Morning Briefing
The RBA is expected to lift the cash rate again today — potentially its fourth hike this year — and markets are already flinching. The ASX just shed 4.54% in a single session, the AUD is sliding toward 70 cents, and experts are warning that further rises could "devastate" the property market without actually solving affordability. Buckle up.
What Matters Today
- RBA rate decision incoming: Another hike looks likely, with Treasurer Chalmers on the defensive and economists warning a fifth or sixth rise would be "overkill" for an already stretched housing market. This is the story of the day for Australian households and investors alike. Guardian AU
- Larissa Waters quits as Greens leader: Waters is stepping down due to a significant decline in a pre-existing kidney disease. A leadership ballot is expected next week — big moment for the Greens heading into the next political cycle. Guardian AU
- Sydney's $1.2bn "Project Mars" data centre scrapped: Goodman Group pulled the plug on the Lane Cove mega-project citing changes to the "policy and regulatory environment." A telling sign of how quickly the regulatory ground is shifting under Australia's AI infrastructure boom. Guardian AU
- Trump-Xi summit — read between the lines: The Washington summit happened, but what wasn't said matters more. No firm commitments on Taiwan, trade, or tech decoupling — and Australia, caught between its biggest trade partner and closest security ally, is watching very carefully. BBC World
- Apple hit with $5.7bn patent judgment: Audio firm Taction Technology won a patent suit over vibration tech used across Apple devices. It's a big number, but watch for the appeal — Apple rarely pays these quietly. BBC Tech
- Google quietly confirms ChromeOS death by 2034: Support documentation apparently maps out ChromeOS being folded into Android/Gemini ecosystem. Not immediate, but a significant long-term shift for education and enterprise users. Ars Technica
- Mike Baird out as Cricket Australia chair: The Big Bash privatisation fallout continues to claim scalps. Baird's exit signals real governance dysfunction at CA at a time when Australian cricket's commercial future is genuinely uncertain. ABC News
Markets
The ASX 200 took a brutal 4.54% hit — almost certainly rate-hike anxiety combined with a global risk-off mood — making it one of the worst single-session drops in recent memory. The AUD is also getting smoked, down 2.42% to 0.702, reflecting both domestic rate uncertainty and a stronger USD environment. Meanwhile crypto is bucking the trend hard: Bitcoin surged 7.39% to ~$83.5K and Ethereum ripped nearly 10% — looks like institutional rotation out of gold (down a savage 8.49%) and into digital assets is accelerating.
Worth a Read
- Further rate hikes could 'devastate' property market — Solid explainer on where the RBA is headed and what the real-world pain looks like for mortgage holders. Essential context for today's decision. Guardian AU
- AI pushing fringe alien rock art theories mainstream — Archaeologists are alarmed that AI-generated summaries are amplifying false claims about 12,000-year-old Kimberley rock art. A genuinely important and underreported AI harm story. Guardian AU
- Pharma's patent-stacking strategy exposed — Add-on patents have stretched drug exclusivity periods from ~2 years to over 6. A clear-eyed breakdown of a system designed to frustrate competition. Ars Technica
- Stuck between superpowers: How Australia navigates the China-US rivalry — Good BBC long-read on Australia's genuinely uncomfortable strategic position. Timely given the Trump-Xi summit and ongoing AUKUS developments. BBC World