TRANSCRIPT
The cash rate will remain at 4.35 per cent, with the Reserve Bank of Australia deciding to leave the rate unchanged for the third time in a row.
The decision to keep rates on hold at the 12-year high was widely anticipated by economists, with many predicting the RBA will cut interest rates in the second half of the year.
Treasurer Jim Chalmers says it shows inflation is slowing.
"This decision is a reflection of the good progress that we're making as a country, in the fight against inflation. It gives us confidence that inflation is moderating in welcome and encouraging weights. Inflation has come off very substantially since its peaks in 2022. And as I said a moment ago, in quarterly terms, inflation is now around a third of what we inherited from those opposite."
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The Greens and The Nationals have formed an unlikely pairing to call for divestiture powers.
Cross bench legislation will be introduced this week that would allow the government to break up big businesses if they're found to be misusing their market power.
It comes as the power of supermarket giants is under scrutiny, accused of driving up prices for consumers and mistreating suppliers.
Greens Senator Nick McKim says it's about putting people before profits.
"This is about making sure that we put the interests of people over and above the interests of corporate profits in Australia. So, divestiture powers will allow for the courts to make an order to insert greater competition into any sector of the economy."
The government has previously ruled out legislating divestiture powers.
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The federal opposition has accused the Albanese government of failing to deliver on a promised reduction in household energy bills.
Energy Minister Chris Bowen has welcomed the Australian Energy Regulator's draft prices for 2024 to 2025, under which hundreds of thousands of consumers in parts of Australia are set to see major energy bill savings.
But Opposition Energy Spokesperson Ted O'Brien says Labor has broken an election promise to deliver a $275 reduction in household bills.
Mr O'Brien says households and businesses are continuing to feel the effects of high energy prices.
"We already see since Labor come to office, every single week, over 500 families have gone on hardship arrangements because they cannot pay their energy bill. We have 120,000 households right now on hardship arrangements, it's only getting worse, and we see that also with businesses."
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Political donation rules would be tightened in time for the next federal election under proposed laws being pushed by crossbench MPs.
The Fair and Transparent Elections Bill proposes a real-time donation disclosure threshold of $1000, bans donations from social harm industries and government contractors, and limits governments using taxpayer funds to advertise before elections.
The legislation aims to increase transparency and level the playing field in elections and will be introduced to the Senate and House of Representatives this week.
Deputy Program Director of Budgets and Government at the Grattan Institute Kate Griffiths says these changes are needed to improve trust in politics.
"Australia has political donations rules at the federal level and across all the states. And the federal rules are particularly inadequate. So, the public deserves to know who's donating to political parties because there's the potential for donations to have an influence on public policy decisions."
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In boxing,
Tim Tszyu has the chance to follow in his father Kostya Tszyu's footsteps as a unified world boxing champion.
The stakes for Tszyu's long-awaited Las Vegas debut have been dramatically raised hours after his scheduled opponent dropped out with American Sebastian Fundora promoted as a replacement.
That gives the undefeated Australian an opportunity to add the World Boxing Championship super-welterweight belt to the World Boxing Organisation title he already possesses.
Tszyu's scheduled opponent, American Keith Thurman, was forced out of the March 30 pay-per-view blockbuster after rupturing his bicep during training.
