WALKIE-TALKIES DETONATED Lebanon’s health ministry says 14 people have been killed and over 450 injured after hand-held radios used by the militant group Hezbollah detonated on Wednesday. The blasts came a day after 12 people were killed when pagers used by the group were exploded. Reuters reports the explosions on Wednesday happened in the country’s south and suburbs of Beirut. At least one explosion happened near a funeral organised by Hezbollah for those killed the previous day, the newswire said. Hezbollah has blamed Israel for the attacks and says it has attacked Israeli artillery positions with rockets. The BBC reports neither Israel nor its military have commented on the communication device blasts. Reuters highlights Israeli Defence Minister Yoav Gallant declaring “we are opening a new phase in the war” as more troops and resources are transferred to the north of the country. The other major story dominating world affairs is the news that America’s central bank, the Federal Reserve, has cut its benchmark interest rate by half a percentage point. The Financial Times highlights the rate cut is the first in four years. “The committee has gained greater confidence that inflation is moving sustainably toward 2%, and judges that the risks to achieving its employment and inflation goals are roughly in balance,” Reuters quotes the bank’s policymakers as declaring. CNN quotes former Fed officials as saying the “jumbo-sized” rate cut suggests the Federal Reserve is worried about rising unemployment and the health of the economy. The Associated Press reports the decision marks a “dramatic shift” after more than two years of high rates aimed at taming inflation, which also made borrowing more expensive. The newswire says the bank’s policymakers signalled “they expect to cut their key rate by an additional half-point in their final two meetings this year, in November and December. And they envision four more rate cuts in 2025 and two in 2026”. AP added the cuts will alter the economic landscape just as Americans prepare to vote. JOBS DATA OUT TODAY The ABC notes the Fed’s cut will have implications for the Australian economy as the Reserve Bank’s cash rate target will now be relatively stronger compared to US interest rates, which could see the value of the Australian dollar rise vs the US dollar. Later this morning (11.30am AEST), we’ll be getting the Australian Bureau of Statistics’ labour force data, which will provide the latest employment and unemployment estimates. The AAP reports Prime Minister Anthony Albanese will be hoping the data shows more than one million jobs have been created since his government took office. The newswire highlights that Commonwealth Bank economists are expecting the economy to have added around 20,000 jobs in August, with the unemployment rate rising to 4.3%. Talking of economists, the AAP also quotes Saul Eslake, principal of Corinna Economic Advisory, as saying the Coalition’s plan to allow first home buyers to use their super to purchase a home would be “one of the worst policy decisions of the last six decades”. Guardian Australia says in a report commissioned by the Super Members Council, Eslake concluded the policy would heavily favour older and wealthier people. The site said the median couple aged 25 to 34 would likely only be able to withdraw $18,000. Finally, early education groups have welcomed calls to expand free childcare for low-income families but warned reforming the sector would take time, the AAP reports. A Productivity Commission report released yesterday called on the federal government to fully fund childcare for families earning up to $80,000, plus households with multiple children under five that earn less than $140,000. ON A LIGHTER NOTE… A 16-year-old has made it into the 2025 edition of the Guinness World Records due to his impressive hands and feet. Eric Kilburn Jr, from Michigan, USA, now holds the record for “the largest feet on a living teenager” at 34.30cm (13.50 inches). That equates to an American size 23 — 22 in Australia. He also holds the record for “largest hands on a living teenager”, measuring 23.20cm (9.13 inches), Guinness World Records said. USA Today said at 14 years old, Eric’s specially-made shoes were costing his family $1,500 a pair. A previous story about a fundraiser to raise money to buy the family more pairs went viral and attracted offers from the likes of PUMA and Under Armour to help, the press release recalled. “It was pretty cool to see how many people genuinely care about helping others,” Eric said. The Guardian also highlights the teenager’s message of positivity for those who may feel out of place at times. “It is OK to stand out,” he said. “Do not let others get you down … [because those who do] are usually the most ultimately unhappy people out there, and you need to stay focused on yourself.” Say What? We concluded that this was the right thing for the economy and the people we serve. Jerome Powell The Federal Reserve chair explains in a press conference why the bank cut its benchmark interest rate by half a percentage point on Wednesday. CRIKEY RECAP READ ALL ABOUT IT Firm linked to exploding Hezbollah pagers was hacked last year (The i paper) ($) Blast from attack on Russian arms depot picked up on earthquake monitors (The Guardian) Teamsters will not endorse for president, in blow to Democrats (The Washington Post) Trump will soon be able to sell shares in Truth Social’s parent company. What’s at stake? (Associated Press) Deep links between alcohol and cancer are described in new report (The New York Times) ($) Party over for Tupperware as it files for bankruptcy (BBC) THE COMMENTARIAT Social media helped me find my voice. It’s a shame others won’t have the same chance — Anjali Sharma (The Sydney Morning Herald): The proposal to ban young people from social media amounts to a strangulation of our political capital, of our ability to engage meaningfully in political processes that affect our lives and futures. It would obstruct the youth activism that has driven transformative change and given young voices a megaphone. Yes, social media comes with its risks. But in this proposed attempt to protect children, we risk depriving them of their primary means to advocate for their democratic rights. Until social media giants take responsibility for the harm they cause, I support Australia’s age ban — Chanel Contos (Guardian Australia): However, anyone who grew up with their own laptop or iPhone knows it was common to come across objectively detrimental content on social media (whether that be eating disorder idealisation, hateful commentary, pornography, or self-harm romanticisation). The normalisation of this kind of content demonstrates the scale of harms that can exist on these platforms when unregulated. Social media platforms have long known about the significant harm they cause to their users, particularly young people. Ideally, these platforms would self-regulate to prevent this. But social media companies know very well they directly benefit from our anger, divisiveness and the valuable time we spend on their platforms. So until they own responsibility, I see the government’s proposed ban as a small but significant step. If nothing else, it would place social media platforms on notice, and it may give parents the confidence to restrict the age at which their children are allowed to join a platform, where they will inevitably be shaped, for better or for worse.
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