Australia's economy grew by 0.4% in the three months to June, which is nice, but annual growth slowed from 2.5% to 2.1% as rising interest rates and the cost of living did their usual party trick of making everyone poorer. The Australian Bureau of Statistics (ABS) reported that real GDP ticked up from 0.3% in the March quarter, which sounds positive until you remember that economists had predicted only 1.9% annual growth and 0.3% quarterly. So, the economy is not slowing as fast as the Reserve Bank of Australia (RBA) predicted. Take that, forecasts. Grace Kim, ABS's head of national accounts, said: "Economic growth remained subdued in the June quarter as households continued to behave cautiously. While increased spending and business investment occurred in pockets of the economy, imports supported much of the growth, moderating its contribution to overall GDP growth." In other words, we're all pinching pennies, and imports are doing the heavy lifting.
Meanwhile, Telstra's massive network failure on 8 July, which left thousands of Australians without phone or data, has been blamed on a lack of ownership, oversight, and technical expertise. An independent investigation by Technology Audit Partners found that a software update wasn't done on a GPS card, causing incorrect date information. Also, eight triple-zero calls didn't go through to emergency services during the outage, which is the kind of detail that makes you want to triple-check your phone's software updates. The Australian Communications and Media Authority is still investigating and could fine Telstra up to $30 million. That's a lot of money, but maybe they'll spend it on some oversight.
In other news, Labor's primary vote has dropped to 26%, and Anthony Albanese's approval rating is at its lowest as PM. One Nation's popularity also slipped, despite winning a byelection in Western Australia. The poll has a margin of error of about 3%, so maybe we're all just in a bad mood.
Women are still leaving management roles because of home demands, according to Equality Agency's CEO Christine Castley. They enter high-paid roles at the same rate as men but are more likely to leave due to domestic expectations, especially in male-dominated industries. Castley suggests paid parental leave for both genders and flexible working hours as solutions. Because, you know, it's 2024 and we're still having this conversation.
A missing hiker at Mount Remarkable in South Australia was found safe and well after a night out in the bush. No injuries, no drama, just a good ending to a potentially bad story.
Police are investigating the theft of 5,500 Dorper sheep from a western Queensland farm, worth over $1.7 million. The sheep have white National Livestock Identification System tags and black faces, so if you see a suspiciously large flock of black-faced sheep, maybe call the Rural and Stock Crime squad.
Australian government bond yields hit a 15-year high at 5.23%, as global markets fret about inflation, the war on Iran, and ballooning government debts. Oil prices are also rising after Iran reportedly attacked tankers in the Gulf of Hormuz, pushing Brent crude past $95 a barrel. IMF's Kristalina Georgieva listed worries including the energy shock, public debt at almost 100% of GDP worldwide, stalled disinflation, and the unknown impact of AI. Because why not add AI to the list of things keeping us up at night?
Anthony Albanese met with Palau's president, and Qantas will increase flights between Brisbane and Koror as part of the Palau Paradise Express. Because nothing says "paradise" like a 7-hour flight.
A Queensland man has been charged with hate crime offences for allegedly sending antisemitic threats to a religious organisation. The AFP says hate speech harms social cohesion, which is a polite way of saying "knock it off."
Sydney ferry services are disrupted today from 9am to 2pm due to protected industrial action. Maritime Union of Australia members are seeking a 5% wage increase and will also ban ticket sales from 1pm until Thursday. Commuters, plan ahead, or just enjoy a walk along the harbour.
House prices could fall 10%, according to analysts, as the RBA looks set to deliver a fourth interest rate hike. Cotality data shows prices falling in more than 90% of suburbs. AMP's Shane Oliver says this would be the worst in the postwar period, but not hugely out of line with previous corrections. Meanwhile, Liberal senator Andrew Bragg says no one with a brain wants more affordable houses via taxation, because more taxes destroy the ability of younger people to pay rent. Instead, he suggests more supply. Because that's worked so well so far.