
How these cafe heroes are inspiring next generation of community champions
The pair run Stepping Stone, a social enterprise that began in Cartagena, Colombia, back in 2017, and shifted to Canberra amid the pandemic in 2020.
Their cafe helps female workers who are the sole income earners in their household, new arrivals to Australia, with limited English or minimal employment history, and those experiencing homelessness. The women develop skills and experience, which helps them get into the wider workforce.
Named Australia's Local Heroes at January's Australian of the Year Awards, they have barely had time to take a breath since.
A trip to the Northern Territory, to meet with other social enterprises and talk to schoolkids about their work, has marked another milestone for the couple - the first time they've been able to leave their staff in charge of the two bustling Stepping Stone cafes.
"It's a relief, it's such a sense of achievement," Ms Brettell said over the phone from Melbourne.
"It feels wonderful when we can go and everything works well. Obviously there are little hiccups, but we're on call, and that's all part of them growing. Us not being there actually enhances everyone's sense of responsibility and ownership over the businesses, and that sense of pride that they are responsible and can manage it without us."
Ms Brettell and Ms Costello, who met more than a decade ago working at a London pub, have been invited by the Northern Territory National Australia Day Council.
During Refugee Week, from June 15 to 21, they'll meet with another work integration social enterprise in Darwin and visit primary schools to present children with "Aussie of the month" awards.
AUSTRALIAN OF THE YEAR AWARDS: NOMINATE NOW!
"I think the main message that we want to get out to little kids is that if you see something that you want to change in your community, you can do it," Ms Costello said.
"Talk to the adults, talk to the people around you, and you can affect the change that you want to see, really."
Being named Australia's Local Heroes, apart from putting their enterprise on the map, had exposed them to new ways of thinking about their business and the people they helped and employed.
"That additional publicity has led to new opportunities for us, actually looking at growing and scaling the business, and I guess having the award behind us is really motivating," Ms Brettell said.
"It feels like we have a bit of responsibility to make the most of this year and take as many opportunities as we can for the women that work with us, but mostly for the women who are still waiting to work with us. We have about 60 women on our waiting list, so that's really the motivation to grow and scale the business this year."
They are looking at other ways to employ the many women who need jobs.
"We have a lot of women that we work with where hospitality isn't probably the environment for them," Ms Brettell said.
"It can be a very stressful environment with a lot of fast paced things changing all of the time. We have been very lucky to have people in the community that have different skills that they can bring to the table. We don't want to say too much just yet, because nothing's set in stone, but some wheels are moving in the direction of starting different types of businesses or starting different types of operations and training opportunities for the women that we work with."
Who inspires you? Who do you think should be our next Australian of the Year?
If you see them or hear about them, nominate them before July 31 for the 2026 Australian of the Year Awards at australianoftheyear.org.au.
They may officially be the country's local heroes, but cafe owners Vanessa Brettell and Hannah Costello are just happy to be away from the office.
The pair run Stepping Stone, a social enterprise that began in Cartagena, Colombia, back in 2017, and shifted to Canberra amid the pandemic in 2020.
Their cafe helps female workers who are the sole income earners in their household, new arrivals to Australia, with limited English or minimal employment history, and those experiencing homelessness. The women develop skills and experience, which helps them get into the wider workforce.
Named Australia's Local Heroes at January's Australian of the Year Awards, they have barely had time to take a breath since.
A trip to the Northern Territory, to meet with other social enterprises and talk to schoolkids about their work, has marked another milestone for the couple - the first time they've been able to leave their staff in charge of the two bustling Stepping Stone cafes.
"It's a relief, it's such a sense of achievement," Ms Brettell said over the phone from Melbourne.
"It feels wonderful when we can go and everything works well. Obviously there are little hiccups, but we're on call, and that's all part of them growing. Us not being there actually enhances everyone's sense of responsibility and ownership over the businesses, and that sense of pride that they are responsible and can manage it without us."
