BRISBANE, Australia (AP) — Joe Schmidt saw enough spirit in a second-half comeback by his young Wallabies lineup to feel confident they can level the series next week despite losing the first test to the British and Irish Lions.
“This time last year we would have melted," Schmidt said after the 27-19 loss on Saturday, "but I love the way this team is developing.”
The Lions overpowered the Australians in the early exchanges and led 24-5 just after halftime. The Lions, coming off a series of five wins in tour games, had all the momentum for the first 50 minutes and the ball was bouncing their way.
But late tries to replacements Carlo Tizzano and Tate McDermott cut the final margin to eight points.
“Very proud of the way the players fought their way back,” Schmidt said. "A comparatively young side ... still finding their way.
“There was enough demonstration that we’re already desperate, but we’ve got to be more accurate."
The Wallabies have been a work in progress since Schmidt was hired in the wake of Australia’s failure to make the quarterfinals of the Rugby World Cup in 2023. The Wallabies had six wins in 13 tests in a 2024 season that ended in a 22-19 loss to Ireland in Dublin to earn back some credibility, and opened this international season with a narrow 21-18 win over Fiji two weeks ago.
Another week together and the return of forwards Will Skelton and Rob Valetini from injury will help the Wallabies next week in Melbourne, where they need a win to ensure the series is alive going into the third and final test in Sydney.
The team is "desperate to keep the series alive,” Schmidt said.
“Melbourne is going to be massive for both teams.”
Blindside flanker Nick Champion de Crespigny made his test debut in Brisbane and 22-year-old Tom Lynagh, son of Wallabies great Michael Lynagh, started a test for the first time at No. 10.
Lynagh made some good runs, kicked well and defended bravely but, as Schmidt noted, the young flyhalf was forced to be more reactive than proactive in attack because of the way the Lions were dominating the first half.
He was tackled in the air by Tom Curry as he leaped to take a high ball just before the break but continued until midway through the second half to help claw back some momentum for the home team.
Replacement scumhalf McDermott had an immediate impact off the bench, creating a try for Joseph-Aukuso Sua’ali’i that was disallowed and then scoring one of the two late tries for Australia.
British and Irish Lions head coach Andy Farrell is expecting the Australians to be more cohesive and more dangerous in the second test, and he has cautioned his players to look at history.
In 2001, the Lions won the first test in Brisbane and then lost in Melbourne and Sydney as Australia rallied for an historic series victory. In 2013, the Lions narrowly won in Brisbane before losing the second test in Melbourne. They needed a big lift in Sydney to clinch that series.
“We know what's coming,” Farrell said. “We know what happened in the second half here and we roll into the second game knowing full well what happened in 2013.”
“When an Australia team becomes desperate, it is difficult to handle, so we expect a different game next weekend," he added. "We need to make sure we are ready for them to be at their best (because) it'll take a better performance than what we’ve shown here to make sure we get a win next week.”
AP rugby: https://apnews.com/hub/rugby
Sione Tuipulotu of the British & Irish Lions, left, gets past Australia's Harry Potter to score a try during their first rugby union test in Brisbane, Australia, Saturday, July 19, 2025. (AP Photo/Pat Hoelscher)
Dan Sheehan of the British & Irish Lions, second right, runs past Australia's Tom Lynagh, third left, during their first rugby union test in Brisbane, Australia, Saturday, July 19, 2025. (AP Photo/Pat Hoelscher)
NEW YORK (AP) — Reviving a campaign pledge, President Donald Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.
Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his “full support.” Trump said he hoped it would be in place Jan. 20, one year after he took office.
Strong opposition is certain from Wall Street in addition to the credit card companies, which donated heavily to his 2024 campaign and have supported Trump's second-term agenda. Banks are making the argument that such a plan would most hurt poor people, at a time of economic concern, by curtailing or eliminating credit lines, driving them to high-cost alternatives like payday loans or pawnshops.
“We will no longer let the American Public be ripped off by Credit Card Companies that are charging Interest Rates of 20 to 30%,” Trump wrote on his Truth Social platform.
