We are heading back to what the governor of the Reserve Bank of Australia views as "normal": higher interest rates.
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In announcing that the central bank has raised the official cash rate (on which our lending and borrowing rates depend), Philip Lowe said: "It is appropriate to start the process of normalising monetary conditions."
We have all got used to what we thought was a new normal of interest rates not far above zero - it meant we didn't get much interest back on the money we put in the bank but we borrowed at very low cost.
But that's going to change. The RBA board expects headline inflation to be about 6 per cent this year. That, the governor and the rest of the board feel, demands some steam being taken out of the economy.
More rises are on the way.
You may not be surprised to learn that the Coalition and Labor see these things differently.
Labor sees it as evidence of bad policy - how did the government get us into this mess, as it were. The Coalition sees outside factors - it is a global problem, so don't discard the current competent leaders.
Labor's treasury spokesman, Jim Chalmers, said the Prime Minister's economic credibility was "already in tatters, now it's completely shredded".
The Prime Minister had a different take as he toured the marginal seat of Dunkley: "Australians know the pressures that we're facing here in Australia are real."
As if that's not enough to fret over (or rejoice over if you are a lender), health experts are warning of a spread of flu as winter approaches. Two years of COVID-19 restrictions have left fertile ground for the bug to spread now we're opening up.
The number of people hospitalised or killed by flu drastically declined during the pandemic, with zero flu-related deaths recorded in 2021.
But now the bug may bounce back.
"Influenza vaccination coverage dropped dramatically during the COVID-19 pandemic, leaving Australians susceptible to influenza," infectious diseases physician Paul Griffin from the University of Queensland said.
Meanwhile, you'll pleased to know that the Deputy Prime Minister has recognised the importance of the publication you are now reading.
Barnaby Joyce said the press was "incredibly important".
He was asked if he would back government support to help keep regional newspapers printing.
The Deputy Prime Minister said he was "not going to announce it on the fly" - but noted the government had done this in the past and saw regional media as vital for the community.
THE NEWS YOU NEED TO KNOW:
- Deputy PM backs regional newspapers: 'You mightn't like them all the time but they're vitally important'
- Govt unveils $146m rural health package to lure doctors to the bush
- Reserve Bank lifts interest rates for first time in more than a decade
- Rate rises: What they mean for house prices
- Rex plans international airline deal with Delta
- SAS soldier had 'doubts' about evidence
- AGL board and billionaire at loggerheads
- Experts warn of possible renewed flu spike
Steve Evans
Steve Evans is a reporter on The Canberra Times. He's been a BBC correspondent in New York, London, Berlin and Seoul and the sole reporter/photographer/paper deliverer on The Glen Innes Examiner in country New South Wales. "All the jobs have been fascinating - and so it continues."
Steve Evans is a reporter on The Canberra Times. He's been a BBC correspondent in New York, London, Berlin and Seoul and the sole reporter/photographer/paper deliverer on The Glen Innes Examiner in country New South Wales. "All the jobs have been fascinating - and so it continues."
