RBA Watch: RBA governor Michele Bullock warned sluggish productivity is blocking rate cuts, saying inflation is still “too high” and more labour-market tightening may be needed. Middle East Inflation Risk: Treasurer Jim Chalmers flagged escalating Middle East conflict as a major threat to global inflation, with Treasury modelling oil shocks pushing inflation higher. Rates & Markets: ASX bounced after Bullock’s comments, with bond yields falling and rate-sensitive sectors leading gains. Victoria Power Shift: Jacinta Allan resigned and Ben Carroll was sworn in as Premier, promising a royal commission into construction and tougher anti-corruption powers—while property groups warn of housing policy fallout. Housing Pressure: Property sector says Allan’s reforms still loom over the market, as affordability and availability remain the core problem. Energy Security Push: PM Albanese backed a pre-feasibility study for a new WA oil refinery, aiming to strengthen fuel security, though critics question the business case. Trade Shock for Farmers: NSW Farmers hit back at a US move to raise tariffs on some Australian exports to 12.5%. Consumer Credit Reality Check: A “big bank loyalty trap” story argues existing home-loan customers often pay materially more than new borrowers unless they refinance. Business Disruption: Stax activewear entered receivership with $1.7m in unfulfilled customer orders, raising chargeback and delivery risks. Tech & Work: Atlassian says AI adoption alone won’t lift productivity unless companies redesign processes around it. AI at Work: HP Australia highlights wellbeing-focused AI tools, arguing the goal is reducing stress rather than cutting jobs.