Westpac said it was going to pass on the -0.25% rate<\/a> adjustment to its variable home loan interest rates effective Tuesday, 26 August.<\/p>\n The Commonwealth Bank says all home loan variable rate changes relating to today\u2019s rate cut will be effective 22 August 2025.<\/p>\n Macquarie, meanwhile, says the cut will hit its variable home loan rates just three days from now<\/a>, on Friday 15 August.<\/p>\n Updated at\u00a003.25 EDT<\/p>\n Key events<\/p>\n Show key events only<\/p>\n Please turn on JavaScript to use this feature<\/p>\n What we learned, Tuesday 12 August<\/p>\n And that\u2019s where we\u2019ll leave you this evening. Here\u2019s a snapshot of today\u2019s headlines:<\/p>\n Anthony Albanese<\/strong> claimed Israel\u2019s leader, Benjamin Netanyahu,<\/strong> is \u201cin denial\u201d about the suffering of civilians in Gaza, and said frustration with Israel\u2019s actions partly contributed to the decision to recognise a Palestinian state.<\/p>\n<\/li>\n Opposition leader Sussan Ley<\/strong> says the Coalition would revoke recognition<\/a> of a Palestinian state and would \u201cnever have taken this step\u201d of recognising a Palestinian state if they were in power.<\/p>\n<\/li>\n The Reserve Bank <\/strong>has cut the cash rate<\/a> by a quarter of a percentage point to 3.6%<\/strong>, from 3.85%<\/strong>.<\/p>\n<\/li>\n Treasurer Jim Chalmers<\/strong> hailed the rate cut as \u201cvery welcome relief for millions of Australians\u201d.<\/p>\n<\/li>\n Westpac, the Commonwealth Bank and Macquarie have all announced they will pass on today\u2019s interest rate cut<\/a> to their customers.<\/p>\n<\/li>\n Voters in Kiama, NSW, will head to the polls next month<\/a> for a byelection to replace former MP Gareth Ward<\/strong>.<\/p>\n<\/li>\n Epic Games<\/strong>, the creator of the popular video game Fortnite, has won a partial victory<\/a> against Apple and Google in the Australian federal court over the restrictions in their app stores and in-app payment options.<\/p>\n<\/li>\n The health effects of Pfas appear to be small, the NSW Health Expert Advisory Panel on Pfas<\/strong> has concluded in its final report.<\/p>\n<\/li>\n The AFL<\/a> has announced that American rapper Snoop Dogg<\/strong> will grace the MCG for this year\u2019s grand final entertainment.<\/p>\n<\/li>\n<\/ul>\n Thanks for your company today. Nick Visser will be back with you bright and early tomorrow morning to bring you all of Wednesday\u2019s news. Look after yourselves until then.<\/p>\n Share<\/a><\/p>\n Updated at\u00a003.40 EDT<\/p>\n Man dies in snowboarding accident<\/strong><\/p>\n A person has died at Perisher Ski Resort in the Snowy Mountains today, Guardian Australia understands. Early reports suggest a man died after a snowboarding accident this afternoon. Emergency services are yet to comment on the incident.<\/p>\n Share<\/a><\/p>\n Updated at\u00a003.26 EDT<\/p>\n Chalmers<\/strong> has also taken a swing at shadow treasurer Ted O\u2019Brien\u2019s<\/strong> comments earlier<\/a>:<\/p>\n I did not think [the Coalition] could find someone with less credibility than Angus Taylor<\/strong> but they\u2019ve managed to do that in shadow treasurer Ted O\u2019Brien. I thought it was frankly an absurd comment that will do him no good and to his credibility no good \u2026<\/p>\n I thought his press conference today was a disgrace, frankly. He should be properly welcoming interest rate relief for millions of Australians. He did not want to see rates cut today and I think all of his words today were dripping with disappointment that rates were cut today for the third time this year under Labor.<\/p>\n<\/blockquote>\n Share<\/a><\/p>\n Updated at\u00a003.08 EDT<\/p>\n The treasurer, Jim Chalmers, <\/strong>said the \u201cproductivity challenge\u201d in Australia \u201cis structural\u201d and has been an issue in the economy for two decades, after the RBA substantially revised its productivity assumption in its statement of monetary policy today, prompting a lot of questions.<\/p>\n Chalmers said:<\/p>\n Overwhelmingly we have been making good progress in our country but there are elements of the data which are concerning \u2026 Our economy is not growing as strongly as we would like it to and one of the big persistent structural issues we have had in an economy now for two decades is it is not productive enough and productivity matters because it is the main driver of living standards so that workers \u2026 can get ahead and provide for their loved ones.<\/p>\n \u2026 Certainly, there has been obvious for some time that we don\u2019t have the productivity growth that we need in order to make the economy grow strongly and sustainably over time \u2026 It\u2019s not a surprise that we have a productivity challenge, it was one of the defining features of the last decade of our predecessors and remains a challenge in our economy and remains a primary focus of our efforts.<\/p>\n<\/blockquote>\n Share<\/a><\/p>\n Updated at\u00a002.54 EDT<\/p>\n AGNSW explains \u2018needs to make ongoing savings\u2019<\/strong><\/p>\n The Art Gallery of New South Wales has released a statement this afternoon regarding reports it was set to cut dozens of jobs<\/a> as part of a restructure effort meant to save millions in annual expenditure.