| Economists and money markets expect the Reserve Bank will announce a quarter percentage-point cut tomorrow to bring its cash rate to a two-year low of 3.85%. The cut would be the second this year and comes as price pressures ease and US-China trade tensions take a pause. Productivity growth is at its “ lowest ebb in 60 years,” said Danielle Wood, chair of Australia’s Productivity Commission, highlighting the urgent need to tackle the issue. The commission has identified 15 priority reforms to examine in the course of five inquiries it’s conducting for the government to try to boost economic efficiency and raise living standards. Billionaire mining magnate Gina Rinehart poured hundreds of millions of dollars into broad market-tracking funds during the first three months of the year, boosting holdings of US equities as Donald Trump returned to the White House. Rinehart’s closely held Hancock Prospecting held a portfolio of US-traded stocks and exchange-traded funds worth about $2.5 billion as of March 31, according to a May 15 regulatory filing.  Gina Rinehart, billionaire and chairman of Hancock Prospecting. Photographer: Carla Gottgens Prime Minister Anthony Albanese said Australia is “up for a deal” with the European Union, sounding a note of cautious optimism after years of trade talks. “We’re up for a deal, but not any deal at any price,” he said on a visit to Rome, where he is meeting with world leaders including European Commission President Ursula von der Leyen. Foreign Minister Penny Wong condemned a 13-year prison sentence handed down by a Russian court to an Australian national who fought with Ukrainian forces, calling the process a “sham trial” and vowing to press for his release. Oscar Jenkins, 33, was convicted in a Russian-controlled court in occupied eastern Ukraine on Friday of fighting in an armed conflict as a mercenary, local media have reported. | 
