Attorneys general meet to discuss antisemitism, online hate
State and federal attorneys general will convene in Sydney on Friday, prioritizing antisemitism and online hate on the agenda. The first 2026 meeting of the Standing Council of Attorneys-General (SCAG) will focus on protecting Australians from the proliferation of hate, according to federal attorney general Michelle Rowland.
Briefings will be presented by antisemitism envoy Jillian Segal and eSafety commissioner Julie Inman Grant. SCAG will address the increasing antisemitism in Australia, which Rowland's office described as requiring "a coordinated and sustained response," particularly in combating hate spread through social media.
"There is no place in Australia for hatred of any kind – online or offline," Rowland said.
"Online platforms play a significant role in the prevalence and spread of hateful content – a borderless challenge that demands coordinated national action."
Segal emphasized that antisemitism is becoming "more organised, more visible and more harmful," necessitating responses across legal frameworks, education, and enforcement.
Inman Grant noted the eSafety office's focus on online hate, stating:
"I am also pleased to have the opportunity to canvass a range of aligned, systemic and individual redress initiatives that could further target the perpetuation of this caustic and corrosive content, and provide education and training for Jewish community leaders and educators,"
Banks’ cheaper mortgages pushing up the cash rate, RBA research finds
Research indicates that the Reserve Bank of Australia (RBA) will need to maintain a higher cash rate than pre-Covid levels due to banks reducing costs to offer cheaper mortgages.
Intense competition among banks has created a market for inexpensive loans, partially funded by lowering interest rates on customers’ savings accounts, the research reveals.
Researchers Sarah Jennison, Josh Spiller, and Peter Wallis found that banks now finance nearly half of their lending through savers’ at-call deposits, an increase from 30% in 2011. This shift has contributed to banks’ lending costs reaching their lowest levels since the global financial crisis. Post-pandemic, banks have not increased interest paid on savings deposits in line with the RBA’s official cash rate hikes.
Simultaneously, banks have competed for mortgage customers by offering reduced rates, larger cashbacks, and discounts.
In December, the average outstanding variable mortgage rate was approximately 5.5%, while the cash rate stood at 3.5%. By comparison, in 2019, the typical home loan rate was about 4% with a cash rate near 1%, indicating a reduction in banks’ profit margins on home loans.
The researchers concluded that with mortgage rates now lower relative to the cash rate, the "neutral" cash rate level has effectively increased. This means the RBA must maintain a higher cash rate than before the pandemic to sustain similar lending growth.
Unexpected lending growth has contributed to inflationary pressures, surprising the RBA. This research provides insight into that phenomenon.
Good morning
Hello, and happy Friday. Nick Visser here to guide you through the morning’s news. Here’s what’s on deck:
In Sydney today, a meeting of state and federal attorneys general will address antisemitism and online hate.
In global news, high-stakes talks between the US and Iran concerning Tehran’s nuclear program continue, with Omani mediators reporting "significant progress," although observers noted the brevity of Thursday’s second session as potentially ominous.
Additionally, Coles is under scrutiny again as it prepares to release its next profit results this morning, following a week defending allegations of misleading shoppers.