Ms Brettell and Ms Costello, who met more than a decade ago working at a London pub, have been invited by the Northern Territory National Australia Day Council.
During Refugee Week, from June 15 to 21, they'll meet with another work integration social enterprise in Darwin and visit primary schools to present children with "Aussie of the month" awards.
AUSTRALIAN OF THE YEAR AWARDS: NOMINATE NOW!
"I think the main message that we want to get out to little kids is that if you see something that you want to change in your community, you can do it," Ms Costello said.
"Talk to the adults, talk to the people around you, and you can affect the change that you want to see, really."
Being named Australia's Local Heroes, apart from putting their enterprise on the map, had exposed them to new ways of thinking about their business and the people they helped and employed.
"That additional publicity has led to new opportunities for us, actually looking at growing and scaling the business, and I guess having the award behind us is really motivating," Ms Brettell said.
"It feels like we have a bit of responsibility to make the most of this year and take as many opportunities as we can for the women that work with us, but mostly for the women who are still waiting to work with us. We have about 60 women on our waiting list, so that's really the motivation to grow and scale the business this year."
They are looking at other ways to employ the many women who need jobs.
"We have a lot of women that we work with where hospitality isn't probably the environment for them," Ms Brettell said.
"It can be a very stressful environment with a lot of fast paced things changing all of the time. We have been very lucky to have people in the community that have different skills that they can bring to the table. We don't want to say too much just yet, because nothing's set in stone, but some wheels are moving in the direction of starting different types of businesses or starting different types of operations and training opportunities for the women that we work with."
Who inspires you? Who do you think should be our next Australian of the Year?
If you see them or hear about them, nominate them before July 31 for the 2026 Australian of the Year Awards at australianoftheyear.org.au.
They may officially be the country's local heroes, but cafe owners Vanessa Brettell and Hannah Costello are just happy to be away from the office.
The pair run Stepping Stone, a social enterprise that began in Cartagena, Colombia, back in 2017, and shifted to Canberra amid the pandemic in 2020.
Their cafe helps female workers who are the sole income earners in their household, new arrivals to Australia, with limited English or minimal employment history, and those experiencing homelessness. The women develop skills and experience, which helps them get into the wider workforce.
Named Australia's Local Heroes at January's Australian of the Year Awards, they have barely had time to take a breath since.
A trip to the Northern Territory, to meet with other social enterprises and talk to schoolkids about their work, has marked another milestone for the couple - the first time they've been able to leave their staff in charge of the two bustling Stepping Stone cafes.
"It's a relief, it's such a sense of achievement," Ms Brettell said over the phone from Melbourne.
"It feels wonderful when we can go and everything works well. Obviously there are little hiccups, but we're on call, and that's all part of them growing. Us not being there actually enhances everyone's sense of responsibility and ownership over the businesses, and that sense of pride that they are responsible and can manage it without us."
Ms Brettell and Ms Costello, who met more than a decade ago working at a London pub, have been invited by the Northern Territory National Australia Day Council.
During Refugee Week, from June 15 to 21, they'll meet with another work integration social enterprise in Darwin and visit primary schools to present children with "Aussie of the month" awards.
AUSTRALIAN OF THE YEAR AWARDS: NOMINATE NOW!
"I think the main message that we want to get out to little kids is that if you see something that you want to change in your community, you can do it," Ms Costello said.
"Talk to the adults, talk to the people around you, and you can affect the change that you want to see, really."
Being named Australia's Local Heroes, apart from putting their enterprise on the map, had exposed them to new ways of thinking about their business and the people they helped and employed.
"That additional publicity has led to new opportunities for us, actually looking at growing and scaling the business, and I guess having the award behind us is really motivating," Ms Brettell said.
"It feels like we have a bit of responsibility to make the most of this year and take as many opportunities as we can for the women that work with us, but mostly for the women who are still waiting to work with us. We have about 60 women on our waiting list, so that's really the motivation to grow and scale the business this year."
They are looking at other ways to employ the many women who need jobs.
