It’s the first Tuesday of the month and lots of happening here and abroad.

Here is a quick recap: RBA raises the official cash rate to 3.1 per cent, Indonesia’s Parliament has passed a long-awaited and controversial revision of its penal code that criminalises extramarital sex.

We unpack it all below.

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At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 3.10 per cent. It also increased the interest rate on Exchange Settlement balances by 25 basis points to 3.00 per cent.

Inflation in Australia is too high, at 6.9 per cent over the year to October. Global factors explain much of this high inflation, but strong domestic demand relative to the ability of the economy to meet that demand is also playing a role. Returning inflation to target requires a more sustainable balance between demand and supply.

A further increase in inflation is expected over the months ahead, with inflation forecast to peak at around 8 per cent over the year to the December quarter. Inflation is then expected to decline next year due to the ongoing resolution of global supply-side problems, recent declines in some commodity prices and slower growth in demand. Medium-term inflation expectations remain well anchored, and it is important that this remains the case. The Bank’s central forecast is for CPI inflation to decline over the next couple of years to be a little above 3 per cent over 2024.

The Australian economy is continuing to grow solidly. Economic growth is expected to moderate over the year ahead as the global economy slows, the bounce-back in spending on services runs its course, and growth in household consumption slows due to tighter financial conditions. The Bank’s central forecast is for growth of around 1½ per cent in 2023 and 2024.

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A few headlines from this morning :

• China may announce 10 new COVID-19 easing measures as early as Wednesday, media reports. According to a Reuters report citing unnamed EU officials, Municipalities have already started relaxing lockdowns and easing up on testing.

• Power talk meeting shift to Friday. Prime Minister Anthony Albanese is isolated at Kirribilli House in Sydney after testing positive for COVID-19 for a second time this year and they will now meet virtually.

• The G7 decision to put a 60$ per barrel price cap on Russian seaborne oil came into force on Monday, hoping to limit Moscow’s ability to finance its war. Russia has said it will not abide by this measure.3 MINS READIndonesia's parliament has passed controversial new criminal laws that ban cohabitation between unmarried couples and expand its law against blasphemy.It imposes a possible 12-month jail term for adultery or sex outside marriage.The new laws, which apply to Indonesians and foreigners alike, also include penalties for criticising the president, and spreading views counter to the secular national ideology, known as the Pancasila will also be outlawed.Legal experts and civil society groups say the changes are a "huge setback" for the southeast Asian nation.In 2019, the government tried to pass a similar draft law, but President Joko Widodo shelved it after tens of thousands of young people protested in the streets, arguing that the law threatened their civil liberties.Indonesian officials say upgrading the existing criminal code, which dates back to 1918 when Indonesia was a Dutch colony, was long overdue.

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Australian police agencies have charged 21 alleged offenders in Australia and prevented $1.8 million from being lost to cyber criminals.

The AFP worked with state and territory police to identify 117 money mules operating in Australia under a national anti-money laundering campaign.

In addition to the arrests, 52 warning letters were issued, 15 interventions were undertaken, and 14 investigations remain ongoing. A money mule is a person who transfers money, which is typically from the proceeds of crime, on behalf of another individual, often for a commission.

The campaign was run by the AFP-led Taskforce Dolos as part of Europol’s eighth annual global anti-money mule operation, known as European Money Mule Action 8 (EMMA8).

During the global operational phase carried out between mid-September to the end of November 2022, there were 2469 money mules arrested, alongside the identification of 222 money mule recruiters.

There were 1648 criminal investigations initiated, 4089 fraudulent transactions identified and 17.5 million Euros were intercepted.

EMMA is the largest international operation of its kind.

This year about 1800 international banks and financial institutions, including 10 Australian banks, supported law enforcement in this action, alongside online money transfer services and cryptocurrency exchanges.

AFP Commander Cybercrime Operations Chris Goldsmid said money muling was a complex, borderless and fluid crime that required a global response.

“By concentrating our efforts with our law enforcement partners through EMMA8, we have been able to achieve incredible outcomes on both a domestic and international scale,” Commander Goldsmid said.

“The AFP has extensive international networks and we frequently liaise with our law enforcement counterparts to identify and disrupt transnational money laundering syndicates.

“These mules are a significant part of the criminal business model which enables syndicates to move dirty money across a complex network of accounts, often branching into different countries.”

To raise awareness about this crime and its criminal implications, Europol, together with the AFP and other international partners and financial institutions have launched the #DontBeAMule campaign.

GOOD VIBES

CDU students to share knowledge overseas after winning scholarships

Two Charles Darwin University (CDU) students will travel overseas and share knowledge next year after each receiving a prestigious New Colombo Plan (NCP) Scholarship.

Bachelor of Laws (Honours) student David Ninan will travel to Singapore, while Bachelor of Arts student Emily Tyaemaen Ford will head to South Korea to undergo language and other studies, complete internships, and share knowledge and culture with their host countries.

The NCP is an Australian Government initiative that aims to increase knowledge of the Indo-Pacific in Australia by supporting undergraduates to study and participate in internships in the region.

Mr Ninan is a first-generation Indian-Australian who moved to Darwin at 11 years old. He began studying with CDU in 2019 and completed his Bachelor of Laws last year.

Ms Ford, a proud Rak Mak Mak Marranunggu woman and Traditional Owner of Kurrindju were thrilled for the opportunity to study in South Korea and share First Nation’s culture and art while abroad.

Her passion for ensuring Australians are connected to and understand our Indo-Pacific neighbours and the similarities they share inspired Ms Ford to apply for the scholarship.

“Korean is a beautiful language and I have been blessed to have wonderful friends from South Korea who have been gracious enough to share and support my learning about Korean culture,” Ms Ford said.

The NCP was awarded to 150 scholars across Australia, the largest cohort since the program began in 2014.

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