A day after billions of dollars were wiped from the Australian sharemarket, financial tensions have eased for now. But it's unclear what the rest of the week will hold.

Google monopoly. A US court finds the search engine giant illegally stifles competition, paving the way for an internet upheaval.

And the country town of Mildura rebrands itself the capital of tropical north Victoria in a cheeky tourism campaign - is it bold or just bananas?

Rachel Mealey: Hello and welcome to The World Today. It's Tuesday the 6th of August. I'm Rachel Meely coming to you from the lands of the Turbul and Yugara people in Brisbane. Today, Google monopoly. A US court finds the search engine giant illegally stifles competition, paving the way for an internet upheaval. And gone troppo, the country town of Mildura rebrands itself the capital of tropical North Victoria in a cheeky tourism campaign. Is it bold or just bananas?

Peter Alexander: So we think that we've got palm trees, we've got sand, we've got water, and whilst we may not have humidity, we think we've got a compelling proposition.

Rachel Mealey: Global financial tensions have eased for now, prompting some buyers to come back into the Australian share market. Local shares have gained some ground today, but it's unclear what the rest of the week will hold for financial markets. It all comes ahead of the Reserve Bank's monthly decision on interest rates. Our business reporter David Taylor is at the Australian Stock Exchange in Sydney. He joined me earlier. David, how is the market shaping up today?

David Taylor: Well, Rachel, it looks like buyers have moved back into the market. So after the first few minutes of trade, the market was a little sheepish going back and forward, but after a few hours of trade and leading into the afternoon, the market's up around about 1%. But given when you look at the market, it might be up a little down from there. I think the main point is that you've got a couple of really big stocks that have started to look much better and much better shape today. So the Commonwealth Bank, our biggest bank, is coming back into positive territory, and also companies like BHP, our biggest miner. Interestingly enough, Harvey Norman got really hit yesterday, down around 3.5%, 4%. And it isn't managing to what we call rally. It isn't managing to attract buyers into the stock today, which is curious. But in addition to that, you've got some other positive things. The Australian dollar has come back a little bit, is moving higher against the greenback, and the bond market has changed. People dive into the bond market when they're a bit worried about things because the government is pretty reliable in giving you your money back. And today we've got a situation where people are selling bonds. So it's, I guess what I would say is that the market is showing some more positivity today.

Rachel Mealey: And what's behind that change of sentiment after we saw those heavy falls on Wall Street overnight?

David Taylor: A couple of really crucial things. So we had better than expected economic data out of the United States. So last week we had worrying unemployment data and worrying manufacturing data. And that was raised fears that the United States economy was heading towards recession. It's the world's biggest economy, so that's a big concern. Overnight, Australian time, we had services sector data, which showed the services sector there, so I think hospitality, education services, finance, insurance, things like that, that came roaring back. It's an expansionary territory. So that was positive. But in addition to that, a US Chicago Fed president, think about a board member of the Reserve Bank, that's the equivalent kind of person, came out in the United States and said everybody needs to calm down. And he wasn't concerned that the United States wasn't going into recession. And traders in the United States and across the globe were looking for anything, any skerrick of information that could maybe ease the panic on financial markets. And that was all they needed. So markets were down, but they weren't down nearly as much as what was feared. And then of course today, other markets like Japan's market, which was off hugely yesterday, have come roaring back.

Rachel Mealey: And all of this comes ahead of the Reserve Bank's decision here today. What can we expect?

David Taylor: Well, I think the consensus is that rates will remain on hold. And that is because despite worries about the economy and rising unemployment, the fact remains that inflation in Australia is too high, uncomfortably high for the Reserve Bank. It's sitting between 3.5 and 4%. And they want it between 2 and 3%. So they'll probably keep rates on hold today. As for the first rate cut, because it looks like rate rises are now sort of less likely. In terms of rate cuts, traders have told me this morning, as we were mentioning before, we're not out of the woods. So I've spoken to a couple of traders saying even though the markets are behaving better today, they're not confident that selling activity won't resume. And if it does resume, that may impact the economy and demand and inflation. And that could prompt the Reserve Bank to cut interest rates sooner rather than later. But let's not get too far ahead of ourselves, Rach. It looks like today is the main focus and I think it's a rates on hold call at the moment.