<\/p>\n A spokesperson for AGNSW said:<\/p>\n Like all cultural institutions, the Art Gallery of New South Wales must respond to the changing environment, stay within its budget and operate sustainably. To do this the art gallery needs to make ongoing savings and plan for the future.<\/p>\n The art gallery has begun staff consultation on a proposed structure to ensure resources are aligned with government priorities. The proposed organisational change reflects our operational requirements, future programming and ambitions for the art gallery, its collections and its audiences.<\/p>\n The wellbeing of staff is the art gallery\u2019s top priority, and we\u2019re committed to supporting our people throughout this process.<\/p>\n<\/blockquote>\n Share<\/a><\/p>\n Updated at\u00a002.50 EDT<\/p>\n Recognition of Palestine makes creation of state \u2018less likely\u2019 Paterson says<\/strong><\/p>\n The Albanese government\u2019s decision to recognise the state of Palestine<\/a> has \u201cpushed back the prospect\u201d of the state ever being created, Liberal senator James Paterson<\/strong> has said.<\/p>\n He told Afternoon Briefing:<\/p>\n The Albanese government\u2019s decision to recognise a Palestinian state is not the same as the creation of a Palestinian state; that would require the agreement of Israel. I think what the government has done has made that even less likely than it ever has been, they\u2019ve pushed back that prospect, it\u2019s an incredibly remote one.<\/p>\n<\/blockquote>\n Asked if the Coalition would revoke that recognition, Paterson said:<\/p>\n Yes, just as this government revoked the previous government\u2019s recognition of West Jerusalem as Israel\u2019s capital; new governments elected on a different political philosophy can change our foreign policy, and we would change it.<\/p>\n<\/blockquote>\n Share<\/a><\/p>\n Updated at\u00a002.35 EDT<\/p>\n Fortnite creator scores some wins in major case against Apple and Google Fortnite was kicked off the Apple and Google app stores in 2020 after Epic Games offered its own in-app payment system that bypassed the one used by the platforms, and cut out the fees Apple and Google receive for in-app payments.<\/p>\n Fortnite sued the two companies in Australia and other jurisdictions as a result. In the Australian case, Epic alleged that Apple\u2019s control over in-app purchases in the Fortnite app were a misuse of market power<\/a>, which had substantially lessened competition in app development. The company alleged Google harmed app developers and consumers in Australia by preventing choice over app distribution and in-app payments on Android devices.<\/p>\n Fortnite was kicked off the Apple and Google app stores in 2020 after Epic Games offered its own in-app payment system that bypassed the one used by the platforms. Photograph: Volodymyr Kalyniuk\/Alamy<\/p>\n Federal court justice Jonathan Beach<\/strong> found Apple had engaged in conduct likely to diminish competition over preventing side-loading of apps on iOS, and by preventing alternative payment methods for digital purchases. For Google it was found for the similar Google Play billing system, and over Google\u2019s Project Hug, a project that allegedly saw developers enticed to keep their apps in the Play Store.<\/p>\n Other claims from Epic did not succeed.<\/p>\n Two class action cases arguing that Apple and Google overcharged developers for in-app payments were successful, but the difference in what they would have otherwise charged had there been more competition will be decided later.<\/p>\n Beach spent an hour and a half reading through a summary of his reasons in the four cases. The full judgment \u2013 expected to be around 1,000 pages long to cover all cases \u2013 will not be released until redactions are made. Orders on relief will be decided at a later date once lawyers for all parties have had time to digest the ruling.<\/p>\n Share<\/a><\/p>\n Updated at\u00a002.40 EDT<\/p>\n Shadow finance minister, Liberal James Paterson<\/strong>, has told ABC\u2019s Afternoon Briefing that he believes the reason so many journalists were asking RBA governor Michele Bullock<\/strong> about productivity, rather than the interest rate reduction<\/a>, was because \u201cthe government has admitted this is a problem\u201d.<\/p>\n Paterson said:<\/p>\n They have recognised it is a problem because it is so closely linked to living standards and living standards did fall over the government\u2019s first term, as did productivity \u2013 in fact we went back to 2016 levels of productivity growth.<\/p>\n So that is a crisis for our living standards, for our wealth as a country, and we will go backwards unless we fix this. And the fact that the RBA has lowered their expectations for productivity growth is effectively a vote of no confidence in the government\u2019s economic agenda, they have no a plan to fix this problem and I hope they can come up with one at their round-table but I am really worried they won\u2019t.