Here is a look at what is making news around the country today.

Today’s national news includes PM Albanese labelling the synagogue burning in Melbourne an act of terrorism, the Central Bank maintaining interest rate steady, a NAB survey indicating that business conditions are worst since the pandemic, and the Australian Navy conducting a test fire of US Tomahawk missile.

Nation

PM labels synagogue burning in Melbourne an act of terrorism

Prime Minister Anthony Albanese condemned the torching of a Melbourne synagogue as a terrorist act and voiced concerns about rising antisemitism in Australia. Responding to Israeli Prime Minister Benjamin Netanyahu’s claims that Albanese’s government contributed to the attack, he emphasized Australia’s support for a two-state solution. He highlighted the recent U.N. resolution backed by 157 countries. Albanese announced $25 million for security enhancements at Jewish institutions, reaffirming the government’s commitment to combating antisemitism. The synagogue suffered significant damage, but fortunately, no injuries were reported from the attack by two unidentified men.

https://www.jns.org/australian-pm-calls-synagogue-torching-terrorism/

Economy

Central Bank Maintains Interest Rate Steady as Anticipated

The Reserve Bank of Australia kept its key interest rate unchanged at 4.35 per cent for the ninth consecutive session, aligning with expectations. The last rate change occurred in November 2023, which was raised to the highest level since late 2011. Although the board sees signs that inflation may be moving towards the target, there are concerns about slower-than-expected consumption and its potential impact on the labour market. Economist Marcel Thieliant predicts that the first-rate cut could happen in May 2024, with a total easing of around 75 basis points expected. The RBA will monitor labour market trends before making any cuts.

https://www.rttnews.com/3496138/australia-central-bank-keeps-rate-unchanged-as-expected.aspx

Business conditions worst since pandemic: NAB survey

In November, Australian business activity reached its lowest level since the pandemic, driven by declining confidence in manufacturing and retail. The National Australia Bank’s business conditions index fell 5 points to +2, with the confidence index dropping to -3. Key indicators showed an 8-point decrease in sales to +5 and a 6-point decline in profitability to -1. The goods sector remains weak, particularly in retail and manufacturing. The Reserve Bank of Australia is expected to maintain interest rates at 4.35%. Overall, cost pressures are stable, and consumer price inflation declined in the September quarter due to temporary government measures.

https://bluewaterhealthyliving.com/news/business-and-economy/australia-business-conditions-worst/

Defence

Navy conducts test fire of US Tomahawk missile

Australia’s HMAS Brisbane successfully test-fired a US Tomahawk cruise missile, marking a significant advancement in the country’s naval capabilities amid escalating arms competition in the Asia-Pacific region. This achievement allows Australia to join the US and Britain as one of the few nations to operate the missile, which has a range of 2,500 kilometres. The Australian government aims to enhance its military deterrence, part of a broader $7 billion plan to expand its Navy from 11 to 26 major surface combatant ships. In addition, Australia is set to acquire over 200 Tomahawk missiles. It has chosen to pursue nuclear-powered submarines from the US, departing from a previous deal with France for non-nuclear subs.

https://www.barrons.com/articles/australian-warship-test-fires-us-tomahawk-missile-902e55d1