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Jul 28, 2023

Australia News Today: Insurance Premiums, RBA Calibration, Jailed Journalist

Demolished houses after floods in Lismore, New South Wales. Photographer: Patrick Hamilton/AFP/Getty Images Happy Monday, it’s Matthew here. This is what you need to know to start your week. Today’s

Demolished houses after floods in Lismore, New South Wales.

Photographer: Patrick Hamilton/AFP/Getty Images

Happy Monday, it’s Matthew here. This is what you need to know to start your week.Today’s must-reads:• Climate risks cause home insurance pain• Lowe says RBA is in a calibration phase• New Zealand Labour Party’s tax plan

Home insurance premiums jumped the most in two decades in the past year, driven by weather catastrophes and higher building costs, new research shows. Median home insurance premiums surged 28% to A$1,894 ($1,240) in the year to March 31, according to the Actuaries Institute. Premiums in the highest-risk properties — such as those in flood or bushfire-prone areas — shot up 50%.