Australia news live: Jewish group calls for national anti-hate unit; RBA expected to cut rates
Date: 2025-07-07T20:38:58.000Z
Title: Reserve Bank widely tipped to cut rates today
Content: Borrowers should be in for some welcome good news today, with the Reserve Bank board widely expected to deliver an interest rate cut at 2:30pm, Sydney time.
Financial markets and economists agree that a second straight cut is essentially a done deal, although there's always a chance that the central bank will surprise us all and hold.
If they do follow up with a 0.25 percentage-point move lower to 3.6%, it will be the third cut in the RBA's cash rate target, following moves in February and May.
Weak household spending and a bigger than expected drop in inflation in May both supported the case for lower rates, economists say, not to mention the looming threat of Donald Trump's trade war.
A rate cut today would trim $76 from the monthly interest bill on a $500,000 mortgage, bringing the total benefit of this year's cuts to nearly $230 once lenders pass them on to their customers.
Of course, what's good news for existing homeowners is more problematic for would-be homeowners, who are seeing property prices accelerating again as borrowing costs fall.
RBA governor Michele Bullock will hold a press conference at 3:30pm where she will no doubt be asked whether we can expect further rate cuts this year.
Update:
Date: 2025-07-07T20:38:58.000Z
Title: Welcome
Content: Good morning and welcome to our live news blog. I'm Martin Farrer with the best overnight stories before Rafqa Touma picks up the news baton.
The Reserve Bank's monetary policy committee meets in Sydney today and it is widely expected by economists and analysts to conclude with a decision to cut interest rates by 0.25%. We have more coming up, plus the news when it happens at 2.30pm.
Australia's leading Jewish group has stepped up its calls for a stronger government response to the alleged arson attack on a synagogue in Melbourne by calling for a national unit to combat hate crimes. More coming up.
The copyright case brought against Nine by the fiance of Bondi Junction stabbing victim Dawn Singleton over its use of a photograph of the dead woman in an edition of 60 Minutes ended last night with a judgment in favour of defendants on the eve of the trial. More coming up.
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