"We have a lot of women that we work with where hospitality isn't probably the environment for them," Ms Brettell said.
"It can be a very stressful environment with a lot of fast paced things changing all of the time. We have been very lucky to have people in the community that have different skills that they can bring to the table. We don't want to say too much just yet, because nothing's set in stone, but some wheels are moving in the direction of starting different types of businesses or starting different types of operations and training opportunities for the women that we work with."
Who inspires you? Who do you think should be our next Australian of the Year?
If you see them or hear about them, nominate them before July 31 for the 2026 Australian of the Year Awards at australianoftheyear.org.au.
They may officially be the country's local heroes, but cafe owners Vanessa Brettell and Hannah Costello are just happy to be away from the office.
The pair run Stepping Stone, a social enterprise that began in Cartagena, Colombia, back in 2017, and shifted to Canberra amid the pandemic in 2020.
Their cafe helps female workers who are the sole income earners in their household, new arrivals to Australia, with limited English or minimal employment history, and those experiencing homelessness. The women develop skills and experience, which helps them get into the wider workforce.
Named Australia's Local Heroes at January's Australian of the Year Awards, they have barely had time to take a breath since.
A trip to the Northern Territory, to meet with other social enterprises and talk to schoolkids about their work, has marked another milestone for the couple - the first time they've been able to leave their staff in charge of the two bustling Stepping Stone cafes.
"It's a relief, it's such a sense of achievement," Ms Brettell said over the phone from Melbourne.
"It feels wonderful when we can go and everything works well. Obviously there are little hiccups, but we're on call, and that's all part of them growing. Us not being there actually enhances everyone's sense of responsibility and ownership over the businesses, and that sense of pride that they are responsible and can manage it without us."
Ms Brettell and Ms Costello, who met more than a decade ago working at a London pub, have been invited by the Northern Territory National Australia Day Council.
During Refugee Week, from June 15 to 21, they'll meet with another work integration social enterprise in Darwin and visit primary schools to present children with "Aussie of the month" awards.
AUSTRALIAN OF THE YEAR AWARDS: NOMINATE NOW!
"I think the main message that we want to get out to little kids is that if you see something that you want to change in your community, you can do it," Ms Costello said.
"Talk to the adults, talk to the people around you, and you can affect the change that you want to see, really."
Being named Australia's Local Heroes, apart from putting their enterprise on the map, had exposed them to new ways of thinking about their business and the people they helped and employed.
"That additional publicity has led to new opportunities for us, actually looking at growing and scaling the business, and I guess having the award behind us is really motivating," Ms Brettell said.
"It feels like we have a bit of responsibility to make the most of this year and take as many opportunities as we can for the women that work with us, but mostly for the women who are still waiting to work with us. We have about 60 women on our waiting list, so that's really the motivation to grow and scale the business this year."
They are looking at other ways to employ the many women who need jobs.
"We have a lot of women that we work with where hospitality isn't probably the environment for them," Ms Brettell said.
"It can be a very stressful environment with a lot of fast paced things changing all of the time. We have been very lucky to have people in the community that have different skills that they can bring to the table. We don't want to say too much just yet, because nothing's set in stone, but some wheels are moving in the direction of starting different types of businesses or starting different types of operations and training opportunities for the women that we work with."
Who inspires you? Who do you think should be our next Australian of the Year?
If you see them or hear about them, nominate them before July 31 for the 2026 Australian of the Year Awards at australianoftheyear.org.au.
