SBS News In Depth

Iran says it has forced a US warship to turn back from entering the Strait of Hormuz, while the US has announced its forces have hit six Iranian small boats they say were threatening commercial shipping in the Strait of Hormuz. They say US merchant ships made it through the strait - without saying when - while Iran has denied any such crossings had taken place

The Reserve Bank will make a decision this afternoon on interest rates, and financial markets and most economists are tipping a third straight rate hike. SBS' Cameron Carr spoke to Canstar’s head of data analytics Sally Tindall on Monday about what to expect. That includes the potential for a repeat of the its split decision to raise interest rates in March as the central bank frets over the dual threats of high inflation and a stalling economy.

Australian shares dropped 0.4 per cent ahead of an expected Reserve Bank rate rise, with losses across most sectors led by consumer staples and energy, while petrol prices continued to ease nationwide. Corporate headlines included a recall by A2 Milk in the United States, an ASIC investigation into Accent Group, and NAB’s weaker half-year profit driven by accounting changes despite solid lending growth and a steady dividend. The outlook for borrowers and interest rates is in focus as the Australian dollar lifts above 72 US cents. George Boubouras from K2 Asset Management Ltd joins the podcast to break down the market moves and what to watch next.

Federal Treasurer Jim Chalmers has promised to deliver his most responsible budget yet with savings expected across every portfolio. Defending possible changes to negative gearing and capital gains taxes, the government says this budget is about adapting to the uncertain circumstances facing Australia's economy.

The United States has announced it plans to guide ships stranded in the Strait of Hormuz. President Donald Trump has revealed few details about the plan he is calling Project Freedom, saying it is a humanitarian gesture. It comes as he considers a 14-point proposal to end the war put forward by Iran.