Point of Law won the Melbourne Cup by a country mile - and rates went up just as everyone expected them to. In fact the only surprise this afternoon is that three members of the Reserve Bank Board voted against putting the cash rate target up to 4.85 per cent, revealing some controversy inside the board about whether they can  slow inflation without wrecking the economy. Listen now to The Front’s afternoon headlines. 

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Rate rise ‘to address domestic capacity pressures’, RBA governor Michele Bullock says

$170bn black hole ahead of rate call that stops a nation

RBA risks a 90s-style slump as rate hikes struggle for traction

Point of Law wins after Robbie Williams rocks Flemington