That's it for today's live market and Rex fallout coverage.
If you're looking for more updates on the embattled airline, you can read the news story from my colleague Kate Ainsworth.
Otherwise, you can catch The Business on ABC News at 8:45pm, after the late news on ABC TV, and anytime on ABC iview.
The news that inflation was in line with expectations has delivered a positive response on the sharemarket.
The ASX 200 rose by 1.7%, increasing by 139 points to close at 8,092.
All 11 sectors finished the day's trade in the green, with the biggest gains in energy (1.87%) and basic materials (1.81%).
Only six of the top 200 companies on the ASX ended the day in the red.
These were the top performers:
Virgin chief executive Jayne Hrdlicka has given an update on the situation with Rex on RN's Drive program with Andy Parke.
She said the carrier has recieved dozens of expressions of interest from Rex employees looking for job oppourtunities.
"I think [we] had 180 expressions of interest from Rex employees wanting to look at job opportunities in Virgin Australia," she said.
"And we're actively opening up opportunities wherever we can."
Ms Hrdlicka also confirmed Virgin is looking at acquiring three of Rex's eight Boeing 737s.
The airline says obtaining the planes would allow them to hire more staff.
Virgin Australia has clarified that it is not turning away customers affected by Rex's flight cancellations, but is prioritising those scheduled to travel in the next few days.
The airline said all impacted guests would be offered a replacement free of charge provided they contact Virgin before August 14 with a valid Rex booking confirmation.
"We have received close to 30,000 rebooking requests since Rex announced last night it had entered voluntary administration," a spokesperson for Virgin Australia said in a statement to the ABC.
"So far, around 3,000 guests have been rebooked and our team is working quickly to validate requests that have been submitted, with priority being given to people travelling soon."
They said more than 200 additional customer service agents had been mobilised overnight to assist people with immediate travel plans.
"We encourage REX customers with imminent travel in the next 48 hours to contact us by calling 13 67 89, and those travelling outside those hours are urged to use our rebooking form on our website."
Read more about the remediation process in this explainer by Georgie Hewson here:
Cloud accounting software company Xero says its services should be back online after experiencing a global outage this morning.
The program is used by small businesses across Australia to process payroll for their staff.
Users started reporting errors logging on to the site about 9:30am AEST, which Xero confirmed was "related to an issue with our third party provider, Amazon Web Services".
It said it was investigating with urgency, before later confirming it was up and running again.
"We are now seeing recovery across our systems," it said in a statement this afternoon.
"Customers should be able to log in and navigate through Xero as expected. We thank customers for their patience during this time."
Earlier today a statement on the Rex website said customers whose flights were cancelled after the company entered administration would be remediated via Virgin Australia, but there are reports of some people being turned away.
Rex Airlines customers told the ABC they were pushed back when calling to rebook their flights which are due to depart in 48 hours or less.
All flights between major airports on Boeing 737 planes were cancelled, which includes 13 routes between capital cities:
Rex said passengers would be able to book the same route on an equivalent Virgin service free of charge.
Those travelling in the next 48 hours were advised to contact Virgin customer service, and others were told to complete a rebooking request form before August 14.
The ABC understands Virgin is rebooking passengers on similar flights within 72 hours of the original flight they had with Rex, which hasn't been suitable for everyone.
Virgin Australia has been contacted for comment.
The Bank of Japan (BOJ) has surprised markets with its decision to raise interest rates.
The move, which defied market expectations for the BOJ to stay put on rates, takes its short-term policy rate to levels unseen since 2008.
The BOJ's board raised the rate target to 0.25% from 0-0.1% in a 7-2 vote.
It has also unveiled a detailed quantitative tightening plan, taking another landmark step towards phasing out a decade of massive stimulus.
The proposal would roughly halve monthly bond buying to 3 trillion yen, from the current 6 trillion yen, as of January-March 2026.
"Despite sluggish consumer spending, monetary officials sent a decisive signal by raising interest rates and allowing for a more gradual balance sheet reduction," Fred Neumann, chief Asia economist at HSBC, told Reuters.
"Rising inflation expectations also open the path for ongoing monetary policy normalisation by the BOJ. Barring major disruptions, the BOJ is on course to tighten further, with another interest hike by the start of next year," he said.
Additional reporting from Reuters
Rex Airlines said its regional operations will continue while other flights between capital cities are grounded, but doctors in the regions are getting increasingly nervous.
Medical professionals say it's imperative for the airline to keep running to allow uninterrupted access to health services for residents in remote areas.
Many hospitals in the regions depend on locum specialists who need to be flown-in for patient assessments and treatments.
"Hearing about the woes of Rex really makes us realise how vulnerable we are in regional areas," Bega-based orthopaedic surgeon Matthew Nott told the ABC.
You can read more on this story from the ABC South East NSW bureau here:
Understandably over-shadowed by the inflation numbers, but linked, is new retail trade data from the ABS.
More analysis soon but here's a quick take from lead economist for Oxford Economics Australia, Ben Udy:
"We think that the headwinds faced by households will continue to weigh on retail sales in the second half of this year, with consumption only rebounding in earnest in 2025."
Here are his key points:
(But against that, retail sales volumes declined by 0.3% in the second quarter of the year, the sixth decline in the last two years. So still tough in retail)
The United Services Union (USU), which covers frontline customer service staff, has demanded federal government intervention to protect Rex employees impacted by the airline entering administration.
About 350 workers were immediately stood down from the airline this morning, with 610 jobs expected to be made redundant.
USU general secretary Graeme Kelly said employees had worked overtime as late as this weekend and given no notice despite Rex bosses knowing "they fully intended to sack them".
"Rex management could have been in contact with us months ago and brought us into discussions, but instead they chose to wait until the airline goes belly up and there is nothing we could do to help," he said.
"And on top of that they've left no money to pay their workers, the union is ropable about this. The Albanese government needs to step in and make sure these workers are looked after."
Mr Graeme said the USU would work with administrators at EY to try and ensure members' entitlements are protected and save as many jobs as possible.
Rex Airlines staff, unauthorised to speak publicly, have told the ABC that they learnt the company was being placed into administration by media reporting on Tuesday evening, and received communication from Virgin Australia at 11:17pm.