RBA warns on inflation; Aust faces 15pc tariff; $30m dino fossil
Published: July 24, 2025
RBA warns on inflation; Aust faces 15pc tariff; $30m dino fossil
News in brief
Australia faces a 15 per cent tariff on goods sold into the United States, even after the Albanese government lifted biosecurity restrictions on US beef, paving the way for the full resumption of American beef exports to Australia.
It was day three of the new parliament and the Albanese government introduced a bill to protect penalty rates. In question time, the debate revolved around the US beef biosecurity restrictions, and potential changes to taxation of super balances above $3 million.
Macquarie Group faced a shareholder revolt over executive remuneration at its annual general meeting yesterday, sending its share price down 5pc. The group also released a weak June quarter trading update, and said long-time chief financial officer, Alex Harvey, is leaving the group.
Automotive parts group Bapcor, which owns the Autobarn, Autopro and Burson brands, announced a $50 million write down on the back of weaker than expected trading, and the exit of three directors. That sent its share price down more than 30pc, to its lowest level in a decade.
A Ceratosaurus fossil that is one of only four known to exist has sold for $US30.5 million at auction. Sotheby’s called the rare dinosaur fossil “one of the finest and most complete examples of its kind ever found.”
Fear-o-meter
In 1955, the chair of the Federal Reserve in the US, William McChesney Martin Jr, gave a speech in which he talked about central banks, in good economic times, removing the punchbowl before the party gets out of hand.
In 2025, Reserve Bank Governor Michele Bullock isn’t even allowing the punchbowl onto the table, preventing the party from starting.
Bullock’s speech yesterday was decidedly hawkish on interest rates. She seems to be walking markets back from expectations of three or four rate cuts over the next six months.
Instead, she says underlying inflation isn’t falling as fast as expected. She understands people are hurting, but the best thing the central bank can do is keep a lid on inflation.
It doesn’t mean there won’t be rate cuts. One is still likely next month. But those hoping for a run of rate reductions might have to re-assess.
Who's talking today?
On using AI to drive productivity growth in Australia, how leaders can bring their teams with them in this period of change, and why it's necessary to nail AI implementation internally before rolling it out to customers:
It is Friday the 25th of July 2025. Today, Reserve Bank Governor Michele Bullock has provided a stark warning to everyone wanting interest rate cuts this year: inflation might not fall as fast as anticipated, meaning rate cuts are not guaranteed. She also said that economists may have over-reacted to the rise in unemployment last month to 4.3 per cent, pointing out that it is still very low and the labour market remains tight.
Greed-o-meter
| Act | Ticket price | |
|---|---|---|
| 1 | Metallica | $976 |
| 2 | Kendrick Lamar | $855.25 |
| 3 | Lady Gaga | $622 |
| 4 | LeAnn Rimes | $599.90 |
| 5 | Drake | $570 |
| 6 | Chris Stapleton | $499.45 |
| 7 | Oasis | $411.67 |
| 8 | ACDC | $407.70 |
| 9 | Dua Lipa | $356.75 |
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Music lovers have been spoilt for choice this year, with some of the biggest acts in the world visiting Australia. But if you want to buy the best seats on offer, you'd better have deep pockets. These are the ten most expensive tickets for concerts in Australia this year - and this doesn't even include any VIP experiences.
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Source: News Ltd; Sydney concert prices used for comparisons.