Latest / NewsCard® Australia Daily News / RBA lifts rates to 4.85%, housing crisis deepens, Labor vote slumps
Transcript
- [warm] This is NewsCard Daily for Thursday November 5, 2026 ... the biggest stories from Australia and around the world in just minutes. — — [serious] We begin in Canberra where the government faces fresh pressure to rein in spending after the Reserve Bank lifts interest rates to 4.85 per cent ... the highest level in 18 years. Inflation is proving harder to tame, and the bank now expects it to remain above target for longer. Treasurer Jim Chalmers says spending cuts are being considered. For households, the message is clear ... mortgage repayments rise again, while unemployment reaches a five-year high. — — [serious] In New South Wales, the housing crisis is deepening. New figures show the rate of builders abandoning unfinished homes has doubled in the past year. Rising construction costs and government charges are making some projects impossible to complete. Almost 50,000 homes are finished nationally, but that remains well short of the target needed to ease the shortage. For families waiting for a home, delays and higher prices continue. — — [curious] Now to politics ... where Labor’s primary vote falls to 27 per cent in the latest Newspoll, matching its lowest level since the 2022 election. The result comes as the government tries to regain control of the economic debate. Prime Minister Anthony Albanese is overseas, defending his spending restraint and progress on backpacker policy ... while pressure builds at home over rates, housing and the cost of living. — — [serious] In Melbourne, Victoria’s next government faces a warning about the state budget. A former Reserve Bank board member says whoever wins this month’s election must move quickly on financial repair. The concern is that growing debt and weak public finances could limit future services and infrastructure spending. Voters are weighing that warning against the immediate pressures of housing, transport and household bills. — — [urgent] Overseas in the United States, the fallout from the midterm elections is adding to uncertainty for Australia. Markets are watching Washington closely for signs of changes to trade, fiscal policy and America’s international commitments. Any sharp shift could affect the Australian dollar, borrowing costs and the broader global outlook ... already under pressure from stubborn inflation. — — [hopeful] And in the Pacific, five people missing at sea for about three months are rescued near Fanning Island in Kiribati. The small boat carries three adults and two boys. Local residents spot the vessel and bring them to safety. It is a remarkable survival story ... and a reminder of the strength of communities across Australia’s wider region. — — [warm] That's NewsCard Daily. For more top stories and quick summaries that keep you informed in minutes, download NewsCard ... available in the App Store.