Speaker 1: Today's biggest news from the Australian Unclair Harvey with the
Speaker 1: front's afternoon headlines It's happening again. Reserve Bank boss Michelle
Speaker 1: Bullock says interest rates are likely going up. Bullock says
Speaker 1: households and businesses must slow their spending because it's putting
Speaker 1: too much upward pressure on inflation. She says unemployments not
Speaker 1: high enough and nor is productivity growth, and it's all
Speaker 1: contributing to prices rising. The Bank's job is to keep
Speaker 1: inflation in a two to three percent band on average
Speaker 1: over time, and we're not there, even despite Australians feeling
Speaker 1: squeezed from every side as the Iran War drags on
Speaker 1: and everything gets more expensive. Annual inflation is presently four
Speaker 1: percent for the year to May, and the trimmed mean,
Speaker 1: which is the RBA's preferred inflation number, is at three
Speaker 1: point six percent. The official cash rate is four point
Speaker 1: three five percent, and although the Bank held that rate
Speaker 1: steady at its last meeting, the board meets again on
Speaker 1: August eleven, and bullock statements on Tuesday are a big
Speaker 1: warning sign that they might decide to hike the raid again.
Speaker 1: Ben Carroll is officially Victoria's new premium and he has
Speaker 1: exactly one hundred and twenty three days to turn around
Speaker 1: disastrous polling numbers and fend off the popular opposition leader
Speaker 1: and One Nation Carol Is from Labour's right faction, and
Speaker 1: his first move was to call a Royal commission into
Speaker 1: the state's construction sector, which has been riven by allegations
Speaker 1: of corruption involving the construction, forestry, mining and energy union.
Speaker 1: Former Premier Jacinta Allen, from Victorian Labour's dominant left faction,
Speaker 1: had refused to call the Royal commission, and eventually her
Speaker 1: colleagues decided something had to give. Alan did save the
Speaker 1: party a damaging weeks long ballot process by resigning on
Speaker 1: Tuesday morning. Here's Ben Carroll today.
Speaker 2: We are saying enough is enough. In my government, integrity
Speaker 2: will not be optional, whether in business politics or the
Speaker 2: union movement. There will be zero tolerance for those that
Speaker 2: misuse their positions. That is why my first action as
Speaker 2: Premier will be to call a Royal commission into the
Speaker 2: construction sector. We will also immediately establish a special prosecutor
Speaker 2: that we're work in parallel with the Royal Commission.
Speaker 1: We did a full post mortem on the Jissinto Allen
Speaker 1: Premiership on the Front on Tuesday morning. Check it out
Speaker 1: by scrolling back through your feed, plus come back to
Speaker 1: the Front first thing in the morning for our review
Speaker 1: of Kyle Sandland's bold new venture, an app he hopes
Speaker 1: you'll want to download for your daily dose of the
Speaker 1: uncensored radio that made him a superstar and got sat
Speaker 1: Catch you right here Wednesday morning,