Big Four Banks Increase Interest Rates
Australia’s major banks have all raised interest rates following the Reserve Bank of Australia’s (RBA) announcement of a third consecutive rate increase.
The RBA raised the cash rate by 0.25% in a decision widely anticipated yesterday afternoon.
Macquarie Bank was the first to announce it would pass on the increase to its variable home loan customers starting 22 May.
The country’s big four banks – Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Westpac, and ANZ – subsequently confirmed they would also transfer the 0.25% hike to their customers.
Chalmers Addresses Economic Impact of Middle East Conflict
Treasurer Jim Chalmers acknowledged the financial burden Australians face due to the ongoing conflict in the Middle East, emphasizing that the forthcoming federal budget will be responsible and focused on addressing inflation challenges.
"Australians didn’t choose this war in the Middle East, we have no control over when it ends, but we’re paying a hefty price for it, at the bowser and beyond.
So we know that people are under very serious pressure, we know these price pressures have escalated because of the war in the Middle East, but we had inflationary challenges before that as well.
And again, that’s why this budget is a really important budget."
Chalmers made these remarks during an interview with ABC News this morning.
Good morning, Nick Visser here to continue the blog. Let’s proceed.
Albanese Convenes National Cabinet on Fuel Crisis
State and territory leaders are scheduled to meet with Prime Minister Anthony Albanese this morning as the national cabinet addresses the ongoing international fuel crisis.
The Prime Minister will chair the virtual meeting mid-morning.
This meeting follows recent heightened tensions in the Strait of Hormuz, where US President Donald Trump warned that Iran would be "blown off the face of the earth" if it attacks US vessels attempting to reopen the shipping route.
Currently, more than 800 ships and 20,000 crew members remain stranded in the region.
Federal government data indicates that Australia has 43 days of petrol supply, 33 days of diesel, and 28 days of jet fuel available.
Federal Budget to Allocate $74 Million to Counter Terrorism and Online Threats
The upcoming federal budget will include $74 million in funding over two years to establish a dedicated national centre aimed at detecting and disrupting online violent extremism and terrorism.
Home Affairs Minister Tony Burke is set to announce the initiative on Wednesday. This funding is part of the government’s response to the Bondi terror attack in December.
The centre will integrate personnel from the Australian Security Intelligence Organisation (ASIO) and the Australian Federal Police (AFP), alongside cooperation with state and territory police forces and international law enforcement agencies. Its goal is to better target online terrorists who promote violence and exploit vulnerable youth.
Specialist counter-terrorism investigators and intelligence analysts will monitor high-risk online spaces, assess credible threats, and coordinate the disruption of extremist content and activities, including through covert online engagement.
"The capability we’ve always had to monitor extremists in the meeting room, now extends to the chat room," Burke said.
"A bolstered online threat capability will give AFP and ASIO the resources they need to target terrorists and violent extremists online."
Newtown MP Jenny Leong Comments on Forum Controversy
State Member of Parliament for Newtown, Jenny Leong, addressed attendees at a recent meeting, welcoming them to the electorate.
"You’re welcome in Newtown electorate anytime."
Leong referenced statements made by Ron Hoenig, a Jewish member of the Minns government, who distanced himself from a potential ban on the phrase "globalise the intifada" during question time yesterday.
When questioned by the opposition about his actions as Minister of Local Government to prevent the event from proceeding in a council-owned venue, Hoenig responded:
"Just because I, and other people, might find it personally offensive does not mean that governments have unlimited power to constitutionally strike down the right of everybody else to freedom of political communication."
Sydney Forum Held in Park After Venue Cancellation
A pro-Palestine forum, initially scheduled to take place in a council-owned venue but canceled following what Sydney Mayor Clover Moore described as "a persistent media campaign by the Murdoch press," was instead held in a park in Darlington under low light conditions.
The meeting, attended by several dozen people and a significant media presence, featured speakers opposing the criminalization of the phrase "globalise the intifada."
Moore announced on Monday evening that she had requested the council’s chief executive to withdraw the booking for the event.
Discussing the decision, Moore stated that public events must not "contribute to hostility and fear." The cancellation was welcomed by the New South Wales Jewish Board of Deputies.
An organiser from the group Stop the War on Palestine, which ran the meeting titled "Why it is right to globalise the Intifada," explained that the last-minute cancellation forced the group to hold the meeting "in a park in the dark."
Jewish speaker Ed Carroll, who was among the first individuals arrested in Queensland after the state government imposed a maximum two-year prison sentence for using the phrases "globalise the intifada" or "from the river to the sea," addressed the meeting via Zoom. His image was projected onto a screen set up in the park.
Carroll indicated he is likely to be a lead plaintiff in a planned constitutional challenge against the ban.
During the meeting, a man wearing a shirt with the inscription "FCK HMS" stood nearby, shouting at attendees to "go home." He held a sign stating: "Globalise the intifada is Bondi Beach 14 December 2025!"
Last week, New South Wales Premier Chris Minns stated he would only ban the slogan "globalise the intifada" if a constitutional challenge to a similar ban in Queensland is unsuccessful, marking the strongest indication yet that the state government may not proscribe the phrase.
Live News Blog Introduction
Good morning and welcome to our live news blog. I’m Martin Farrer, bringing you the top overnight stories, with Nick Visser providing further updates.
The "globalise the intifada" forum, which was prohibited from occurring in a council venue on Monday night, proceeded last night in a Sydney park where participants discussed legal challenges to the ban on using the phrase and the related phrase "from the river to the sea." Additional details will follow.
Meanwhile, Australia’s big four banks have raised interest rates following the Reserve Bank’s third consecutive rate hike yesterday. Further reactions to the rate increase will be provided.
