Chapter 1: What is the main topic discussed in this episode?
A Listener Production. Hi, Natasha Belling with you and welcome to the afternoon edition of The Briefing. Coming up in our deep dive, the RBA has again increased the official cash rate this afternoon. Not only is it a major blow for millions of homeowners, but the increase will also be another hit for millions of businesses already at breaking point.
We find out what's next for Aussie retail that's now facing tougher economic pressures than they did during COVID. Those details in just a moment. But first, let's check the afternoon headlines this Tuesday, the 5th of May. As we mentioned, the RBA has again lifted the official cash rate, this time by 0.25% to 4.35%.
It's the third rate hike this year, with eight of the nine RBA members voting to increase the rate, flagging inflation was still well above its target range. The RBA also says further rate hikes could be on the agenda, saying it will pay close attention to future economic data and international economic events. Here is the RBA Governor, Michelle Bullock, a short time ago.
Chapter 2: What is the latest RBA cash rate increase and its implications?
We feel we're now in a position where we've got space to be alert now to both sides of the risks, the inflation and the potential risks to the downside if the war continues.
Australian author Craig Silvey has pleaded guilty to possessing and distributing child exploitation material. Silvey is the author behind a number of popular books, including the Jasper Jones novel. Silvey was charged by police in January after authorities raided his home and seized electronic devices. He appeared in Fremantle Local Court in WA this morning to plead guilty to two charges.
The man charged with the murder of Kumunjai Little Baby was scheduled to appear in Alice Springs Local Court via video link today, but a last-minute application meant that Jefferson Lewis was excused from the court appearance.
Chapter 3: How will rising interest rates impact Australian homeowners?
Lewis has been charged with one count of murder and two other charges that cannot be disclosed for legal reasons. The prosecutors requested a long adjournment and the case is set to return to court on 30 July. Heartbreaking new details have emerged about the fatal boating accident near Ballina in northern New South Wales.
Three people were killed, including two volunteers from the local marine rescue crew. Four others were rescued. The marine rescue crew was responding to a yacht that was in distress. Six members of the rescue crew went out before their vessel rolled over. Four crew were saved and two men aged in their 60s and 70s died.
Ballina Mayor Sharon Caldwalder spoke with the ABC earlier today about when she realised something may be wrong.
Well, it was last night at around just after 6pm and we lived just across from the bar and we put the telescope up. We saw the blue and reds out on South Wall and lots of police. and people scrambling around the wall, flashlights, boats in the water with searchlights, and I knew something was wrong. But I didn't know until this morning, until early this morning, and I woke to the news.
A third body has also been located, believed to be the yachtsman who was in distress. And a settlement has been reached over the high-profile legal fight between US actors Blake Lively and Justin Baldoni. The former co-stars were set to begin a trial in two weeks where both were set to testify.
The legal battle began in 2024 where Lively accused Baldoni of sexual harassment on the set of their film It Ends With Us. If one day you had a daughter, what would you say to her? She came to you and said the person she loved was hurting her. What would you say to her? Baldoni denied those allegations and filed a countersuit.
Today, they both released a joint statement through lawyers saying that they hope the settlement, quote, brings closure and allows all involved to move forward constructively and in peace. Now it's time to get into our deep dive on how the RBA's decision to increase the official cash rate will affect so many businesses that are already under pressure.
Joining us to explain the flow-on effects is Dan Hunter, who is the CEO of Business NSW. Dan explains why retail and so many small businesses are facing more economic challenges now than they did during COVID. Dan, thanks so much for joining us. As we mentioned earlier, the RBA has lifted rates again. How is your organisation feeling about this today?
We represent nearly 50,000 businesses across New South Wales, and we're really worried. We're seeing business confidence levels that are lower than they were in the peak of COVID. People are really worried. We're seeing businesses slip into insolvency more than ever, and this can't be good for anybody.
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Chapter 4: What is the significance of Craig Silvey's guilty plea?
They don't want to leave Sydney because they're worried, A, about the cost of fuel, but also about whether they can get fuel in those regional towns. And so we have literally got in that sort of tourism space, in that regional space, we've got thousands of people that would normally be migrating to
at the moment with their caravans towards northern Queensland and across to the territory that haven't gone this year. So the caravan parks are empty, the cafes aren't getting the business, the restaurants aren't getting the business, and it's really, really hurting those regional economies.
And just on that point, Dan, with the regional economies, we know right now the heart and soul of many rural and regional areas are the small businesses that often depend so much on the farmers. We know primary producers and farmers right now, not only the oil crisis and fuel and diesel issues, but a lot of those areas are in drought.
Now, if you're lucky enough to be a regional area where you can focus also on tourism, as well as the primary producers, now it's the double whammy again. You're losing the farmers because they are really struggling financially. And now the tourists aren't coming to the towns.
Yeah, that's right. We saw that in the Easter period around Sydney with the stats we were seeing from our tourism providers, where basically anyone within a short freeway drive
didney uh say under two hours uh and close to the freeway was still still getting businesses still getting propped up but as soon as uh any of those tourist destinations that were a bit further off the map or a bit further afield from those metro areas they saw a lot of cancelled bookings
And you're dead right that the farmers are kind of hunkering down a bit because, and farmers are very good at this because they go through the feast and famine and cycles and things like that. And they know they're going into a tough period of fuel and possibly drought in some areas too. So they're hunkering down and not spending. The tourists aren't coming.
And we've always had in our regional economies in Australia, I guess, more of a reliance on fuel than we do in the cities. It's exacerbated there, if you like, this fuel crisis. And our fear is that those regional businesses are really getting hit hard and some of them won't survive and won't ever come back.
Now, Dan, we know a lot of people are focused firmly on next week's budget. Now, the federal government is in a really tough position because we know inflation is out of control. It was a problem for the federal government before the war in the Middle East erupted.
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