Thursday, 8 August - I did it my way

🙋🏻‍♀️ Scroll on for The Paris Sprint, our short ‘n sweet Olympics update…

Good morning, it’s Thursday, 8 August. In your Squiz Today…

• A rift opens between the Reserve Bank and Treasurer Jim Chalmers

• Childcare workers are set to get a 15% pay bump

• And it’s raining gold in Paris🥇

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Squiz the Weather

Squiz Sayings

Said an emergency services operator in Townsville after a call came in that a 57yo man had set his car on fire to rid it of an arachnid. He totally made the right call… 

An inflationary rift has developed…

The Squiz

No sooner had the Reserve Bank made the call to leave interest rates on hold at 4.35% on Tuesday than bank officials had to front up to a Senate inquiry hearing yesterday - and what officials have had to say has put them at odds with Treasurer Jim Chalmers. It’s down to a difference of opinion over the support Australian governments have given us punters to deal with cost of living pressures, the effects those subsidies have on inflation, and our unbudgingly high interest rates. 

Shouldn’t they be on the same page? 

That’s the idea - and it's discombobulating when they’re not, hence the headlines… What’s happened is on Tuesday, Reserve Bank Governor Michele Bullock said serious consideration was given to lifting the official rate because of “the degree of excess demand in the economy”. Essentially that means we’re still in a spending mood, and that means prices will continue to go up at a rate that will eat into our nation’s standard of living. And yesterday, the central bank’s Chief Economist Sarah Hunter said government subsidies, including the Albanese Government’s $300 energy bill rebate for every household, weren’t helping. “And as a result of that, we think it’s going to take a little bit longer for inflation to get back to target,” Hunter said. Those positions are not ones that Treasurer Chalmers’ holds… 

What’s he saying? 

“I think it’s hard to sustain an argument that the economy is running too hot, or that people have too much spare cash given all of the data and all of the feedback that we get, which shows that’s not the case.” And he doesn’t accept that government spending is fuelling inflation. “What the forecasts say is that our cost-of-living policies are helping to push inflation down in the near term – not up.” Seizing on the rift is Coalition leader Peter Dutton - yesterday he said Team Albanese has “pumped $315 billion of additional money into the economy” and “that has fuelled inflation." Cue excitement about next week’s release of the April-June wage price index and July’s labour market data. Economist Shane Oliver yesterday said they are numbers that are “going to be critical in all of this”. 

Upping your at-home game

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Squiz the Rest

Childcare workers to get a pay rise

But only if the centre they work for agrees to limit fee increases… Taxpayers will fund the 15% rise over 2 years -  that’s a 10% increase from December this year, and 5% from December 2025 - meaning the average worker will get a $103 a week bump this year, increasing to $155 in 2025. To be eligible to get a slice of the $3.6 billion federal government package, the centre can't increase by more than 4.4% over the next year. PM Anthony Albanese will be talking about this today - in reports this morning he says it's a "great day for everyone who cares about childcare". The Albanese Government did something similar for aged care workers with a $11.1 billion package to boost wages, and put together, the funding targets some of our worst paid/critical workers. Some critics say it's not enough, and the Coalition says (as previously discussed…) inflation concerns mean it's not the way to do it.  

The first Walz

US Vice President/Democratic presidential candidate Kamala Harris and her running mate Tim Walz have made their debut on the campaign trail, heading off on a 7-state blitz. Harris introduced ‘Coach’ Walz (a reference to his time as a high school football coach…) to a 12,000-strong crowd in Philadelphia yesterday, and also gave a hat tip to his Army service/Midwestern background by calling him “one of the best marksmen” on Capitol Hill. Walz’s first speech as the nominee provided some searing attack lines on Republican candidate Donald Trump, saying he “doesn’t know the first thing about service… he’s too busy serving himself”. The latest polling data suggests the Harris and Trump campaigns are neck and neck with 3 months of campaigning to go… 

In a spot of trouble…

Australian Olympic hockey player Tom Craig was detained by police in Paris on Tuesday night for allegedly trying to buy cocaine. Authorities say they saw the 28yo Kookaburra attempting to make the purchase in the hip 9th arrondissement of Paris which is known for its shopping and theatres. The quantity of drugs isn't known, but reports say police arrested Craig and the seller, who was allegedly found to be carrying ecstasy pills and cocaine. No charges were laid, and Craig was released with a criminal warning. Overnight the Kookaburras midfielder apologised for his "terrible mistake". "I've embarrassed you all, and I'm truly sorry," he said. The Kookaburras were knocked out of the Games by the Netherlands earlier this week in the quarterfinals. 

