Tuesday, 5 May - Walk, walk, fashion, baby

May 05, 2026

Good morning, it’s Tuesday, 5 May. In your Squiz Today…

  • Tensions rise in the Strait of Hormuz as the US tries to shepherd ships through

  • The Reserve Bank will make its next interest rate decision today

  • And it’s the morning of the Met Gala…

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Squiz the Weather

Squiz Sayings

"Olivia Wilde, do you care to address recent rumours that you’re a resurrected corpse?"

Said the Hollywood actor/director’s brother in a video she shared to Instagram, poking fun at an unflattering photo of her that went viral this week. Wilde says a bad angle and fisheye lens were to blame - and you can always count on a sibling to give you a good roasting…

The wait of Hormuz

The Squiz

The indefinite ceasefire in Iran is looking pretty shaky this morning, with the United Arab Emirates claiming it has been attacked by the country for the first time since the truce began in early April. The Gulf state says it shot down 3 Iranian missiles headed in its direction, with a fourth landing in the sea - and a drone strike has caused a fire at an oil facility in its eastern Emirate of Fujairah. Notably, this all comes shortly after the US announced it would start trying to guide ships through the Strait of Hormuz.

Explain that a bit more…

As we mentioned yesterday, the US and Iran are currently going back and forth over proposals to end the war. Iran’s key piece of leverage in those negotiations is its control over the Strait of Hormuz - a key shipping lane for the world’s fuel supplies. Since the war began in February, hundreds of ships - and around 20,000 seafarers - have been stranded in the Strait, unable to safely get through and out to open waters due to the threat of attacks by Iranian vessels and/or mines laid in the water. Yesterday, the US military announced that it would start guiding some of those ships through the Strait in what President Donald Trump is calling “Project Freedom”. If that plan is successful, the US could potentially lessen Iran’s leverage in the peace negotiations…

So Iran’s not that keen…

No it is not - it says it’ll attack “any foreign military force” that enters the Strait. The US says that so far it’s guided 2 ships sailing under the American flag through the Strait, but has also sunk 6 Iranian small boats in the process - Iran denies that happened. Combine that with the reported attack on the UAE, and that’s why everything’s on even more of a knife edge at the moment. Plus, some of the shipping companies with stranded vessels say even with the US promising to guide them through, it’s still too risky to try… Even with all that going on, US President Donald Trump reckons his envoys are having “very positive discussions” with Iran, while they review his response to their latest peace proposal. We’ll see if that positivity holds…

*If you want to know more about the Gulf States and their place in all this, we’ve got a Squiz Shortcut for you…

Will they? Or won’t they?

At 2.30pm AEST today we’ll find out if interest rates are going up again. So with all the speculation, dig into CBA Newsroom to see why CBA reckons it’ll be a split decision. They say there’s a fine balance to be struck as inflation is still too high, but there’s uncertainty as to the impact higher rates might have on economic activity. Tricky…

Squiz the Rest

A chance to speak out

The first Jewish Australians to give evidence at the Royal Commission into Antisemitism have spoken about copping abuse in the street and being scared to live in Australia. The first was Sheina Gutnick, whose father Reuven Morrison was killed in the Bondi terror attack on 14 December. She said she’d felt “a shift” since the Hamas terror attacks on 7 October 2023 and that “antisemitism was allowed to come into the open”. Another was Executive Council of Australian Jewry co-CEO Alex Ryvchin, who said he’d had death threats and photos of his children posted online. And Holocaust survivor Peter Halasz said he’s afraid to wear his Star of David in public because Jews “have become targets”. With the first block of hearings set for 2 weeks, there are many more accounts to come…

Beating the drum of friendship

In her first state visit to Oz yesterday, Japanese PM and drumming aficionado Sanae Takaichi and Oz PM Anthony Albanese agreed to elevate the relationship between our countries to a “quasi-alliance”. That basically means we’ll share intel and act like allies without signing anything formal - but the 2 leaders did sign agreements to improve co-operation on things like critical minerals and energy. As China’s ambitions and influence in the Indo-Pacific have grown, reports say the deals are designed to reduce both countries’ reliance on it for trade, and to help keep each other’s fuel supplies solid while the Strait of Hormuz is closed. As the PM put it, the friendship “helps us secure the energy we both need … and helps keep us safe in a more uncertain world".