Rachel Mealey: David Taylor there. Sometimes it's tough being a little sister, but now Australia's Noemie Fox has come out of the shadows of her gold-encrusted older sister Jess and cemented her own place in sporting history. Noemie emerged the victor in the women's kayak cross final, adding a third gold medal to the Fantastic Foxes Paris Hall. Alexandra Humphries filed this report.

Alexandra Humphries : Noemie Fox led a chaotic race down churning whitewater on her way to Olympic gold. Overnight the sister of jewel Paris gold medalist and Australian flag bearer Jess Fox secured her own slice of sporting glory in just her first Olympic Games. Watching on from the stands, Noemi'es friends couldn't contain their joy. Jess Fox was knocked out of the event in the heats, but she couldn't hold back after seeing her sister claim victory, launching herself into the water to celebrate. The thrilling final was a tense watch for Australian fans.

Opinion: It's amazing. I tell you what, Noemie just killed it in the end. So good. So many nerves as she was leading, just hoping she didn't make any mistakes. And to watch Jess jump in at the end there, that was so special.

Alexandra Humphries : The win gives the Fox sisters a clean sweep of the women's canoe events.

Noemie Fox: Tomorrow I'll wake up and check that it wasn't all a dream and I'll check to see if it's still in my room.

Alexandra Humphries : For Noemie, the win is still sinking in.

Noemie Fox: It's just been such a long day and a long four days as well. But then even just a huge campaign. It was quite a hard heat from the get-go and then obviously being against Jess was really hard as well. And then we had a hug at the end and she's like, all right, take it to the end.

Alexandra Humphries : Her sister Jess's success has made it difficult for Noemie to break into the Olympics. Until now, countries have been limited to a single spot. This year, three extra spots were made available for athletes around the world to qualify, offering Noemie a pathway into the Games.

Noemie Fox: I said to my team, I was like, I feel like I'm just the team mascot. Like I've been waiting so long to race, you know, and then when it was my time, I think I was just, you know, fully charged and ready to go out of

Noemie Fox: the blocks.

Alexandra Humphries : The Fox family has a long tradition in the sport. Father Richard is a former world champion. Mother Miriam is an Olympic bronze medallist and coaches her daughters.

Opinion: She's the first woman to win this Kayak Cross event. So it's amazing. You know, we always think, oh, yeah, Jess this, Jess that. But at the end, Noemie did write her own story and the history in our sport. You can't imagine how happy I am.

Ross Solly: The crowd went off. There were 10,000 people there and they were going absolutely ballistic, especially the Australians.

Alexandra Humphries : Canoeing commentator and ABC radio presenter Ross Solly is in Paris and watched Noemi progress through the competition.

Kate Eckhardt: She was fantastic in the early rounds, fantastic in the quarterfinals, fantastic in the semifinal and then just getting it right.

Kate Eckhardt: I know that those girls are capable of anything.

Alexandra Humphries : Kate Eckhart is an Australian teammate of Jess and Noemie. She believes their gold medal clean sweep is a testament to their physical and mental strength.

Kate Eckhardt: The way that they've performed, the way that especially Noemie has put so much into her preparation over the last 18 months is just so impressive. And I'm really, really stoked for her that it's followed through with such an amazing success.

Alexandra Humphries : And while they might at times be fierce opponents, Kate Eckhardt says their sibling bond remains strong. Yeah,

Kate Eckhardt: I think their relationship is a really, really, really healthy one. They have so much kind of love and support for each other through whatever they're going through. The way that they manage it is really awesome and lovely to see.

Alexandra Humphries : As for Australia's other medal hopes, the Olympic dream hasn't gone to plan for the hockey ruse eliminated in the quarterfinals in their match against China overnight. Australia's medal hopes in athletics remain alive with pole vaulter Nina Kennedy and discus thrower Matt Denny through to the finals in their respective events.

Rachel Mealey: That report from Alexandra Humphries.On ABC Radio across Australia, streaming online, and on the ABC Listen app this is The World Today. Thanks for your company. The way we search for information on the internet could change, after Google's been found to have violated US laws. A judge has ruled the tech giant acted illegally by exploiting its position to stifle its competition. Experts say the ruling could have major consequences, potentially reshaping web searches. Kathleen Ferguson reports.

