Property prices plummet as auction clearance rates crash

Manhattan high-rise faces catastrophic collapse risk

A former Pfizer Pharmaceuticals headquarters building in midtown Manhattan is experiencing a structural emergency after workers discovered buckled steel beams, columns and cracks on the 21st floor during conversion to residential apartments. The building and approximately 10 surrounding structures, including a hotel and school with 400 children, have been evacuated as multiple floors have begun to sag. Emergency crews are attempting to stabilise the high-rise with steel reinforcements, though officials warn of a potential catastrophic collapse. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Ute torched in Roselands arson attack

A ute was deliberately set alight on Stoddart Street in Roselands during the early hours of the morning. The vehicle was completely destroyed and two other nearby cars were damaged in the blaze. Police are actively searching for the offenders, with no injuries reported from the incident. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Iran strikes three ships in Strait of Hormuz

Iran has reportedly struck three ships in the Strait of Hormuz within a 24-hour period, with the most recent attack involving a tanker travelling south near Amman that was hit by an unknown projectile, sparking a fire. The vessel allegedly ignored warnings from Iranian forces. The escalation threatens ongoing negotiations to end the US-Iran conflict, with talks currently paused during a week-long funeral for Iran's former leader, while Donald Trump has issued threats regarding potential military action if a peace deal is not reached. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Why Australian power bills are rising despite price cuts

Australian electricity prices have increased for many customers from 1 July despite regulators announcing price cuts, with energy companies like Origin, AGL and Energy Australia changing how charges are calculated, resulting in higher daily connection fees. The Australian Energy Regulator explains that most customers on market contracts can find better deals by shopping around using comparison tools like Energy Made Easy. Coal-fired power stations are ageing and breaking down more frequently, with renewable energy sources like rooftop solar now representing the largest source of electricity capacity in Australia's national energy market. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Interest rates to stay high until 2027

Australia's interest rates are forecast to remain at a 15-year high until late 2027, with the country facing its longest period of weak economic growth since the 1990s recession. New global data reveals Australians are experiencing one of the sharpest declines in living standards among developed nations, driven by persistent inflation and a decade-long productivity malaise. Economists suggest solutions including reducing regulation, increasing housing supply, reforming the tax system, and allowing more skilled tradespeople into the country. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.