Australia news LIVE: RBA warns interest rates will see-saw in coming years; 2022 Victorian election campaign enters final days; Labor industrial relations bill questioned

2022-11-22

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Indonesia quake death toll rises to more than 250

Cianjur: The death toll from the earthquake that shook the Indonesian island of Java leapt to 268 on Tuesday as more bodies were found beneath collapsed buildings, the National Disaster Mitigation Agency said.

Agency head Suharyanto, who like many Indonesians goes by only one name, told reporters that 151 people were still missing and another 1083 people were injured in the 5.6 magnitude earthquake that hit on Monday afternoon near the city of Cianjur.

A resident collects clothing from a damaged house in Cianjur.Credit:AP

One woman said that when the earthquake hit her home in Cianjur started “shaking like it was dancing”.

“I was crying and immediately grabbed my husband and children,” said the woman, who gave her name only as Partinem. “If I didn’t pull them out we might have also been victims.”

In addition to those killed, authorities reported more than 300 people were seriously hurt and at least 600 more suffered minor injuries.

Reserve Bank forecasts see-sawing interest rates as economy worsens

Interest rates will swing up and down more often to deal with increasingly erratic inflation over coming years, with Reserve Bank governor Philip Lowe warning climate change, an ageing population, the breakdown of supply chains and the overhaul of the energy grid will all put upward pressure on prices.

RBA governor Phillip Lowe.Credit:Oscar Colman

Speaking in Sydney on Tuesday night, Lowe said the events of the past year had revealed supply-side issues were going to make inflation more variable, which would then make the setting of interest rates even more difficult.

He said climate change, which would disrupt food and commodity prices, the ageing of the globe’s working population, the post-COVID shift towards deglobalisation as countries tried to avoid supply-chain breakdowns and the money needed to upgrade energy systems would all feed into fluctuating rates of inflation.

All four of these supply-side developments are first-order issues that are likely to affect the environment for Australian business over the years ahead.

They are also likely to affect the inflation dynamic here and elsewhere, leading to more variability in inflation from year to year.

As the OECD forecast Australia’s growth rate will more than halve over the next two years due to the turmoil unleashed by the war in Ukraine, Lowe said the federal budget bottom line would have to sharply improve to ensure the country could move swiftly to deal with the economic challenges ahead.

This morning’s headlines at a glance

Good morning and thanks for your company.

It’s Wednesday, November 23. I’m Ashleigh McMillan and I’ll be anchoring our live coverage for the first half of the day.

Here’s what you need to know before we get started.

Interest rates will swing up and down more often to deal with increasingly erratic inflation over coming years, with Reserve Bank governor Philip Lowe warning climate change and the overhaul of the energy grid will all put upward pressure on prices.
In federal politics, Lisa Visentin writes that transparency advocates are arguing Australia’s patchwork of whistleblower laws must be overhauled and a single authority set up to enforce protections. The request comes as federal parliament prepares to pass laws to create a federal anti-corruption watchdog.
The Socceroos are playing France at the FIFA World Cup this morning. We’ve got a live blog here if you’d like to keep up with all the action from Qatar.
According to the State of the Climate report, Australia’s weather will become even more chaotic in coming years and decades. Mike Foley has the full story.
When it comes to the Victorian election, Premier Daniel Andrews and Liberal leader Matthew Guy faced off in a debate in Box Hill last night. Both parties have committed to pokies reform protection for pubs and clubs.

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