FIA president is floating a V8 comeback. If you have any interest in motorsport, this is a genuinely significant potential reversal. ABC News
- Philip Morris lobbying senators in secret hearings on tobacco excise — A tobacco giant pushing for lower excise duties while claiming threats to the legal market warrant secrecy. Classic regulatory capture playbook — worth understanding how this kind of lobbying operates. Guardian AU
- The Farrer by-election this weekend — A NSW regional seat that's been Liberal/National since its creation could flip, potentially signalling a broader rural political realignment. If you want a leading indicator of where the regions are heading politically, watch this one closely. Guardian AU