Kathleen Ferguson: People ask it about eight and a half billion questions a day. But that could be about to change. Overnight, a US district court found Google violated the country's antitrust laws by exploiting its search engine to crush competitors and subdue innovation. This case is a major loss for Google and its parent company Alphabet. But what will the implications be? Seamus Byrne is a tech expert and the editor of ByteSide.

Seamus Byrne: It's going to take a while to shake out, but both Google and then in particular companies like Apple are really going to have some significant changes here because a big part of this decision is the fact that they've paid to maintain a default position in things like iPhones and other devices.

Kathleen Ferguson: Google paid Apple billions of dollars a year for this deal. Seamus Byrne says ultimately we may see more competition and a better product from Google.

Seamus Byrne: I think long term what we might see is a little less complacency in a sense. And I think that's part of what the judge was even pointing to.

Kathleen Ferguson: Google has argued it's popular because it is overwhelmingly consumers' first choice. Seamus Byrne says that doesn't mean the company is doing the best by its users.

Seamus Byrne: As much as it is kind of true that Google is most people's absolute first choice, there's that big question here. And this is where I guess the judge has sort of fallen down, is saying that it is monopolistic even though they might be the best search engine, the way that they have entered into these kinds of agreements is a monopolistic act that needs to be addressed.

Kathleen Ferguson: What do you make of Microsoft being described as one of the star witnesses of the trial in this case last year? But Microsoft themselves were in, I guess, a similar position some time ago when it came to some of their programs.

Seamus Byrne: Yeah, absolutely. I think this is a really important one to have identified sort of Microsoft as so significant here because you're absolutely right that back in the 1990s when they first introduced a default web browser of their own Internet Explorer at the time, that yeah, that that was a big part of at the time them being sort of in trouble for anti-competitive behaviour. It's sort of almost funny in hindsight, but it's like without that decision, it might have been that most people would only have ever had that Microsoft browser and we've had an explosion of other things. And ultimately, Google is now the biggest creator of a web browser.

Kathleen Ferguson: Professor David Tuffley is a tech expert from Griffith University. He says people may still choose Google even if there's more competition.

David Tuffley: If they have to become a more competitive search engine, then perhaps some of that advertising revenue will decrease. But, you know, it's still a pretty good search engine. So I think a lot of people will continue to use it.

Kathleen Ferguson: Rod Sims is a professor at the Australian National University and the former chair of the Australian Competition and Consumer Commission. He says the ruling is terrific for consumers, but he says there is a way to go before we see the global impact.

Rod Sims: I'm sure they'll appeal. There's too much at stake for them not to. The interesting thing is what remedies the court imposes.

Kathleen Ferguson: No penalties have been issued yet and it's unclear what they might look like. But experts like Seamus Byrne say this ruling is significant in a rapidly developing digital world.

Seamus Byrne: It does feel like one of those moments where, you know, where things go from here could be quite different.

Rachel Mealey: Tech writer Seamus Byrne ending that report from Kathleen Ferguson. The resignation of Bangladesh's Prime Minister is likely to create more instability in the country after weeks of deadly protests. Yesterday, the Prime Minister Sheikh Hasina fled Bangladesh after the army reportedly gave her just 45 minutes to resign. The protests, led by students, began in late June over quotas for government jobs before spiralling into nationwide demonstrations that have left hundreds dead. Sarah Maunder filed this report.

Sarah Maunder: On the streets of Bangladesh's capital, Dhaka, thousands of people crowd the streets, many carrying items looted from the presidential residence. They're here to celebrate the departure of Prime Minister Sheikh Hasina, who has fled the country. Nahid Islam is a coordinator of the anti-discrimination student movement.

Nahid Islam: Now it is our duty to ensure security of people's lives and public assets. We once again urge all countrymen to take a stance in a peaceful manner and without any envy. Make preparations to work on building the country.

Sarah Maunder: The celebrations also spread to Australia. Mubashar Hasan is a post-doctoral researcher at Western Sydney University.

Mubashar Hasan: You know, last night I went to Lakemba in Sydney. People were jubilant there. They had street parties there from till late. So everywhere there was a lot of celebration.

Sarah Maunder: Sheikh Hasina was Bangladesh's Prime Minister for the last 15 years. The 76-year-old was elected for a fourth consecutive term in January. Thousands of opposition members were jailed in the lead-up to the poll, and the US and the UK denounced the result as not credible. The densely populated country on India's border has faced a number of challenges, including high unemployment, slow economic growth and inflation. Post-doctoral researcher Mubashar Hasansays citizens were frustrated by the oppressive regime.

