Interest rate hike looms as fuel reserves released

The Reserve Bank of Australia is expected to raise interest rates by 25 basis points to 4.1% today, marking another blow for mortgage holders already facing financial pressure. The federal government has approved the release of 762 million litres of petrol and diesel from Australia's fuel reserves as concerns grow over food security and rising prices. Three New South Wales fishermen have been found dead off South Australia's coast after their boat capsized in dangerous conditions, with police confirming none were wearing life jackets despite warnings from locals not to venture out.

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