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News.com.au
3 hours ago
- News.com.au
Up 11pc: Big bank's surprise forecast for Aussie home prices
One of the big four banks has upgraded its forecast for Aussie home prices, tipping capital city values to rise even higher next year as interest rate cuts boost borrowing power. ANZ Research now expects capital city prices to rise 5 per cent by the end of this year and a further 5.8 per cent — culminating in a near 11 per cent jump in by the end of 2026. ANZ economist Madeline Dunk said momentum had been building since the Reserve Bank cut interest rates in February, with capital city home prices growing at an annualised rate of 7.4 per cent over the past three months. RELATED: Named: Every bank that's slashed rates to under 5pc The bank expected the RBA to cut rates by another 25 basis in August, and predicts another 0.25 per cent decrease in November, which should support prices further — particularly in Sydney and Melbourne. The research found Australia has a higher share of households on variable rate mortgages relative to other economies, and that around 10 per cent of households have lowered their mortgage repayments since the RBA began easing rates in February. Auction clearance rates have also been trending upwards, according to ANZ, averaging 68 per cent over the past month. Lack of supply remains a major factor supporting projected home price growth. Across the capital cities, new listings were down 12 per cent in July and total listings were down 8 per cent. 'Stock is particularly constrained in Hobart, with new listings down 25 per cent year-on-year and total listings down 29 per cent in July,' Ms Dunk said. 'We think some of the recent strength in housing prices is due to the lack of stock on the market. 'New listings (nationally) are down more than 10 per cent year-on-year and total listings are about 29 per cent below the 10-year average. 'Listings should rise as the spring selling season gets underway. Medium term, housing undersupply will continue to place pressure on prices, particularly in areas where population growth is strong.' But the ANZ Research team also believes affordability constraints will prevent a sharp upswing in price growth. 'Cheaper properties are recording stronger price growth, with those in the bottom price quartile up 5.7 per cent year-on-year in July versus 1.2 per cent year-on-year for those in the top quartile,' Ms Dunk said. 'We expect Melbourne to experience an affordability-driven boost in 2026, while Adelaide may struggle given the 76 per cent rise in prices over the past five years. 'We expect the pace of growth to slow in the smaller capitals, like Perth and Adelaide.' It comes after KPMG announced it expects house prices across the country to rise by 4.5 per cent in 2026 — up from its previous forecast of 3.3 per cent. 'You can really feel a renewed confidence in the market over the last few months in particular, with the quarterly growth rate hitting the highest level since this time last year,' KPMG chief economist Brendan Rynne said. 'Two interest rate cuts so far this year, and a likely succession of further cuts on the way are helping to kick start the property market for the first time since the pandemic, putting more pressure on prices,' Dr Rynne said.


The Advertiser
12 hours ago
- The Advertiser
Rates cut but borrowers told not to bank on more relief
Borrowers have received welcome relief from the Reserve Bank of Australia, which delivered a widely expected interest rate cut but flagged the end to its easing cycle is getting closer. The central bank opted not to shock markets for a second time in two months on Tuesday, cutting the cash rate by 25 basis points to 3.6 per cent. In its accompanying statement, the RBA board said a further easing in monetary policy, following cuts in February and May, was appropriate because underlying inflation and the labour market had continued to ease. "The board nevertheless remains cautious about the outlook, particularly given the heightened level of uncertainty about both aggregate demand and potential supply," it said. Absent from the board's statement this time was a comment it felt monetary policy was still restrictive. As the cash rate gets closer to the unobservable "neutral" rate, the board would have to work harder to justify crossing into stimulatory territory, EY chief economist Cherelle Murphy said. "This will be a harder barrier for the Reserve Bank to cross but we think a likely one, with private consumption and investment still soft and risks persisting due to elevated global uncertainties," she said. RBA governor Michele Bullock said any further decisions would be taken "meeting-by-meeting" and based on economic data as it unfolds. All nine board members voted in favour of a cut and there was no discussion of a jumbo 50 basis point cut, Ms Bullock said. The RBA's decision will save borrowers with a $600,000 mortgage almost $90 a month in repayments and a cumulative $272 per month since cuts began in February. The move brings the cash rate to its lowest level since May 2023, with the average variable mortgage rate expected to fall to 5.5 per cent. But for many borrowers, the financial boost was behind schedule. Most economists had expected the RBA to deliver further rate relief in its July meeting. In a shock 6-3 decision, the board kept rates on hold, citing a need to wait for more inflation data to ensure price growth was coming down sustainably to target. The local share market lifted modestly and the