Researchers who studied Trump’s campaign pledge after it was first announced found that Americans would save roughly $100 billion in interest a year if credit card rates were capped at 10%. The same researchers found that while the credit card industry would take a major hit, it would still be profitable, although credit card rewards and other perks might be scaled back.
About 195 million people in the United States had credit cards in 2024 and were assessed $160 billion in interest charges, the Consumer Financial Protection Bureau says. Americans are now carrying more credit card debt than ever, to the tune of about $1.23 trillion, according to figures from the New York Federal Reserve for the third quarter last year.
Further, Americans are paying, on average, between 19.65% and 21.5% in interest on credit cards according to the Federal Reserve and other industry tracking sources. That has come down in the past year as the central bank lowered benchmark rates, but is near the highs since federal regulators started tracking credit card rates in the mid-1990s. That’s significantly higher than a decade ago, when the average credit card interest rate was roughly 12%.
The Republican administration has proved particularly friendly until now to the credit card industry.
Capital One got little resistance from the White House when it finalized its purchase and merger with Discover Financial in early 2025, a deal that created the nation’s largest credit card company. The Consumer Financial Protection Bureau, which is largely tasked with going after credit card companies for alleged wrongdoing, has been largely nonfunctional since Trump took office.
In a joint statement, the banking industry was opposed to Trump's proposal.
“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives," the American Bankers Association and allied groups said.
Bank lobbyists have long argued that lowering interest rates on their credit card products would require the banks to lend less to high-risk borrowers. When Congress enacted a cap on the fee that stores pay large banks when customers use a debit card, banks responded by removing all rewards and perks from those cards. Debit card rewards only recently have trickled back into consumers' hands. For example, United Airlines now has a debit card that gives miles with purchases.
The U.S. already places interest rate caps on some financial products and for some demographics. The Military Lending Act makes it illegal to charge active-duty service members more than 36% for any financial product. The national regulator for credit unions has capped interest rates on credit union credit cards at 18%.
Credit card companies earn three streams of revenue from their products: fees charged to merchants, fees charged to customers and the interest charged on balances. The argument from some researchers and left-leaning policymakers is that the banks earn enough revenue from merchants to keep them profitable if interest rates were capped.
"A 10% credit card interest cap would save Americans $100 billion a year without causing massive account closures, as banks claim. That’s because the few large banks that dominate the credit card market are making absolutely massive profits on customers at all income levels," said Brian Shearer, director of competition and regulatory policy at the Vanderbilt Policy Accelerator, who wrote the research on the industry's impact of Trump's proposal last year.
There are some historic examples that interest rate caps do cut off the less creditworthy to financial products because banks are not able to price risk correctly. Arkansas has a strictly enforced interest rate cap of 17% and evidence points to the poor and less creditworthy being cut out of consumer credit markets in the state. Shearer's research showed that an interest rate cap of 10% would likely result in banks lending less to those with credit scores below 600.
The White House did not respond to questions about how the president seeks to cap the rate or whether he has spoken with credit card companies about the idea.
Sen. Roger Marshall, R-Kan., who said he talked with Trump on Friday night, said the effort is meant to “lower costs for American families and to reign in greedy credit card companies who have been ripping off hardworking Americans for too long."
Legislation in both the House and the Senate would do what Trump is seeking.
Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., released a plan in February that would immediately cap interest rates at 10% for five years, hoping to use Trump’s campaign promise to build momentum for their measure.
Hours before Trump's post, Sanders said that the president, rather than working to cap interest rates, had taken steps to deregulate big banks that allowed them to charge much higher credit card fees.
Reps. Alexandria Ocasio-Cortez, D-N.Y., and Anna Paulina Luna, R-Fla., have proposed similar legislation. Ocasio-Cortez is a frequent political target of Trump, while Luna is a close ally of the president.
Seung Min Kim reported from West Palm Beach, Fla.
President Donald Trump arrives on Air Force One at Palm Beach International Airport, Friday, Jan. 9, 2025, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)
FILE - Visa and Mastercard credit cards are shown in Buffalo Grove, Ill., Feb. 8, 2024. (AP Photo/Nam Y. Huh, File)