Mubashar Hasan: Those elections were a procedure that excluded the opposition. So she was ruling the country by force.

Sarah Maunder: In late June, students began protesting over a quota system for government jobs that they claimed favoured people with connections to the Prime Minister's own party. Broader anti-government protests emerged where some 300 people were killed. A nationwide curfew and closing the mobile internet network failed to stem the unrest. After Prime Minister Hasan's departure, her son Sajeeb Wazed Joy told the BBC the upheaval will leave Bangladesh worse off.

Sajeeb Wazed Joy: She has turned Bangladesh around in the last 15 years. When she took over power, it was considered a failing state. And she's very disappointed that a minority of the people, which, you know, we had elections seven months ago, I run the polling for our country. It predicted a landslide, which it was. It was going to be such a landslide that our opposition boycotted. You'll see the result in Bangladesh in the next couple of years. All development will cease.

Sarah Maunder: Bangladesh's army chief, General Waqar Uzzaman, says an interim government will now take control. Social activist Dr Shamaruh Mirza is a member of the Bangladeshi diaspora and has been following the events from Canberra. She says it's unclear when the new elections will be held.

Dr Shamaruh Mirza: I think we have to wait our next couple of days because after 15 years of corruption and oppression and nepotism, lack of democracy, probably the nation is in a very strange situation now.

Sarah Maunder: The United States and the United Nations are monitoring the developments. Matthew Miller is a spokesperson for the US State Department.

Matthew Miller: We are deeply saddened about the reports of human rights abuses, casualties and injuries over the weekend and past weeks. We share our deepest condolences with those who lost loved ones and those who are suffering.

Sarah Maunder: He urged the interim government to be democratic and inclusive.

Rachel Mealey: Sarah Maunder reporting. Richmond legend Dustin Martin has shocked the AFL world by announcing his immediate retirement. In a media release this morning, the triple premiership player said he was forever grateful for his career with the Tigers. Fans and fellow football legends have paid homage to Dusty, saying he's left a massive mark on the game and a legacy to be proud of. Jon Daly reports.

AFL Commentator: Knocks it onto Martin, here he is, got it, the fend off, the tackle avoid.

Jon Daly : Beloved Tigers midfielder and triple premiership player Dustin Martin is calling it a day. He was pivotal in breaking the Richmond Tigers 37-year premiership drought in 2017. It's a moment in AFL history that Ron Issko, Tigers fan and president of the AFL Fans Association, will never forget.

Ron Issko: It was just a dream come true and you've got no idea of the celebrations on Swan Street that took place after winning that grand final. There were people getting Dustin Martin haircuts. It was an experience that will remain in Richmond fans' minds forever.

Jon Daly : Dustin Martin went on to forge an impressive career, winning a Brown Low medal and two more premierships with the Tigers in 2019 and 2020. Ron Issko says Dusty will be remembered as a giant of the club.

Ron Issko: He was much loved by obviously Richmond fans and even fans that aren't Richmond fans probably looking at him and thought, I wish we had a Dusty in our team.

Jon Daly : Famously media shy, Dustin Martin made the announcement in a press release this morning, his departure effective immediately. In it he thanks the Richmond Football Club, saying he's forever grateful for the love and support and brotherhood of his teammates. Martin will not play a farewell game and no press conference opportunity was announced. The 33-year-old recently played his 300th game for the club in a 48-point loss to Hawthorne at the MCG.

AFL Commentator: Not the result, but the occasion. How do you feel with the chant in your name right

Dustin Martin: now? Yeah, it's amazing. Disappointing result for the club, but I love the Tiger Army so much. I love the club so much. It means the absolute world to me. All the love I received this week has just meant the absolute world to me. So thank you everyone who sent me a message.

Jon Daly : While today's announcement has shocked many, it's not entirely surprising for some. Former Richmond Premiership and AFL Hall of Fame player Mick Malthouse says there were some signs Dustin Martin's time on the field was almost at an end.

Mick Malthouse: He's done things that others have not and probably never will, and that's winning three Nordsvist medals in three grand finals. He's been a best and fairest. He's done all the things that he's probably wanted to do. And from what I can see by his body, he looks like he's just had enough. There's no more mountains to climb. So I'm not surprised.