Aussie dollar fell following the decision, while money markets were pricing in two more cuts by March. Vanguard senior economist Grant Feng predicted one more cut by the end of 2025, as growth showed signs of recovery and the unemployment rate stabilising. Treasurer Jim Chalmers said the decision was "very welcome relief for millions of Australians". "The three interest rate cuts we've seen this year would not have been possible without our collective efforts to get inflation down," he said. The RBA board in its statement noted uncertainty in the global economy was still high. But markets had settled down in recent months with a little bit more clarity to the scale of Donald Trump's tariffs and a fairly low amount of retaliation from other countries. In quarterly forecasts produced by RBA staff and released alongside the cash rate decision, productivity growth was revised down by 0.3 per cent over the medium term. That would flow through to lower GDP growth, lower living standards and make it harder to get inflation under control. All four big banks and challenger lender Macquarie announced they would pass on the cut in full to variable home loan borrowers. Borrowers have received welcome relief from the Reserve Bank of Australia, which delivered a widely expected interest rate cut but flagged the end to its easing cycle is getting closer. The central bank opted not to shock markets for a second time in two months on Tuesday, cutting the cash rate by 25 basis points to 3.6 per cent. In its accompanying statement, the RBA board said a further easing in monetary policy, following cuts in February and May, was appropriate because underlying inflation and the labour market had continued to ease. "The board nevertheless remains cautious about the outlook, particularly given the heightened level of uncertainty about both aggregate demand and potential supply," it said. Absent from the board's statement this time was a comment it felt monetary policy was still restrictive. As the cash rate gets closer to the unobservable "neutral" rate, the board would have to work harder to justify crossing into stimulatory territory, EY chief economist Cherelle Murphy said. "This will be a harder barrier for the Reserve Bank to cross but we think a likely one, with private consumption and investment still soft and risks persisting due to elevated global uncertainties," she said. RBA governor Michele Bullock said any further decisions would be taken "meeting-by-meeting" and based on economic data as it unfolds. All nine board members voted in favour of a cut and there was no discussion of a jumbo 50 basis point cut, Ms Bullock said. The RBA's decision will save borrowers with a $600,000 mortgage almost $90 a month in repayments and a cumulative $272 per month since cuts began in February. The move brings the cash rate to its lowest level since May 2023, with the average variable mortgage rate expected to fall to 5.5 per cent. But for many borrowers, the financial boost was behind schedule. Most economists had expected the RBA to deliver further rate relief in its July meeting. In a shock 6-3 decision, the board kept rates on hold, citing a need to wait for more inflation data to ensure price growth was coming down sustainably to target. The local share market lifted modestly and the Aussie dollar fell following the decision, while money markets were pricing in two more cuts by March. Vanguard senior economist Grant Feng predicted one more cut by the end of 2025, as growth showed signs of recovery and the unemployment rate stabilising. Treasurer Jim Chalmers said the decision was "very welcome relief for millions of Australians". "The three interest rate cuts we've seen this year would not have been possible without our collective efforts to get inflation down," he said. The RBA board in its statement noted uncertainty in the global economy was still high. But markets had settled down in recent months with a little bit more clarity to the scale of Donald Trump's tariffs and a fairly low amount of retaliation from other countries. In quarterly forecasts produced by RBA staff and released alongside the cash rate decision, productivity growth was revised down by 0.3 per cent over the medium term. That would flow through to lower GDP growth, lower living standards and make it harder to get inflation under control. All four big banks and challenger lender Macquarie announced they would pass on the cut in full to variable home loan borrowers. Borrowers have received welcome relief from the Reserve Bank of Australia, which delivered a widely expected interest rate cut but flagged the end to its easing cycle is getting closer. The central bank opted not to shock markets for a second time in two months on Tuesday, cutting the cash rate by 25 basis points to 3.6 per cent. In its accompanying statement, the RBA board said a further easing in monetary policy, following cuts in February and May, was appropriate because underlying inflation and the labour market had continued to ease. "The board nevertheless remains cautious about the outlook, particularly given the heightened level of uncertainty about both aggregate demand and potential supply," it said. Absent from the board's statement this time was a comment it felt monetary policy was still restrictive. As the cash rate gets closer to the unobservable "neutral" rate, the board would have to work harder to justify crossing into stimulatory territory, EY chief economist Cherelle Murphy said. "This will be a harder barrier for the Reserve Bank to cross