Australian PM's Approval Drops as RBA Sees No Near-Term Rate Cut.

Australian Prime Minister Anthony Albanese's approval rating has dropped to its lowest level since he took office in 2022. This decline comes as the Reserve Bank of Australia (RBA) indicates that it will not be cutting interest rates, which may disappoint voters struggling with the cost of living. The latest Newspoll survey shows that dissatisfaction with Albanese's performance has increased, while his approval rating has decreased. The survey also reveals that the Labor party is tied with the center-right Liberal National opposition on a two-party preferred basis, potentially leading to a minority government. The RBA's decision to maintain the key interest rate at a 12-year high of 4.35% is due to concerns about inflation, which is easing more rapidly in other countries. This has caused many Australians to face financial pressures, leading to growing impatience with the government for not providing more relief. The survey also indicates that most voters expect inflation to remain high regardless of which party is in power. The upcoming release of second-quarter GDP data is expected to show weak economic growth. Additionally, a poll conducted by Redbridge found that only 24% of Australians could name a government policy that had improved their lives, despite recent announcements of tax cuts, power bill subsidies, and university debt relief. [Extracted from the article]