Australia news live: minutes reveal why RBA lifted interest rates a 13th time; plane wreckage found off Mornington
The Reserve Bank said it lifted its key interest rate this month to reduce the risk of a "larger monetary policy response" in coming months given the persistence of inflation and the stronger than expected performance of the economy.
The RBA, in its minutes released today, also noted that its forecasts for inflation to decline to within its 2%-3% target range by the end of 2025 were based on one or possibly two more interest rate increases.
The minutes explain in more detail the reasons why the RBA opted to lift its key interest rate a 13th time[1] in the current cycle at its 7 November meeting. The 25 basis-point increase brought the rate to 4.35%, or the highest level since late 2011.
The eight-member board considered leaving the cash rate unchanged for a fifth consecutive month noting there were uncertainties including how the "escalation of tensions in the Middle East" was "likely to dampen consumer confidence and global demand.
The case to hike again, though, was deemed stronger in part because the RBA itself had made it clear in the previous month's minutes and in subsequent speeches it was not prepared to accept inflation remaining too high for too long.
The minutes showed:
Members noted that the risk of not achieving the board's inflation target by the end of 2025 had increased and that it was appropriate that monetary policy should be adjusted to mitigate this.
They agreed there was a risk of inflation expectations increasing [if the pause had been extended] particularly given the Board's repeated statements that it has a low tolerance for inflation returning to target after 2025.
Kristina Keneally's son guilty of fabricating evidence that wrongfully put man in prison
The son of former New South Wales premier and federal senator Kristina Keneally[2] has been found guilty of fabricating evidence that wrongfully put a man in prison, reports AAP.
Daniel Keneally, 25, was convicted in the Downing Centre district court on Tuesday.
Keneally wrote a statement containing many falsehoods and Magistrate Rodney Brender rejected his lawyer's claims that it was an honest mistake.
The offence related to an incident where Keneally was a few hours into a night shift at Newtown police station when Luke Brett Moore called in February 2021.
While the right to peaceful assembly and freedom of expression is a cornerstone of our democratic society, the involvement of school children in the rally is unacceptable and should be called out as such in clear terms.
Although the government has communicated its expectation that students attend school in preference to the rally, the messaging to date has been confusing and made more so by media reporting.
The letter's unnamed author, who described themselves as a concerned community member, raised concerns about how the rally would affect Jewish students and accused organisers of targeting and exploiting school children.
The letter continued:
Most students in Victorian schools will not have a direct connection or a comprehensive (if any) understanding of the attacks on Israel and war in Gaza.
In response, Ms Allan reiterated Thursday was a school day and she expected students to remain in class.
Woman dies after falling down six rows of seating at Robbie Williams concert
A woman who was seriously injured during a Robbie Williams[4] concert in Sydney last week has died.
A spokesperson from Sydney's St Vincent's hospital confirmed the woman in her 70s died on Monday after falling down six rows of seating at Allianz Stadium in Moore Park on Thursday evening.
She was taken to St Vincent's in a critical condition where she was placed in an induced coma.
People are not aware of how absolutely disgraceful the behaviour of the Forestry Corporation is in these areas.
Parts of Queensland will be hit with showers today but not as heavy or widespread as yesterday.
The Bureau of Meteorology said Lockyer Valley recorded the highest total rainfalls to 9am, with 115mm at Upper Sandy Creek.
?Another day with a colourful rainfall map across southern QLD. In the 24 hours to 9am, the Lockyer Valley saw the highest totals, with 115mm at Upper Sandy Creek.
Further showers expected today, but not as heavy or as widespread as yesterday. https://t.co/oYcgOL8aFt pic.twitter.com/SeGUUXTM9P[6][7]
-- Bureau of Meteorology, Queensland (@BOM_Qld) November 21, 2023[8]Hospital upgrades after grandfather dies waiting for bed
One of Queensland's busiest hospitals will be upgraded after a grandfather died after a three-hour wait in an ambulance, AAP reports.
Ipswich hospital west of Brisbane will receive 12 extra beds at the emergency department's short-stay unit, the states health minister says.
Shannon Fentiman said the hospital would also be boosted with 24 new beds in acute wards to help improve patient flow following Wayne Irving's death.
Irving is believed to have suffered a fatal heart attack as he was being transferred from a stretcher to an Ipswich hospital bed after waiting three hours outside in the back of an ambulance.
Fentiman said staff recruitment had begun to cover the extra resources at Ipswich hospital:
We know our emergency departments are seeing more people than ever before.
Despite those huge numbers we are seeing ED wait times come down.
The median wait time is now 15 minutes across the state.
Ipswich has had better performance in the last three months but I acknowledge there is a long way to go.
She has committed to implementing any recommendations from a clinical review of Irving's death and the coroner.
Updates on Port Phillip Bay plane crash
To summarise what we know:
Victorian police have located the wreckage of a military-style jet that crashed into Port Phillip Bay on Sunday.
The wreckage was located off the shore of Mornington.
Police are working to remove the fuselage of the plane from the water, which will then be searched.
Pilot Stephen Gale and his passenger, cameraman James Rose, were on board one of two light Viper S-211 Marchetti planes conducting a formation flight that collided mid-air about 1.45pm on Sunday.
Victorian police inspector Terry Rowlands earlier confirmed the two people were believed to have died in the crash.
Their aircraft plunged about 20 metres into Port Phillip Bay, while the other plane landed safely at Essendon airport, also with two people on board.
Police to search fuselage wreckage of plane that crashed into Port Phillip Bay
As we just reported, Victorian police have located the wreckage from a plane crash in Mount Martha on Sunday afternoon.
Water police, air wing and uniform officers carried out extensive searches across Port Phillip Bay as part of a multi-agency operation, a police statement said.
After searching water, a large part of the body of the plane was located off the shore of Mornington.
Police are working to remove the fuselage of the plane from the water, at which time it will be searched.
It is believed a 56-year-old Brunswick man and a 30-year-old Surrey Hills man were on board the plane at the time of the incident.
Investigators are working to establish the exact circumstances of the incident and investigations remain ongoing.
They believe the aircrafts would have been visible from Mount Martha between 1pm and 2pm on Sunday.
Police said they are keen to speak with anyone who witnessed the incident, or with vision of the planes.
AAP is reporting that the wreckage of a military-style jet that crashed into Victoria's Port Phillip Bay has been found off the shore of Mornington.
Crews have been scouring Port Phillip Bay for any sign of TV camera operator James Rose and pilot Stephen Gale after their Jetworks Aviation flight went down about 1.45pm on Sunday.
Port Phillip plane crash: Victoria police believe camera operator and pilot were killed after mid-air collisionThe entire community is in shock over this terrible incident.
No one expects their loved ones not to come home from work.
We will provide every support necessary to those affected by this tragedy, including the family, friends, and employees and contractors of the council.
Zeehan, on Tasmania's west coast, has a population of about 700 people.
WorkSafe Tasmania has been notified and reports are being prepared for the coroner.
Pitt said it would be inappropriate to comment further while the matter was being investigated.
References
- ^ the RBA opted to lift its key interest rate a 13th time (www.theguardian.com)
- ^ Kristina Keneally (www.theguardian.com)
- ^ Kristina Keneally's police officer son found guilty of fabricating evidence that saw man jailed for three weeks