Australia's Inflation Hits Three-Year Low

Australia's inflation rate fell to a three-year low of 2.7% in August, driven by government rebates on electricity and cheaper petrol, according to the Australian Bureau of Statistics. Despite this decline, the Reserve Bank of Australia (RBA) is unlikely to cut interest rates soon, as core inflation remains above the target range. Treasurer Jim Chalmers called the inflation data 'heartening' and credited government policies, while shadow treasurer Angus Taylor criticized the pace of progress. Market reactions were muted, with the Australian dollar and bond futures remaining steady. Additionally, the Bureau of Meteorology in Australia apologized for a false tsunami warning, and there are ongoing legal and political discussions regarding negative gearing and the Robodebt scandal.