If Australians don’t have faith in the Reserve Bank’s promise of a “narrow path” to avoid recession, they could end up being the cause of one, the central bank’s governor Philip Lowe has warned, according to a report from AAP.
He says that if people start worrying that the path back from 5% inflation to a more normal level is unrealistic, it might push the economy into a downward spiral.
Australians are copping with increasing living costs as inflationary pressures rise, leading to higher prices at the supermarket and being made worse by high fuel and gas prices.
The national minimum wage also recently rose, a move that’s hoped to ease the financial burden on households. Lowe told central bankers meeting in Zurich on Friday:
There is a path to have inflation come down without the economy having too much pain, but it’s a narrow path.
But if people start to worry that we can’t show that credible path back … to two to three percent inflation … then I think that shift in psychology could be quite persistent. And we know where that ends – it ends in steady inflation, and then you’ve got to have much higher interest rates and an economic downturn to bring inflation back down.
There was quite a lot I didn’t know about vaping before I read this piece from Bianca Nogrady:
Updated at 19.22 EDT
NSW records 21 Covid deaths
There have been 21 Covid deaths in NSW. 1,453 people have been hospitalized, and 45 are in intensive care:
COVID-19 update – Saturday, June 25 2022
In the 24-hour reporting period to 4 pm yesterday:
– 96.6% of people aged 16+ have had one dose of a COVID-19 vaccine – 95.1% of people aged 16+ have had two doses of a COVID-19 vaccine pic.twitter.com/7UrlYkd1ap
— NSW Health (@NSWHealth) June 24, 2022
Updated at 19.22 EDT
‘It just stuns me’: Joe Biden on the overturning of Roe v Wade
US president Joe Biden is calling on Americans to vote for officials who will restore abortion rights. This is how he described the overturning of Roe v Wade earlier:
So extreme that women could be punished for protecting their health.
So extreme that women and girls who are forced to bear their rapist’s child – of the child of consequence.
It’s a – it just – it just stuns me.
So extreme that doctors will be criminalized for fulfilling their duty to care.
Imagine having a young woman having to carry the child of incest – as a consequence of incest. No option.
Too often the case that poor women will be hit the hardest. It isn’t kind.
It’s a sad day for the country.
Nearly 50 years ago, Roe vs. Wade was decided. Today, the United States Supreme Court expressly took away a constitutional right from the American people.
Personal freedoms are on the ballot this fall.
— Joe Biden (@JoeBiden) June 24, 2022
Updated at 19.23 EDT
Australia has lifesaving antivirals on shelves, but there’s some dithering over getting them out there. Caitlin Cassidy and Josh Butler have talked to the experts:
Michael McGowan has tracked the twists and turns that handed former NSW deputy premier John Barilaro that sweet gig:
So, to sum up, the Supreme Court’s week: life begins at conception and ends in a mass shooting.
— Arianna Huffington (@ariannahuff) June 24, 2022
“We’ve been compromised.” Please enjoy this read from Nino Bucci on how camouflage failed to make these covert cops invisible:
This is cheating slightly because it’s not today’s news, but I did promise something chirpy. So in case you missed it, here is this week in wildlife pictures:
Baby owls are fed at Dicle Wildlife Rescue and Rehabilitation Centre in Diyarbakir, Turkiye. Photograph: Bestami Bodruk/Anadolu Agency/Getty Images
Updated at 18.50 EDT
Unsurprisingly, certain Australian elements will find assistance in the US decision:
Australian anti-abortion lobby groups and columnists are posting cheerful celebratory statuses this morning. They understand better than many that these rights are pretty provisional everywhere.
— Gina Rushton (@ginarush) June 24, 2022
Katharine Murphy: voters have sent Dutton a clear message; he would be silly to miss the cue
Katharine Murphy will help you fire up if you’re just plugging in. She’s taken a whirlwind trip through the shenanigans in energy policy and cocked a questioning eyebrow at opposition leader Peter Dutton’s plans:
Updated at 18.49 EDT
Welcome to your Saturday – Australia’s waking up to the news that the US supreme court has overturned the constitutional right to abortion.
Many in the US are reeling, protesting, and trying to determine what will happen in each state. President Joe Biden declared the move “so extreme”. Tory Shepherd is here at the wheel, and I’ll bring you the local reaction throughout the day.
We’re also talking about that plum New York posting for former NSW deputy premier John Barilaro, the crossbench’s anger at prime minister Anthony Albanese’s decision on staffing, and the ongoing energy crisis.
And I will find some chirpier news, too, to kick off your weekend. I promise. Let’s go.