Here come the rates again

Yep, it’s that time of the financial cycle when the Reserve Bank announces what it’s going to do with the nation’s cash rate. Most economists are pointing to a rise, given that last week’s inflation figures were higher than the RBA’s target range of between 2-3%. Some are calling it the “Hormuz hike” - a reference to the blocked shipping channel putting pressure on the global fuel supply chain and wreaking havoc on economies, ours included. A rate rise of 0.25% is what most are forecasting, which would be the third one on the trot - bringing interest rates up to 4.35%. If that happens, it will put even more pressure on Treasurer Jim Chalmers’ upcoming budget on 12 May, which he says will be his “most responsible” one yet.

A nervy moment for Spurs

There’s a big story brewing in English football at the moment, with the famous club Tottenham Hotspur in real danger of being relegated. If you follow football - or just watched Ted Lasso - you’ll know that being relegated to the second division is a big blow for any club, but particularly one that has been in the top flight since 1978 and has the biggest club stadium in London. After a win yesterday against Aston Villa, the club has a bit of breathing room - it’s now 17th with 3 games to play - but if they finish 18th or lower, they’re out. If that happens, it’ll complete what ESPN described as possibly “the worst season by any team in English football history.” We guess that’s kind of an achievement in itself…

Met ready…

Gird your loins - and your socials - the Met Gala gets underway in New York this morning, with celebs turning out in their finest for the Metropolitan Museum of Art’s annual fundraiser. Vogue has helpfully interpreted this year’s theme of ‘Costume Art’ and the dress code ‘Fashion is Art’ as a celebration of art on the human body, as well as the influence of art movements - think Renaissance, Baroque, or Cubism… Perhaps easier to picture is that it’s an exclusive event for 450 guests with brands paying $550,000 a table, and single tix costing $113,000. There are a few slightly famous names helping out longtime chair/fashion icon Anna Wintour this year: Nicole Kidman, Venus Williams and Beyoncé. They’ll be on the red carpet from 8am - expect some masterpieces…

Apropos of Nothing

Eight-time surfing world champ Stephanie Gilmore won the Gold Coast Pro yesterday after a 2-year hiatus from the sport. Gilmore was raised aloft by fans and carried all the way up the beach - as a champion should be…  

If you have your own personal roster of jerseys sorted for the FIFA World Cup, but feel like something is missing, this might be it… Adidas is making jerseys for your furry friends. We suppose in terms of qualifications for making pet-wear, fetch and soccer aren’t that different…

And 19yo Italian Kimi Antonelli is continuing his blistering F1 season for Mercedes, taking first place at the Miami Grand Prix yesterday. It’s Antonelli’s third win in a row, and he held off McLaren’s Lando Norris and our own Oscar Piastri to do it. The audacity of youth…

Squiz the Day

8.00am (AEST) - The Met Gala red carpet kicks off. This year’s theme is ‘costume art’ and co-chairs are Beyoncé, Nicole Kidman and Venus Williams - New York, watch the livestream here… 

9.00am (AEST) - High Court case begins between Farm Transparency International and The Game Meats Company, relating to the copyright of abattoir footage taken by activists, High Court of Australia - Canberra 

9.30am (ACST) - Jefferson Lewis, the man accused of the murder of Kumanjayi Little Baby, is due to face court, Alice Springs Supreme Court - Alice Springs

9.00am (AWST) - Author Craig Silvey returns to court on child exploitation material charges, Fremantle Magistrates Court - Fremantle

2.30pm (AEST) - The Reserve Bank will announce its latest decision on the national cash rate, followed by a press conference - Sydney

ABS data release: monthly household spending indicator, March 2026

Westpac half-yearly financial results released 

Cinco de Mayo in Mexico, marking the anniversary of the 1862 victory over invading French forces by Mexican troops at the Battle of Puebla

World Portuguese Language Day 

A birthday for actor Henry Cavill (1983) and singer Adele (1988)

Anniversary of:

  • the birthday of Karl Marx (1818)

  • the death of Napoléon Bonaparte (1821)

  • Carnegie Hall opening in New York with Tchaikovsky as guest conductor (1891)

  • perfume Chanel No 5 released by fashion designer Coco Chanel (1921)