WEBVTT - RBA boss Bullock warns of further rate raises

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<v Speaker 1>Today's biggest news from the Australian Unclair Harvey with the

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<v Speaker 1>front's afternoon headlines It's happening again. Reserve Bank boss Michelle

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<v Speaker 1>Bullock says interest rates are likely going up. Bullock says

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<v Speaker 1>households and businesses must slow their spending because it's putting

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<v Speaker 1>too much upward pressure on inflation. She says unemployments not

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<v Speaker 1>high enough and nor is productivity growth, and it's all

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<v Speaker 1>contributing to prices rising. The Bank's job is to keep

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<v Speaker 1>inflation in a two to three percent band on average

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<v Speaker 1>over time, and we're not there, even despite Australians feeling

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<v Speaker 1>squeezed from every side as the Iran War drags on

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<v Speaker 1>and everything gets more expensive. Annual inflation is presently four

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<v Speaker 1>percent for the year to May, and the trimmed mean,

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<v Speaker 1>which is the RBA's preferred inflation number, is at three

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<v Speaker 1>point six percent. The official cash rate is four point

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<v Speaker 1>three five percent, and although the Bank held that rate

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<v Speaker 1>steady at its last meeting, the board meets again on

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<v Speaker 1>August eleven, and bullock statements on Tuesday are a big

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<v Speaker 1>warning sign that they might decide to hike the raid again.

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<v Speaker 1>Ben Carroll is officially Victoria's new premium and he has

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<v Speaker 1>exactly one hundred and twenty three days to turn around

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<v Speaker 1>disastrous polling numbers and fend off the popular opposition leader

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<v Speaker 1>and One Nation Carol Is from Labour's right faction, and

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<v Speaker 1>his first move was to call a Royal commission into

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<v Speaker 1>the state's construction sector, which has been riven by allegations

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<v Speaker 1>of corruption involving the construction, forestry, mining and energy union.

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<v Speaker 1>Former Premier Jacinta Allen, from Victorian Labour's dominant left faction,

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<v Speaker 1>had refused to call the Royal commission, and eventually her

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<v Speaker 1>colleagues decided something had to give. Alan did save the

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<v Speaker 1>party a damaging weeks long ballot process by resigning on

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<v Speaker 1>Tuesday morning. Here's Ben Carroll today.

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<v Speaker 2>We are saying enough is enough. In my government, integrity

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<v Speaker 2>will not be optional, whether in business politics or the

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<v Speaker 2>union movement. There will be zero tolerance for those that

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<v Speaker 2>misuse their positions. That is why my first action as

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<v Speaker 2>Premier will be to call a Royal commission into the

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<v Speaker 2>construction sector. We will also immediately establish a special prosecutor

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<v Speaker 2>that we're work in parallel with the Royal Commission.

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<v Speaker 1>We did a full post mortem on the Jissinto Allen

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<v Speaker 1>Premiership on the Front on Tuesday morning. Check it out

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<v Speaker 1>by scrolling back through your feed, plus come back to

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<v Speaker 1>the Front first thing in the morning for our review

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<v Speaker 1>of Kyle Sandland's bold new venture, an app he hopes

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<v Speaker 1>you'll want to download for your daily dose of the

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<v Speaker 1>uncensored radio that made him a superstar and got sat

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<v Speaker 1>Catch you right here Wednesday morning,