<\/p>\n<\/blockquote>\n Share<\/a><\/p>\n Updated at\u00a002.37 EDT<\/p>\n Labor signals plan for road-user charging rules<\/strong><\/p>\n The treasurer, Jim Chalmers,<\/strong> has signalled Labor could move forward with a plan for road-user charging rules as soon as next week\u2019s productivity roundtable<\/a>, saying Labor had flagged such a change before the federal election.<\/p>\n Labor has been working on plans for charges to cover electric vehicles<\/a> with state and territory governments ahead of the three-day summit in Canberra next week.<\/p>\n Budget revenue collected from fuel excise has been falling as drivers increasingly shift to electric vehicles. Victoria designed rules for a 2c per kilometre charge on EV users in a 2023 plan, but the tax was overruled by the high court.<\/p>\n The prime minister, Anthony Albanese,<\/strong> said last week the government was only considering immediately moving forward with tax plans considered by voters ahead of the 3 May election.<\/p>\n Chalmers said on Tuesday road-user charging met that standard, because the government had flagged its plans in the last parliament:<\/p>\n We said before the last election that this was an area we\u2019re working on with the states and territories and in parts of our political opposition, there\u2019s a sense of bipartisanship as well in dealing with this challenge.<\/p>\n Really for at least a year or two, we have said publicly that this is on the agenda, and so we will continue that work.<\/p>\n<\/blockquote>\n He said he expected state treasurers to raise road-user charging rules at a meeting on Friday, billed as a lead in meeting for next week\u2019s roundtable.<\/p>\n Share<\/a><\/p>\n Updated at\u00a002.20 EDT<\/p>\n Westpac and CBA pass on rate cut<\/p>\n Westpac, the Commonwealth Bank and Macquarie have all announced they will pass on today\u2019s interest rate cut<\/a> to their customers.<\/p>\n Westpac said it was going to pass on the -0.25% rate<\/a> adjustment to its variable home loan interest rates effective Tuesday, 26 August.<\/p>\n The Commonwealth Bank says all home loan variable rate changes relating to today\u2019s rate cut will be effective 22 August 2025.<\/p>\n Macquarie, meanwhile, says the cut will hit its variable home loan rates just three days from now<\/a>, on Friday 15 August.<\/p>\n Updated at\u00a003.25 EDT<\/p>\n The Reserve Bank has been watching the housing market, Michele Bullock said<\/strong>, due to monetary policy\u2019s direct influence on it.<\/p>\n Reserve Bank of Australia governor Michele Bullock at a press conference in Sydney today. Photograph: Dan Himbrechts\/AAP<\/p>\n So far, she said, the easing in the housing market that they have observed has been a \u201cfairly gradual recovery in housing activity\u201d:<\/p>\n Broadly, housing prices, dwelling investment, those sorts of things \u2026 We hope it happens in a nice measured way, but ultimately we don\u2019t forecast property prices. We can\u2019t control what happens there because I think as I\u2019ve said before, the price, the property prices are about supply and demand, ultimately, in the housing market, and we don\u2019t control that.<\/p>\n But we do know that historically, as interest rates fall, then activity in the housing market picks up. That\u2019s exactly what we\u2019d expect. And it is one of the channels through which monetary policy works.<\/p>\n<\/blockquote>\n Share<\/a><\/p>\n Updated at\u00a001.57 EDT<\/p>\n A few questions for Bullock<\/strong> at this press conference around the RBA\u2019s assumptions around productivity.<\/p>\n She reiterates a few times that the RBA only makes assumptions about productivity for a two-year forecast period \u2013 as in, they assume but don\u2019t model it \u2013 and it is not an assumption about productivity in the long run.<\/p>\n Bullock says addressing productivity (or lack thereof) is not the job for the Reserve Bank but for the government:<\/p>\n Breaking out of the productivity slowdown is a matter for the government that they are taking on. They\u2019re looking at what they can do. Businesses are looking at what they can do to take themselves out of the productivity slump.<\/p>\n There\u2019s nothing the Reserve Bank can do. All the Reserve Bank can do is make sure we have low and stable inflation, and if we have full employment, both of those things are very stable environments for businesses to think about how they might improve productivity, how they might produce more for the same amount of labor and capital input. So nothing we can do about it. But the government recognises it\u2019s a big issue and they are tackling it.<\/p>\n<\/blockquote>\n![\"RBA](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/08\/4566.jpg\")
RBA interest rates: Reserve Bank of Australia cuts official cash rate to 3.6% \u2013 videoShare<\/a><\/p>\n\n
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Josh Taylor<\/p>\n
<\/strong>Epic Games, the creator of the popular video game, Fortnite, has won a partial victory against Apple and Google in the Australian federal court over the restrictions in their app stores and in-app payment options.<\/p>\n\n
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Tom McIlroy<\/p>\n\n
RBA interest rates: Reserve Bank of Australia cuts official cash rate to 3.6% \u2013 videoShare<\/a><\/p>\n\n
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