That’s a wrap – thank you for reading the Need to Know blog today. These were some of the main stories:

• Victoria not performing well: Reserve Bank governor Michele Bullock has told a parliamentary hearing that the Victorian economy is not performing well, with higher unemployment and falling house prices.

• We were late to raising rates: Reserve Bank of Australia governor Michele Bullock admitted the central bank was late to start raising the cash rate when inflation took off, and it did not want to be late to cutting rates.

• Australian Super fined for overcharging members $69m: Australian Super will pay a $27 million fine after ASIC sued the retirement savings giant for mismanaging accounts.

• ‘Our job is definitely not done’: Reserve Bank of Australia governor Michele Bullock has appeared before the House of Representatives economics committee, just days after delivering the first cash rate cut in more than four years.

• Explosions on Israeli buses in suspected militant attack: A series of explosions on three parked buses rattled central Israel on Thursday (Friday AEDT) in what authorities suspected was a militant attack. No injuries were reported.

• Retail workers will be worse off with 25pc pay rise: Industrial Relations Minister Murray Watt says big businesses need to “negotiate with their employees as a whole” as he opposes a bid to let high-earning workers deal themselves out of penalty rates and overtime.