Economists are forecasting a cut to interest rates from the Reserve Bank this month, potentially easing stress on mortgages. But Australians are unconvinced the cost of living crisis is coming to an end.

Perth

Economists are predicting another interest rate cut of 0.25%, which would lower the cash rate to 3.6%, a level not seen since April 2023. This move is expected to provide some relief to mortgage holders, with an estimated saving of about $100 per month for a typical $650,000 mortgage.

Despite inflation now within the Reserve Bank of Australia's target range and further rate cuts anticipated in the coming months, many Australians remain skeptical that these changes will end the ongoing cost of living pressures. Recent research shows that while 44% of experts believe the crisis may be ending, public sentiment suggests that prices continue to rise.

Interest rate cuts predicted as cost of living pressures persist

On the corner of Money Street in Perth, it's not just the coffee that's scorching hot. The cost of living too, burning a hole in the back pockets of Australians. We have seen the cost of goods, food and beverage, packaging, everything has pretty much skyrocketed over the last couple of years. But tomorrow, some mortgage stress relief is all but guaranteed. I think it's about 80% likely we'll see another cut of 0.25%, that'd be the third cut this year. That would see the cash rate fall to 3.6%, a level not seen since April 2023. For someone with a typical mortgage of around $650,000, you're looking at a saving from a 0.25% rate cut of about $100 a month or $1,200 over the course of the year. Inflation's now well within the RBA's target band and the economy, I think, is in desperate need of those rates coming down to boost employment and boost economic growth. And there could be more relief on the horizon. So we see another cut coming, not only this week, but one in August and another one in November and then one more in February next year. So with all these interest rate cuts on the horizon, does that mean it's the end of the cost of living crisis? New research out today by Finder has found 44% of experts think it is. But many Australians we spoke to disagree. Well, not the last time I shopped. It's all biting, everything. No, everything's still going up in price. So, yeah, we've got a way to go yet, I think. Matthew Karstunen, 10 News.

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Washington

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Camp Mystic, an all-girls summer camp along the Guadalupe River, has confirmed that at least 27 campers and counselors died in the devastating floods that hit the Texas camp.

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Rescuers are searching for more than 40 people still missing, after flooding in the US state of Texas. The death toll has risen to at least 82, including 28 children - many of them from a summer camp. President Donald Trump has declared the area a disaster zone.

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State of Rio de Janeiro

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The search for missing children from a girls' summer camp hit by flash floods in Texas entered a third day on Sunday, as rescuers faced the threat of more flooding and the death toll in the region reached at least 67.

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Tehran

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Search-and-rescue operations are expected to continue as the death toll continues to rise from Friday's flash flooding in central Texas, with authorities confirming at least 50 deaths so far, 15 of those children. Among the missing are girls from a Christian summer camp.

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Athens

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Kyiv

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Gondomar

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Melbourne

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Hatay

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Search and rescue operations continued overnight after flash floods slammed central Texas, killing dozens, officials said. More than 20 children are still missing from Camp Mystic, an all-girls camp hit by the floods, the Kerr County sheriff said.

Kerrville

Rescues continue in central Texas after deadly flash floods

Officials in the U.S. state of Texas say at least 13 people have died in overnight flash floods after torrential rains triggered an overflow of the Guadalupe River. Nearly 20 children attending a summer camp in the south-central area are missing.

Kerr County

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Jerusalem

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Heavy rainfall in central Texas caused the Guadalupe River to overflow and unleash a torrent of water. The bodies of at least 13 children and adults have been recovered and more than 20 girls are missing from a sleepaway camp.