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  • Rate rises threaten worst economy since 1990s recession: NAB economist
  • Ukraine’s president hails advances near Bakhmut
  • Trump makes history again as he’s arraigned in a Miami court
  • This morning’s headlines at a glance
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Rate rises threaten worst economy since 1990s recession: NAB economist

In Australia, one of the country’s largest banks has warned up to 200,000 Australians could lose their jobs over the next 18 months as the economy sinks under the weight of 13 interest rate rises.

NAB chief economist Alan Oster, who believes the Reserve Bank will lift official interest rates to 4.6 per cent by the end of winter, said the economy is now facing its worst back-to-back years since the 1990-91 recession.

NAB chief economist Alan Oster says the RBA’s “narrow path” for the economy is sunk.Credit: Bohdan Warchomij

The RBA has lifted official interest rates from 0.1 per cent in May last year to 4.1 per cent this month in the most aggressive tightening of monetary policy since the late 1980s.

It is aiming to bring down inflation, currently at 7 per cent, without driving up unemployment in what bank governor Philip Lowe has often described as a narrow path.

But Oster said while the economy had kept growing as the Reserve Bank started lifting interest rates through 2022, further increases this year would hit the economy and the jobs market.

Keep reading our front page story here. 

Ukraine’s president hails advances near Bakhmut

In an update on the war in Ukraine, President Volodymyr Zelensky hailed advances by the country’s troops near the long-besieged city of Bakhmut in the east and on the war’s southern front.

“Thanks to everyone who is now fighting, who protects and advances our positions,” Zelenskiy said in his nightly video address.

Ukrainian soldiers fire artillery toward Russian positions at the front line near Bakhmut, last month. Credit: AP

“For example, the Bakhmut sector…there is forward movement in various areas.”

He also praised units on the “Tavria” southern front, saying that in “conditions of aviation and artillery superiority of the occupiers, there is movement forward. Thank you soldiers! Thank you for every step and every metre freed from Russian evil.”


Trump makes history again as he’s arraigned in a Miami court

Donald Trump has pleaded not guilty to 37 federal charges of mishandling classified documents, paving the way for a potential trial in the middle of an election campaign and the explosive possibility of a jail conviction.

Nine weeks after he was indicted in a Manhattan court over a state-based probe involving alleged hush money paid to a porn star, Trump has once again made history, this time being arraigned in a Miami court on charges brought by the federal government.

Supporters of former President Donald Trump outside the court building in Miami, Florida. Credit: Bloomberg

The twice-impeached president left his Doral hotel resort with his motorcade at around 1.30pm on Tuesday (3.30am Wednesday AEST) and entered the Southern District Court of Florida shortly before 2pm.

Continue reading about the indictment here, by North America correspondent Farrah Tomazin who is in Miami.

This morning’s headlines at a glance

Good morning, and thanks for your company.

It’s Wednesday, June 14. I’m Caroline Schelle, and I’ll be anchoring our live coverage for the first half of the day.

Here’s what you need to know before we get started:

  • The Indigenous Affairs minister says No campaigners are taking a “post-truth approach to politics” with the aim of polarising people.
  • Australians are bracing for another interest rate hike and are holding the federal government responsible for the hit to their households.
  • A new joint taskforce will investigate Ben Roberts-Smith’s alleged crimes in Afghanistan after a long-running federal police inquiry was abandoned over concerns about admissibility of evidence.
  • Senator Jacqui Lambie has questioned why Defence Force chief Angus Campbell didn’t try harder to hand back the medal he was awarded for his command of troops in Afghanistan.

More than half of Australians believe Reserve Bank governor Philip Lowe should lose his job, according to a survey. Credit: Bloomberg

  • Families are spending 30 per cent more on childcare than they were a year ago, despite its cost rising 6.8 per cent, in a sign parents are increasing their work hours to cope with cost-of-living pressures.
  • In NSW, the bus driver in the horror Hunter Valley bus crash that claimed the lives of 10 wedding guests has wept in court before he was granted bail.
  • One Victorian upper house Liberal MP argues if they hated so-called cancel-culture it’s time to ditch tough-on-crime policies.
  • In overseas news, former US president Donald Trump pleads not guilty in a Florida court to charges relating to classified documents.
  • Pulitzer-prize winning author Cormac McCarthy, who wrote No Country for Old Men and The Road, has died.
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