National News LIVE: Shock rate decision reaction; Medicinal cannabis crackdown; Bungle that caused mushroom murder havoc
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7.03am
Shock reserve bank decision hits ASX
By Emily Kowal and Shane Wright
The Australian sharemarket is set to slide on opening following the Reserve Bank's surprise decision to hold interest rates steady, a move that caught many traders and economists off guard.
Yesterday, the Reserve Bank shocked experts (and many homeowners) when it announced it would not cut rates.
It was the first time in the bank's history that a vote on a rate decision was made public, revealing a split between those who wanted to stick at 3.85 per cent and those who believe more relief is needed due to easing inflation pressures and the threat posed by the Trump tariff agenda.
Governor Michele Bullock said while the bank did not cut rates on Tuesday, further rate relief was likely, with the outcome of the June quarter inflation report – released at the end of the month – the key factor.
'The decision today … was about timing rather than direction,' she said.
Treasurer Jim Chalmers said people would be disappointed that the bank had not cut rates.
'There will be millions of Australians around the country who were desperately hoping for more rate relief today, in addition to the two rate cuts that we've already seen over the last five months,' he said.
6.55am
Why a major Sydney university has stripped students of their degrees
By Christopher Harris
To some news in Sydney.
Students at the state's biggest university have been caught submitting fraudulent admissions documents, using fake medical certificates to get assignment extensions and increasingly misusing artificial intelligence, with more than 3000 breaches of its academic integrity policy recorded last year.
There were more than 1000 cases where University of Sydney students were issued a fail grade for an entire subject after being caught cheating, while 13 graduates were stripped of their degree after the university discovered they had committed fraud, its annual report on misconduct said.
'The university has seen an increase of fraud, in particular, students submitting fraudulent medical certificates in support of their special considerations application, but also the increase of contract cheating in combination with the misuse of artificial intelligence,' it said.
Read the full story by Christopher Harris here.
6.50am
Over a million Australians have been prescribed medical cannabis. Now, regulators are cracking down
By Angus Thomson
Patients in emergency departments with cannabis-induced psychosis, consults lasting less than a minute and doctors who have issued more than 10,000 scripts in six months are among the cases that have prompted Australia's alarmed healthcare watchdog to announce clearer guidelines for the booming medicinal cannabis industry.
The Australian Health Practitioner Regulation Agency (AHPRA) on Wednesday released guidance for doctors prescribing medicinal cannabis products amid what it described as poor prescribing practice and surging patient demand.
6.44am
What's making news today
By Emily Kowal
Good morning and welcome to the national news blog. My name is Emily Kowal, and I will be helming our live coverage this morning.
It's Wednesday, July 9.
Let's jump into it.
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