Wednesday 21st May Top News Stories

Top News stories

Top News Stories - Australia

1. Record-Breaking Floods Devastate NSW Mid-North Coast

Taree and surrounding areas on the NSW Mid-North Coast are experiencing the highest flood levels on record, with the Manning River surpassing its 1929 peak. Over 16,000 residents are isolated, and emergency services have conducted 130 flood rescues in 24 hours. A family in Glenthorne was stranded, prompting urgent social media pleas for rescue. The NSW State Emergency Service has issued multiple evacuation warnings as severe rain continues to impact the region. dailytelegraph+17NEWS+1

2. ASIC Sues Resimac Over Mishandling Hardship Applications

The Australian Securities & Investments Commission (ASIC) has filed a case against mortgage provider Resimac, alleging it failed to support vulnerable borrowers facing financial hardship. ASIC accuses Resimac of applying a rigid approach to hardship applications, demanding excessive documentation from customers, including domestic violence victims and individuals with mental health issues. Despite prior warnings, ASIC claims Resimac's impersonal practices persisted into early 2024. The Australian

3. RBA Cuts Interest Rate Amid Inflation Control Efforts

The Reserve Bank of Australia (RBA) has reduced the official cash rate by 0.25%, bringing it down to 3.85%. While this move aims to ease mortgage repayments, experts warn it may disadvantage first-home buyers by fueling property price increases due to heightened competition. The rate cut is part of the RBA's efforts to control inflation, which has dropped to 2.9%, within the target range. dailytelegraph+1The Australian+1The Australian\

4. ATEC Advocates for Expanded Support for University Students

Professor Mary O'Kane, interim chair of the Australian Tertiary Education Commission (ATEC), has announced plans to review university funding, emphasizing support for students undertaking mandatory practical placements. ATEC advocates for expanding the Commonwealth Prac Payment to disciplines beyond nursing, teaching, and social work. The commission also supports initiatives like a jobs broker to help students find part-time work and a “student passport” system for easier credit transfers. The Australian

5. $312 Million Solar Farm Approved in Northern NSW

The Summerville Solar Farm, a $312 million project located southwest of Lismore, has received approval. The facility will generate 90 megawatts of electricity and include a 360-megawatt-hour battery system. Spanning 244 hectares, the project is expected to reduce over 139,000 tonnes of greenhouse gas emissions annually and create up to 200 construction jobs. While praised for contributing to clean energy goals, some residents have raised concerns about potential environmental risks. dailytelegraph This concludes our Top News Stories for Wednesday 21st May