but we think a likely one, with private consumption and investment still soft and risks persisting due to elevated global uncertainties," she said. RBA governor Michele Bullock said any further decisions would be taken "meeting-by-meeting" and based on economic data as it unfolds. All nine board members voted in favour of a cut and there was no discussion of a jumbo 50 basis point cut, Ms Bullock said. The RBA's decision will save borrowers with a $600,000 mortgage almost $90 a month in repayments and a cumulative $272 per month since cuts began in February. The move brings the cash rate to its lowest level since May 2023, with the average variable mortgage rate expected to fall to 5.5 per cent. But for many borrowers, the financial boost was behind schedule. Most economists had expected the RBA to deliver further rate relief in its July meeting. In a shock 6-3 decision, the board kept rates on hold, citing a need to wait for more inflation data to ensure price growth was coming down sustainably to target. The local share market lifted modestly and the Aussie dollar fell following the decision, while money markets were pricing in two more cuts by March. Vanguard senior economist Grant Feng predicted one more cut by the end of 2025, as growth showed signs of recovery and the unemployment rate stabilising. Treasurer Jim Chalmers said the decision was "very welcome relief for millions of Australians". "The three interest rate cuts we've seen this year would not have been possible without our collective efforts to get inflation down," he said. The RBA board in its statement noted uncertainty in the global economy was still high. But markets had settled down in recent months with a little bit more clarity to the scale of Donald Trump's tariffs and a fairly low amount of retaliation from other countries. In quarterly forecasts produced by RBA staff and released alongside the cash rate decision, productivity growth was revised down by 0.3 per cent over the medium term. That would flow through to lower GDP growth, lower living standards and make it harder to get inflation under control. All four big banks and challenger lender Macquarie announced they would pass on the cut in full to variable home loan borrowers. Borrowers have received welcome relief from the Reserve Bank of Australia, which delivered a widely expected interest rate cut but flagged the end to its easing cycle is getting closer. The central bank opted not to shock markets for a second time in two months on Tuesday, cutting the cash rate by 25 basis points to 3.6 per cent. In its accompanying statement, the RBA board said a further easing in monetary policy, following cuts in February and May, was appropriate because underlying inflation and the labour market had continued to ease. "The board nevertheless remains cautious about the outlook, particularly given the heightened level of uncertainty about both aggregate demand and potential supply," it said. Absent from the board's statement this time was a comment it felt monetary policy was still restrictive. As the cash rate gets closer to the unobservable "neutral" rate, the board would have to work harder to justify crossing into stimulatory territory, EY chief economist Cherelle Murphy said. "This will be a harder barrier for the Reserve Bank to cross but we think a likely one, with private consumption and investment still soft and risks persisting due to elevated global uncertainties," she said. RBA governor Michele Bullock said any further decisions would be taken "meeting-by-meeting" and based on economic data as it unfolds. All nine board members voted in favour of a cut and there was no discussion of a jumbo 50 basis point cut, Ms Bullock said. The RBA's decision will save borrowers with a $600,000 mortgage almost $90 a month in repayments and a cumulative $272 per month since cuts began in February. The move brings the cash rate to its lowest level since May 2023, with the average variable mortgage rate expected to fall to 5.5 per cent. But for many borrowers, the financial boost was behind schedule. Most economists had expected the RBA to deliver further rate relief in its July meeting. In a shock 6-3 decision, the board kept rates on hold, citing a need to wait for more inflation data to ensure price growth was coming down sustainably to target. The local share market lifted modestly and the Aussie dollar fell following the decision, while money markets were pricing in two more cuts by March. Vanguard senior economist Grant Feng predicted one more cut by the end of 2025, as growth showed signs of recovery and the unemployment rate stabilising. Treasurer Jim Chalmers said the decision was "very welcome relief for millions of Australians". "The three interest rate cuts we've seen this year would not have been possible without our collective efforts to get inflation down," he said. The RBA board in its statement noted uncertainty in the global economy was still high. But markets had settled down in recent months with a little bit more clarity to the scale of Donald Trump's tariffs and a fairly low amount of retaliation from other countries. In quarterly forecasts produced by RBA staff and released alongside the cash rate decision, productivity growth was revised down by 0.3 per cent over the medium term. That would flow through to lower GDP growth, lower living standards and make it harder to get inflation under control. All four big banks and challenger lender Macquarie announced they would pass on the cut in full to variable home loan borrowers.


