Good morning, folks.
1. The official interest rate has been left at 0.10% after the Reserve Bank of Australia (RBA) convened its March meeting. Are you surprised? You shouldn’t be. It comes as speculation grows over when interest rates will eventually be hiked, but Governor Philip Lowe maintains they’re staying where they are. “For [a cash rate hike] to occur, wages growth will have to be materially higher than it is currently,” he said.
2. The federal cabinet minister accused of a rape in the 1980s is preparing to make a public statement today, according to reports. NSW Police closed their investigation of the case yesterday because they did not have enough admissible evidence to proceed. It is expected the minister will declare his innocence and intent to stay in the job.
3. International borders will remain closed for at least another three months. Health Minister Greg Hunt yesterday confirmed the extension to the existing emergency period would be granted after advice from medical authorities. The plan stipulates the date for border reopening to June 17, 2021, however Australia could reopen sooner if the restrictions are “no longer needed”.
4. Australian Uber Eats riders are now required to take a selfie while wearing a helmet and check if their bike has a mobile phone holster before they can take gigs through the app. Sachin Kansal, Uber’s senior director of product management, said the world first checks will form part of a rider’s “safety routine every time that they go online.” The new safety checks come after a NSW gig economy taskforce issued draft industry guidelines, calling on the tech companies to play a more active role in rider safety.
5. ASIC has sued industry fund REST Super for misleading conduct. The corporate watchdog alleges the fund tried to stop members transferring their savings to a better performing fund. REST allegedly told members who wanted to switch to a different fund that they needed to keep upwards of five grand in their REST account if they wanted to ensure their employer kept making contributions.
6. Prominent Australian companies are being urged to return their JobKeeper payments as profits and dividends boom. Among them are Harvey Norman and Athletes Foot owner Accent Group – both of which have resisted these calls.
7. “Fortnite” developer Epic Games is buying Mediatonic, the British studio behind smash hit multiplayer game “Fall Guys.” The terms of the acquisition weren’t disclosed, and Epic is a privately owned company. Epic assured fans that “Fall Guys” wasn’t changing as a result of the purchase. “Your gameplay isn’t changing and Epic will continue to invest in making the game a great experience for players across platforms,” the company said.
8. Bitcoin fell as much as 4% on Tuesday. It followed Joe Biden’s SEC Chairman nominee Gary Gensler testifying that he would seek to eliminate fraud from crypto markets. Gensler said that the investor protections the SEC seeks to enforce should ensure that crypto markets are “free of fraud and manipulation.”
9. Apple’s iPhone could have a completely different form factor in two years. A foldable iPhone is expected as early as 2023, a note from the Apple analyst Ming-Chi Kuo said. The phone would be larger than ever, at 7 to 8 inches, according to Kuo. Apple has, of course, not officially announced such a device, and company representatives didn’t respond to a request for comment.
10. And something kinda stupid to tie us off. Amazon changed its app icon after users flagged a resemblance to Adolf Hitler’s moustache. After some Twitter users posted about the unsettling resemblance, Amazon quietly changed the design, swapping out the jagged tape for a boxier counterpart that makes it look more like a package and less like a face. Great!
BONUS ITEM
This is absolutely killing me this morning.
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