Received

The expiry of low fixed-rate loans continues to haunt the Reserve Bank and featured prominently in its decision to keep interest rates on hold.

The central bank's board also feared a sharper than expected pullback in economic growth.

Minutes from the July cash rate decision confirm the RBA once again weighed up the case for another 25 basis point hike as well as pausing rates.

It ultimately landed on a second pause in the hiking cycle, leaving the cash rate unchanged at 4.1 per cent.

The minutes kept the reference to possible further tightening, however, as included in the governor's post-meeting statement.

"Members agreed that some further tightening of monetary policy may be required to bring inflation back to target within a reasonable timeframe, but that this depended on how the economy and inflation evolve," the minutes said.

The minutes emphasised the lag time between interest rate movements and their impact on borrowers and other sections of the economy as a key reason for keeping interest rates steady.

Importantly, mortgage interest payments had reached a "historical peak" of 9.4 per cent of household disposable income in May, the minutes said, and would continue to rise as more fixed rate loans expired.

Similarly, board members noted the labour market typically responded to rate hikes with a lag, and the resilience in the jobs market would eventually ease.

The board also discussed the possibility of the economy slowing by more than expected, with "considerable uncertainty" still hanging over spending habits

For example, higher interest rates on deposit accounts could weigh on spending by encouraging saving.

"If that were to occur, the demand for labour would slow and the unemployment rate would be likely to rise beyond the rate required to ensure inflation returns to target in a reasonable timeframe," the board warned.

In support of the case of more hikes, the board members noted that inflation was still "very high", especially services and rents inflation.

"The case to increase the cash rate further was centred on the observations that inflation was forecast to remain above target for an extended period and there was a risk that this timeframe would be extended without further monetary policy tightening," the minutes said.

Energy inflation was also flagged as a concern, with the board concerned the "wider effects" of rising electricity prices had not been fully captured.

Board members also referred to the endurance of the labour market and persistent inflation in other advanced economies.

The meeting was held before US inflation data came in softer than expected.

© AAP 2023

The number of horses lost in a spate of mysterious deaths across Victoria has risen to 13.

The first of the horses died on July 4, with the 13 dead spread across five separate properties in Victoria on the Mornington Peninsula, southeast Melbourne near Cranbourne, and near Ballarat and Colac in the state's west.

All of the horses died with short-term, non-specific signs of illness and there were no obvious common links between them.

Agriculture Victoria is in the early stages of investigating the deaths, with some of the most recently reported cases involving horses that died weeks ago.

Authorities urged horse owners to monitor their animals and immediately report any rapid onset of illness or sudden deaths.

"Agriculture Victoria is working with private veterinarians and industry experts, responding to calls and building a bigger picture of the situation," Agriculture Victoria said.

"Those who are concerned about sick horses should seek advice from their vet.

"Rapid reporting after death will assist Agriculture Victoria and veterinarians to further investigate the situation."

There have been reports on social media channels of further affected properties, with Agriculture Victoria calling on any owners who have not reported deaths to contact them or their veterinarian.

Early testing for some known diseases in horses such as anthrax and hendra virus has been negative.

Investigators will test for a range of other possible infectious and non-infectious causes.

Some horse owners have reported cases to the emergency animal disease hotline, that are not believed to be linked to the mystery spate of deaths.

There was no need for owners to restrict horses' movements or separate them at this stage, Agriculture Victoria said.

© AAP 2023

Prime Minister Anthony Albanese says a 'no' vote in the Indigenous voice referendum will be an endorsement of failed policies.

The 'yes' and 'no' camps have revealed the arguments they will make in an effort to win voters to their respective sides in the referendum, due to be held between October and December.

The Australian Electoral Commission published online on Tuesday the formal 'yes' and 'no' cases for the proposed constitutional change.

Polling shows a lessening of support for the change, but Mr Albanese said there was a strong case to be made for an Aboriginal and Torres Strait Islander voice.

He pointed to the eight-year life expectancy gap and figures showing young Indigenous men were more likely to go to jail than to go to university.

"We have four out of the 19 Closing the Gap targets currently being met," he told reporters on Tuesday.

"We need to do better - if Australia votes 'no', that is saying that will keep doing things the same way.

"If you keep doing things the same way, you should expect the same results - we need to do things differently and we need to do that by showing respect."

Asking people to vote for a "better future for Aboriginal and Torres Strait Islander people and all Australians", the 'yes' case has the endorsement of Indigenous stars including former tennis world No.1 Evonne Goolagong Cawley, the NRL's Johnathan Thurston and AFL great Eddie Betts.

Thurston said Indigenous young people "deserve the chance to be their best".

"I work closely with schoolkids in the Yarrabah community in Queensland," he wrote.

"I've seen the obstacles they face. Nobody understands that better than their local community.

"Giving them a say will mean more of our kids reach their potential. That's what the voice is about."

Ms Goolagong said voting 'yes' was a chance to "help the next generation chase their dreams".

"Let's grab this moment with both hands," she wrote.

The 'no' case claims the voice proposal goes beyond recognition, and poses the "biggest change to our constitution in our history".

"It is legally risky, with unknown consequences. It would be divisive and permanent," it said.

"If you don't know, vote no."

Quoting a number of former judges, the main arguments laid out describe the voice as a risk, lacking detail, divisive, and being impractical for Indigenous Australians.

"This voice has not been road tested" and there is no comparable constitutional body anywhere in the world, it said.

"A centralised voice risks overlooking the needs of regional and remote communities."

'No' campaign proponent Warren Mundine said he was "pretty comfortable" with the wording of the document but there were some minor things wrong with it.

Mr Mundine said the prime minister's decision not to announce the date of the referendum next month showed he was seeking some "breathing space" for the 'yes' campaign.

"We need more detail and more proper analysis about how this (constitutional change) is going to be the answer to all things," he told the ABC.

Liberal MP Julian Leeser, who quit the party's front bench due to his support for the voice, said there were people in the 'no' camp who were distracting from key arguments.

"Many of the arguments that we hear in the 'no' case today are echoes of arguments that we've heard other times in our history," he told ABC Radio.

"Some of the arguments echo arguments against Federation over 120 years ago."

© AAP 2023