Jon Daly : Mick Malthouse says Dustin Martin has etched his name in AFL history as one of the greatest.

Mick Malthouse: I have no doubt in my mind that down the track, when it's appropriate, the AFL will induct him into the Hall of Fame come the legend status. No doubt. So that's the impact I reckon he's had on the football club.

Jon Daly : Geelong Cats legend Tom Hawkins has also announced today that he'll retire at the end of the season. The 36-year-old will retire as one of the greatest players in the league's history, playing in three premierships and winning a Coleman medal in 2020. He shared the news on social media.

Tom Hawkins: Hi, members and Cats fans. I wanted to let you guys know first that season 2024 will be my last. It's been a hell of a ride. It's certainly not over yet. Some exciting times to come as we embark on the back half of the season. I'm looking forward to seeing you and hopefully being out there soon.

Jon Daly : 2024 is the final season for two footy favourites.

Rachel Mealey: Jon Daly with that report. If you're dreaming of a tropical holiday to escape the winter chill, it's unlikely North-West Victoria would be top of your wish list. But the town of Mildura is trying to change that, rebranding itself the capital of tropical north Victoria and boasting more sunny days than Queensland. It's divided locals in the semi-arid region, some calling it a blatant lie, others seeing the funny side. Stephanie Smail reports.

Archive: G'day and welcome to Mildura, the capital of tropical north Victoria, where adventure awaits you around every bend.

Stephanie Smail: Australia's tropics, with monsoon rains and wet and dry seasons, officially start about 1500 kilometres north of Mildura. But the Mildura Rural City Council has a different take on how to define a tropical destination.

Peter Alexander: Palm trees, sand and water.

Stephanie Smail: That's Peter Alexander, the council's general manager of strategy and growth. He describes Mildura's new ad campaign as a tongue-in-cheek way to catch tourists' attention by creating some competition with their northern counterparts.

Peter Alexander: We're not doing it in a tone of being a documentary, we're doing it in a tongue-in-cheek TV commercial.

Stephanie Smail: The campaign is dividing locals, with some text to local radio describing the ad as fake news, a blatant lie and even an attempt to denigrate the region with childlike stupidity. Others are fans of the move, saying they love a bit of banter between the states, it's good to try and be a bit different and any publicity is good publicity. The campaign claims the water is warmer in Mildura and borrows lines very similar to past Queensland tourism campaigns.

Archive: Beautiful one day, perfect the rest.

Stephanie Smail: Peter Alexander is hoping the campaign will deliver a meaningful tourism boost.

Peter Alexander: We'll go after fishermen, we'll go after water sports, we'll go after people who are interested in culture and arts and we'll also go after the grey nomad market.

Ali Cupper: So it's funny because it's a lie, that just doesn't make sense to me and if I'm confused by it, surely the tourism market's going to be confused by it.

Stephanie Smail: Mildura resident Ali Cupper is a former independent state MP and used to be a city councillor.

Ali Cupper: I'm a passionate Mallee girl. The Mallee has beautiful, unique tourism assets. We are essentially bookended by a world heritage area in Mungo National Park and probably what will be a future world heritage area at Lake Tyrrell at Sealake and then in the middle we've got this amazing Palm Springs style Mediterranean river environment with world-class restaurants and so many real things about us that are so beautiful and exciting to sell. I just don't get it.

Stephanie Smail: She says it's an expensive gamble to take for a region that has lots of its own real charm.

Ali Cupper: I don't want to be a Debbie Downer about it because I know a lot of people worked very hard and there's been a huge amount of money put into this clearly but I do know that you know one of the the local tourism operators that I know you know when the ad hit on social media over the weekend her comment was I want to cry and said that you know as far as she knew tourism operators or at least she had not been consulted.

Stephanie Smail: Council figures show nearly a million people visited Mildura in the 12 months to March this year, with the council hoping its tropical experiment could see that spike by up to five percent over the next four years.

Rachel Mealey: Stephanie Smail and Tamara Clark reporting there. And that's all from the World Today team. Thanks for your company. I'm Rachel Mealey.

In this episode

Noemie Fox is paddling during a race. She's in a blue kayak, wearing a black helmet and green bib.

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