Here is a look at what is making news around the country today.
Today’s national news includes Australia’s central bank warning of inflation risks, Australia’s Inflation picks up to 6.8 per cent in April, South Korea and Australia stepping up defence collaboration, and McDonald’s Australia bringing back McFeast burger for a limited time.
Nation
Australia’s central bank warns of inflation risks
The head of Australia’s central bank warned that risks to inflation are on the upside and households should brace for the pain ahead, CNBC News reported. RBA Governor Philip Lowe said that entrenched inflation would lead to higher interest rates and unemployment. “The risk to inflation is to the upside and we need to be attentive to that.” Services price inflation could remain elevated due to high unit labour costs if productivity growth failed to pick up. There are also uncertainties about the slowdown in household spending and the global economy.
Economy
Inflation picks up to 6.8% in April
Australian consumer prices rose by more than expected in April, driven by a jump in automotive fuel, suggesting sticky inflation would likely keep pressure on the central bank. Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose 6.8 per cent in the year to April, compared with 6.3 per cent in the previous month and market forecasts of 6.4 per cent, Reuters has reported.
Defence
South Korea, Australia to step up defence collaboration
Korean Defense Minister Lee Jong-sup and Australian Defense Minister Richard Marles have agreed to step up the defence cooperation between the two countries, Arab news.com reported. Minister Lee expressed the South Korean military’s willingness to join the Indo-Pacific Endeavour, an Australian-led multinational military drill, as well as Operation Render Safe, activities by the Australian Defense Force to remove underwater mines in the Pacific. The two countries agreed to hold working-level meetings as part of steps to revise a memorandum of understanding signed in 2011 aimed at enhancing defence industry cooperation.
https://www.arabnews.com/node/2312751/world
Food
McDonald’s Australia brings back McFeast Burger
The fast-food giant has announced the popular McFeast burger is making a temporary return after customers inundated Macca’s with requests to bring it back, News.com has reported. The McFeast is made up of a signature beef patty, tomato, lettuce, cheese, onions and pickles, topped with three sauces – mustard, ketchup and the signature McChicken sauce – held between a sesame seed bun. The burger is returning for a limited time only starting today. Between 11.30 am and 2.30 pm daily, the burger, small fries and a small soft drink are available for $5.95.
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