Mortgage holders are anticipating yet another interest rate rise this week, which would be the tenth by the Reserve Bank in a row. The central bank is tipped to deliver another 25 basis point rise after communications following the February decision suggested the bank was growing impatient with high inflation. This would take the cash rate from 3.35 per cent to 3.6 per cent when the board meets on Tuesday. Tasmanian Senator Jacquie Lambie told Channel Nine many people in her electorate are fearful of entering a recession.
A majority of voters approve the government's superannuation tax plan, but Labor and Prime Minister Anthony Albanese have lost some favour from the public. That's according to the latest Newspoll, conducted by The Australian, which found almost two thirds of voters support Treasurer Jim Chalmers' plan to double the concessional tax rate for super balances over 3 million dollars in 2025. Of those polled, 64 per cent approved compared to 29 per cent who did not. A total of 80 per cent of Labor voters approved of the plan but 54 per cent of Coalition voters also supported it, despite Opposition Leader Peter Dutton vowing to repeal it if the Coalition wins the next election.
New South Wales fire authorities are bracing for three days of intense heat, with an extreme fire danger warning issued for numerous regions. Hot and dry conditions are expected today (Monday, 6 March) for most of the New South Wales coast and the Central West, with parts of the state to experience severe conditions through till Wednesday. A widespread heatwave warning has been issued, with temperatures tipped to exceed 40 degrees Celsius in some areas. The Department of Education has closed 34 schools in areas with an elevated bushfire risk across the Central Ranges.
The temperature in Sydney is predicted to rise to 38 on Monday, while the Bureau of Meteorology has forecast extreme fire danger for the Greater Hunter, Central Ranges and Lower Central West Plains.
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