Perth Now
14 hours ago
- Perth Now
Share rally surges as RBA cuts cash rate
Australia's sharemarket soared to a fresh record high on Tuesday, after a unanimous decision from the Reserve Bank of Australia to slash the cash rate. The benchmark ASX 200 gained 36 points, or 0.41 per cent, to finish the day's trading at 8,880.80. The broader All Ordinaries also finished the day in the green, up 32.70 points or 0.36 per cent to 9,150.30. The Aussie dollar slipped 0.18 per cent to 65.02 US cents. On an overall positive day eight of the 11 sectors finished higher, led by utilities, consumer discretionary, financials and telecommunications. Eight of the 11 sectors finished higher. Picture NewsWire/ Gaye Gerard. Credit: News Corp Australia JB Hi-Fi was among the major winners up 6 per cent to $113.85, Aristocrat Leisure was up 1.2 per cent to $70.17 and Breville Group gained 1.32 per cent to $35.24. The big four banks also finished in the green. CBA gained 0.11 per cent to $178.80, NAB jumped 0.95 per cent to $39.19, Westpac gained 0.93 per cent to $34.63 and ANZ outperformed the rest up 2.2 per cent to $31.93. Telstra group closed flat at $4.98, while Car Group soared 5.03 per cent to $39.07 and EVT Limited gained 0.47 per cent to $17.02. Shares jumped during the afternoon's trading following the announcement from the Reserve Bank of Australia cut interest rates from 3.85 to 3.6 per cent. While the move was widely anticipated, financial markets are now pricing at least one more interest rate cut in 2025. IG market analyst Tony Sycamore said share and money markets moved on the assumption of multiple rate cuts. 'Following the RBA decision, the Australian interest rate market is almost fully priced for additional 25 basis point rate cuts in November and March 2026, which would bring the cash rate back to around 3.1 per cent, considered near 'neutral', where rates are neither restrictive nor contractionary.' ASX gains on the back of the RBA rate cut. NewsWire / Jeremy Piper Credit: News Corp Australia AMP chief economist Shane Oliver agreed, saying 'expect further gradual easing to 2.85 per cent'. 'The RBA now sees growth recovering more slowly,' he said. 'But with growth forecast to run below potential – judged to be around 2 per cent per annum – until mid next year the risk is that this results in a rising trend in the unemployment rate in the near term, rather than a flat trend as the RBA is forecasting.' In company news, Star Entertainment shares soared 23.60 to $0.11 after announcing it will offload its Brisbane Queen's Wharf precinct for $53m. While Star won't get a large cash injection, the deal eases the burden on the business which would have to cough up its share of the $1.4bn debt tied to the precinct. Shares in Life360 also soared 7.8 per cent to $40.77 after reporting second quarter revenue jumped 36 per cent to $115.4m. Seven West Media shares slumped 6.67 per cent to $0.14 after profits slumped 63 per cent to $16.6m for the 2025 financial year. SkyCity Entertainment closed 0.6 per cent higher to $0.90 after telling the market its Adelaide casino has been found suitable to retain its licence.