Wednesday, 19 February - Slip slidin’ away

Good morning, it’s Wednesday, 19 February. In your Squiz Today…

• The Reserve Bank delivers a long-awaited rate cut

• Ukraine peace talks have kicked off, without Ukraine

• And top tips for TP… 🧻

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Squiz the Weather

Squiz Sayings

Said experienced fisherman John Smith after being approached by 3 great white sharks during a fishing trip near Newcastle. Smith said the sharks were curious rather than bitey - but who wants to get close enough to play fetch?

Coming out of a cut rut

The Squiz

The Reserve Bank whipped out the scissors yesterday for the first time since 2020, cutting the official cash rate from 4.35% - where it’s been since November 2023 - to 4.1%. Our central bank said it made the call because inflation was going down “a little more quickly than expected” and that it was tracking towards its target range of 2-3%. And in a matter of minutes, the big 4 banks said they’ll pass the full cut onto customers - on 28 February for 3 of them, with Westpac making the change from 4 March.  

What does this mean for regular Aussies?

When you meet one, let us know… Essentially, it’s good news for people with a variable-rate mortgage. As an example, someone with a $500,000 home loan will pay about $90 less a month in interest. Economists are less clear about whether renters will benefit, especially in the short term. For people with their money in a savings account, it’ll mean less in interest payments, so not everyone’s a winner… Reserve Bank Governor Michele Bullock said it wasn’t an easy call and that today’s cut doesn’t mean there are more on the way (as many economists and investors are predicting) - she says global economic unpredictability and Australia’s strong jobs market means the battle against inflation is still a live one. 

And what are the pollies saying?

Well, some Labor MPs and Coalition leader Peter Dutton will be happy - they all say a cut will bring much-needed relief to a lot of Aussie families. After the announcement, Treasurer Jim Chalmers said it was the “rate relief Australians need and deserve” but stressed the cost-of-living challenge is far from over - and his opposite number Angus Taylor pointed out that we’re lagging behind other similar economies on that front. As for what’s next, some political experts say the rate cut might prompt PM Anthony Albanese to call an election for early April while it’s still fresh in the minds of voters. He’ll need to make that call by early March, so that’s something to keep an eye on…

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Squiz the Rest

The first step towards peace in Ukraine

… has begun with talks between the US and Russia at a meeting Ukraine wasn’t invited to. The talks were hosted by Saudi Arabia, and officials said they discussed territory and security for Ukraine in the future. After nearly 3 years of war, reports say Russia is occupying about a fifth of Ukraine, while Ukrainian forces have taken a small area inside Russia’s Kursk region. Afterwards, US Secretary of State Marco Rubio said both sides would continue negotiations - as well as restaffing their embassies. But one snag might be Russia’s insistence that it won’t accept NATO troops as part of a peacekeeping force in Ukraine. Meanwhile, Ukrainian President Volodymyr Zelensky said Ukraine wouldn’t “recognise any things or any agreements about us without us.”

Another plane has crashed in North America…

This time, it happened as a Delta Air Lines flight came in to land at the Toronto Pearson International Airport in Canada - those pictures went viral yesterday morning, along with witness accounts. Investigators are looking into what happened, but experts say the weather may have played a role… The plane was carrying 80 people from Minneapolis when it crashed and flipped onto its roof on the airport’s icy tarmac. And when we say it was icy, when firefighters doused the plane with water, it also froze… There were no fatalities, but 18 people were injured - 3 critically. The local airport authority CEO Deborah Flint praised the first responders, saying lives were saved “in due part to our heroic and trained professionals”.

The classroom civics conundrum

When we talk about civics, our minds go to the central shopping and dining precinct of Canberra. And that might be what high schoolers are thinking about too, because a new report shows many young people don’t know how our democracy works… The 2024 national curriculum test showed 28% of Year 10 students have a proficient understanding of civics - down from 38% in 2019. Teachers say they're more than a bit worried because we're living in a time of mis/disinformation. Professor Stewart Riddle from the Uni of Southern Queensland is one who says lacking basic civics knowledge makes students "susceptible to manipulation, whether that's by social media or international hackers". In that vein - if you'd like to test your own civics mettle, this quiz will get your wheels turning…

*If you have a young person in your life who wants to learn more about the world of civics, this episode of Squiz Kids has ‘em covered. 

Novak says Sinner ban is no joke

The 24-time Grand Slam winner said the current anti-doping system doesn’t work and that players don’t trust it after short-term suspensions were handed out to top players Jannik Sinner and Iga Świątek. Djokovic said Sinner’s 3-month ban for an accidental doping violation, compared to years-long bans handed out to other players, meant the whole thing needs an overhaul. He singled out the big gap between Sinner’s ban and the 4-year ban to former women’s #1 Simona Halep - later reduced to 9 months - as a reason players are losing faith in bodies like the World Anti-Doping Agency. He’s currently playing at the Qatar Open - a tournament Sinner was also going to play before he was sent to the sin bin. 

*We’ve got a Shortcut for you if you'd like to know a bit more about Jannik Sinner’s doping ban…

TP of the Pops

Consumer group CHOICE has really been putting the work in - they’ve tested 30 brands of toilet paper to work out which one gives you the best bang for your butt buck. Using 4 measures - softness, separation, strength and sewer-friendliness - they’ve picked a winner. The champ was Sorbent 4-ply Thick and Soft, lauded for its softness score of 90%. Down the bottom of the list were a few brands that scored poorly on sewer-friendliness because they don’t disintegrate well, which puts your toilet at a high clog risk, and that’s no fun for anyone. CHOICE also weighed in on the thorny issue of whether toilet paper should be hung over or under the roll - they say over is the go. Here here…

Apropos of Nothing

After making a casual $2.2 billion at the Chinese box office, the animated film Ne Zha 2 is on its way to cinemas around the world, including Oz. The sequel to 2019’s Ne Zha is the highest-grossing movie in any single market ever - now’s your chance to see what the fuss is about…

Aussie swimming legend Emma McKeon might’ve retired from competition a few months ago, but she’s continuing to do legendary things - she’s now helping to reduce the issue of child drowning in Bangladesh by teaching local kids to swim. What a superstar…

And speaking of superstars, who knew Princess Kate was a dab hand at sketching? Kate and her royal offspring have shown off a series of hand-drawn portraits on Instagram to inspire kids to get creative… One of them reminds us a little bit of the singer Cher…

Squiz the Day

12.30pm (AEDT) - Author Kathy Lette will address the National Press Club on "From Puberty Blues to Menopause Blues to a Sensational Second Act - and why women are each other's human wonder bras; uplifting and supportive" - Canberra, and watch it on ABC24

6.45pm (AEDT) - ASIO Director-General Mike Burgess will release the Annual Threat Assessment - Sydney

Company half-year results for Cleanaway Waste Management, Goodman Group, James Hardie, Stockland, and Santos

ABS Data Release - Monthly Employee Earnings and Wage Price Index, December

In men’s cricket, the ICC Champions Trophy begins (until 9 March) - Pakistan and the UAE, and watch on Amazon Prime Video

It’s International Tug-of-War Day

And National Choc-Mint Day - aka the best flavour - fight us…

Birthdays for Jeff Daniels (1955), Prince Andrew (1960), Seal (1963), and Millie Bobby Brown (2004)

Anniversary of:

• the founding of the Battle Creek Toasted Corn Flake Company, now known as Kellogg’s (1906)

• the bombing of Darwin by Japanese forces (1942)