Reserve Bank of Australia raises rates for third consecutive meeting, lifting them to early-2025 levels

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The Reserve Bank has delivered a third straight interest rate hike to contain growing inflationary pressures linked to higher fuel prices, even as it warned the Iranian war would deliver a major blow to the economy.

The widely expected decision to lift the cash rate to 4.35% from 4.1% comes as the central bank revealed a gloomy new set of forecasts that showed intensifying cost-of-living pressures alongside weaker growth.

Owner-occupier mortgage growth slowed under growing costs while investor loans grew by $42bn in the year to March, a 9.6% increase

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Property investor borrowing rose at its fastest rate in a decade in March, according to the Reserve Bank, despite higher interest rates and speculation about property tax changes.

Owner-occupier loan growth slowed under the weight of growing mortgage costs but investor lending is continuing its record surge.

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• Warning: This article contains references to Indigenous Australians who have died

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Chalmers understands calls for gas export tax, but says government focused on getting fuel for Australians

Chalmers said he understands calls to tax gas exports, but maintained the government was set on securing international supply arrangements during the ongoing fuel crisis. He told ABC News:

I understand that there is a constituency in the Australian community to go further … But there are also, as the prime minister said, really good reasons to prioritise these international supply arrangements particularly during this oil shock.

All of us have been prioritising getting fuel for Australia and for Australians to keep the economy ticking over and that’s why there are good reasons for the comments that the prime minister made yesterday.

We’ve been very upfront with people and said when we think about the intergenerational unfairness in the budget, in our economy, in our society more broadly, a couple of the drivers of that are in housing, are in the tax system.

Mining magnate also claims children are being taught to be ashamed of the Australian flag in a speech to 4,000 people on the Sydney Opera House steps

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Australia’s richest person, Gina Rinehart, called for immigrants’ social media to be screened and said children are being taught to be ashamed of the Australian flag in untelevised remarks before an Anzac memorial service on the steps of Sydney Opera House on Friday.

Rinehart’s public appearance was attended by about 4,000 people and sponsored by her company, Hancock Prospecting, and RSL New South Wales.

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The health and NDIS minister, Mark Butler, says Queensland will be “answerable to their community” if they don’t sign on to NDIS reforms, with billions of dollars of hospital funding on the line.

Every state and territory except for the sunshine state has signed a bilateral agreement with the government for the Thriving Kids program, which is designed to take children under nine with developmental delays or low to moderate autism off the NDIS.

Now every state and territory has signed a bilateral agreement with us that details the broad details of the Thriving Kids program … The only state that hasn’t signed yet is Queensland.

I tried to make clear again last week that is part of the deal that sees them get additional hospital funding and, frankly, they are answerable to their community if they don’t put the additional supports.

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Allegra Spender says 25% gas export tax would help fix ‘faulty’ system

Independent MP Allegra Spender said a 25% tax on gas exports would help rectify what she sees as “faulty” taxation arrangements that have seen an Australian resource sent overseas with minimal benefit to the country.

The gas industry is a very profitable industry and pays income tax. And every company in Australia, frankly, should pay income tax on its profits and should pay the proper rate. But the gas companies are different because they also sell an Australian resource which they extract, which we can’t get back once it is sold.

I think Australians rightly believe they should share more of that revenue.

We’re back here again and they should fix it.

We are lucky to be an energy exporter at a time where the world needs energy. We are a great partner in this. But it is a reasonable thing for Australians to get a fair return on that. And, at the moment, we just aren’t.

We can’t and I think we need to be really honest about that. If there’s going to be changes to the NDIS – and I’m not a state leader who’s knocking the federal government’s right and probably responsibility to reform the NDIS, it’s cost too much money – but we have to be really frank with people.

We can’t offer at the state level the kinds of services that are being rolled out at the NDIS.

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• Australians ‘uneasy’ about NDIS cuts amid $53bn in new defence spending, Mark Butler concedes

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James Valentine’s family has released a statement after his death. Here’s what they had to say:

James passed peacefully at home surrounded by his family, who adored him.

Throughout his illness, James did it his way, which lasted all the way until the end when he made the choice to do Voluntary Assisted Dying.

Both he and his family are grateful he was given the option to go out on his own terms. He was calm, dignified as always and somehow still making us laugh.

Farmers have been calling for higher prices for weeks, amid soaring diesel and fertiliser costs and limited supply

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Coles has increased home-brand milk prices by up to 20c a litre, with Woolworths set to follow as war in the Middle East starts to hit Australian grocery costs.

The price rise will support the company’s bottom line against pressure from higher fuel and operating costs, while some of the revenue will be temporarily passed on to dairy farmers.

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• Gas companies spending millions on Australian advertising blitz to fight export tax, inquiry told

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Farmers promised more fertiliser imports

Australian farmers are being promised more fertiliser imports under a deal struck between the federal government and two major companies, aimed at securing supplies in response to a global bottleneck, AAP reports.

We’ve always said through this generational reform process that we’d listen to older people and we’d respond to their experiences. … What they’ve made clear is that they want showering and dressing.

We’ve got a $40bn aged care system … and it needs to be sustainable for generations to come. And that’s what this reform process has been about. … We can’t be in a situation where we’re making a promise to the people of Australia about the dignity that they’ll receive through the aged care system if we can’t deliver on it and we can’t keep it sustainable.

Drivers booted off the platform say they have little recourse to appeal as rideshare giant increasingly relies on automated systems

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Michael Thorn thought he’d suffered enough after his Uber passenger punched him in the head, sending him to hospital. But then the rideshare platform deactivated his account.

“It’s even worse than getting belted,” Thorn said.

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NSW commission proposes heat-safe rentals to help tackle extreme temperature

Heat-safe rentals and tougher workplace safety rules for outdoor workers on scorching hot days have been proposed by a state climate policy advisory body, AAP reports.

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Treasurer says capital gains changes and other tax reform still under consideration

Sticking with the budget, Chalmers said the government hasn’t made any decisions on capital gains tax reform.

We haven’t taken any decisions on those policies, whether the specific ones you mentioned [or others].

There’s more work to do on our options for tax reform in this budget.

The savings package won’t be exactly the same as what we would have been contemplating over the summer, but it will be a substantial savings package.

When we came to office the NDIS was out of control and it had strayed a long way from its original intended purpose.

It was growing around 22% when we got to office.