A big Bluey bandit busted

For real life NSW Police yesterday arrested and charged a 47yo man who allegedly stole 63,000 Bluey ‘dollarbucks’ from the Sydney warehouse where he worked. Fewer than 100,000 of the Royal Australian Mint’s special edition coins were produced and they were set to be released in September. These aren’t the collector coins that sent Blue Heeler family fans nuts in June - these ones were for general circulation, but detectives say the accused had been selling the $1 coins online for up to “10 times their face value”, making $600,000. He was nabbed by the appropriately named Strike Force Bandit, which raided a property and recovered 189 of the coins. We would tell you to look out for the errant coins in your change but 1) who uses cash anymore, and 2) we’ve got a feeling if you’ve got one you’re hanging onto it…

Apropos of nothing

She might be the Queen of Broadway, but her musical majesty Liza Minelli is not happy about the documentaries and biopics telling her life story, so she’s taking matters into her own. The 78yo EGOT says a release in 2026 will set the record straight… 

A second artwork in as many days from British street artist Banksy has appeared in London. He’s stuck with the animal theme by painting elephants on the side of a house in Chelsea. One of his works would normally increase a property’s price, but in that ritzy neighbourhood maybe not…

Billionaire Clive Palmer has another hurdle to clear in his dream to build the Titanic II - reports say he’s having a tough time convincing Harland & Wolff - the shipbuilder who built the original Titanic and who Palmer wants for his - to sign on. Still, his heart will go on…

🏊🏼‍♀️ The Paris Sprint

Australia has surpassed our highest number of gold medals at an Olympics after a gold-rush night in Paris, with 4 gold and 2 bronze medals added to our haul, putting us in 3rd place on the medal tally. 

Our men’s pursuit team beat Great Britain this morning after breaking the world record in their heat yesterday - the first world record broken by Aussies in these Games. It adds to yesterday’s bronze medal effort by the men’s sprint team.

Perth sailor Matt Wearn has become the first back-to-back Olympic champion in the men’s dinghy - aka a one-person boat. The 28yo went into the final so far ahead of the pack he was guaranteed a silver before the medal race.

Australia has cemented our domination of skateboarding with Tokyo gold medallist Keegan Palmer doubling down on his Tokyo win, taking out the men’s skateboarding park final a day after 14yo Arisa Trew won the women’s event.

And our reigning world pole vault champion Nina Kennedy led the field from the get-go through 3+ hours of competition to take the gold in the final. It’s Australia’s first-ever women’s gold medal in a field event. Just brilliant…

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Squiz the Day

8.15am (AEST) - Federal Infrastructure Minister Catherine King is set to speak at the Foundations and Frontiers forum, addressing issues in the construction industry - Sydney

12.40pm (AEST) - RBA governor Michele Bullock will deliver the Annual Rotary Lecture - Armidale, NSW

Company results due for News Corp, Mirvac, Transurban and AMP

The Melbourne International Film Festival begins (on until 25 August) 

The Darwin Festival kicks off (on until 25 August) 

Birthdays for John Laws (1935), Dustin Hoffman (1937), Roger Federer (1981), Beatrice, Princess of York (1988), Shawn Mendes (1998)

Anniversary of:

• the invention of Corn Flakes by William Kellogg (1898)

• the formation of the Association of South-East Asian Nations (ASEAN) (1967)

• the death of Olivia Newton-John (2022)

• Aussie fashion brand Zimmermann being purchased by Advent International - making it Australia's most valuable fashion brand (2023)