Here is a look at what is making news around the country today.
Today’s national news includes Property market nervousness over possible interest rate changes, Labor force numbers could influence the RBA’s interest rate decision, Tourism based on Nature in Australia is on the rise, the first naval strike missile fired by the Royal Australian Navy, and Toyota RAV4 has reached a massive milestone in Australian sales.
Economy
Property market nervousness over possible interest rate changes
Sky News reported that National capital clearance rates had declined slightly over the weekend below 60 per cent. According to REA, there were 1,458 auctions nationwide, and 58.6 per cent of those were sold. REA Group economist Anne Flaherty said the slight decline could be due to “nerves around what interest rates could do over the coming months, impacting buyer demand.”
Labor force numbers could influence the RBA’s interest rate decision
REA Group Senior Economist Paul Ryan says this week’s labor force numbers have the potential to “change the RBA’s mind” on interest rates, Sky News has reported. “I think the labor force numbers this week, as well as the quarterly CPI coming out next week, have the potential to be something that could change the RBA’s mind on interest rates,” Mr Ryan said. “We’re expecting continued employment growth at a slower pace – that’s been the trend this year.”
Business
Tourism based on Nature in Australia is on the rise
From 2014 to 2023, nature-based activities among Australians have seen an overall growth of 47 per cent in demand, Mirage News reported. Some activities grew by almost 85%, and around 50% more people enjoy Australia’s stunning outdoors. Tourism Research Australia said it is time for tourism businesses to embrace nature-based activities and make the most of this growing trend. Tourism businesses can capitalise upon this increase in visitor demand by investing in, or partnering with other operators or stakeholders to grow nature-based experiences.
https://www.miragenews.com/rise-of-nature-based-tourism-in-australia-1280093/
Defence
First naval strike missile fired by the Royal Australian Navy
Naval News reported that the Hobart class destroyer, HMAS Sydney, has successfully fired the Naval Strike Missile, the Navy’s replacement for the ageing Harpoon weapon system. The firing was conducted during Exercise RIMPAC 2024, hosted by the United States Navy off Hawaii, during a simulated activity that tested the sinking of Ex-USS Tarawa LHA1. HMAS Sydney is a guided missile destroyer that can provide air defence and maritime protection for accompanying ships, land forces and infrastructure in coastal areas.
Motoring
Toyota RAV4 has reached a massive milestone in Australian sales
The Toyota RAV4 has joined the Corolla, HiLux, LandCruiser, and Camry in notching over 500,000 sales on the Australian market, Car Expert has reported. Toyota has sold 501,546 RAV4s in Australia from its market launch in July 1994 to June 2024. In serendipitous timing, the milestone comes as Toyota celebrates 30 years of the RAV4. The past five years have been the RAV4’s best sales years on our market, and Toyota says it’s on track to set another record this year.
https://www.carexpert.com.au/car-news/toyota-rav4-passes-massive-sales-milestone-in-australia
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