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The Federal Treasurer has told investors to brace for a likely economic slowdown with higher unemployment, as he moves to reassure investors the nation is seen as a safe bet over other developed economies.
The forecast, made at the Citi A-50 forum in Sydney, comes a fortnight out from what economists predict will be the fifth interest rate rise of the year .
Next Wednesday, Australia's inflation figures will be released, and Dr Jim Chalmers says Treasury is amending its previous forecasts.
"Higher interest rates and higher inflation are likely to mean softer growth and slightly higher unemployment in those new forecasts. And while there are a lot of data updates and potential surprises remaining between now and the end of the year, I can also share that if the mid-year [[budget]] update was released today, we'd be printing a very substantial upgrade for business investment."
Overnight, the benchmark oil price reached 5 months high on news of damage to seven tankers in the Strait of Hormuz, raising further concerns for petrol prices at the bowser.
The Coalition has warned the cost of the Snowy Hydro energy project could blow out to as much as $50 billion dollars under Labor management.
Work began on Snoy 2.0 in 2019 with an initial budget of $2 billion and a deadline of two years - but the latest review has found the country's largest renewable energy project could cost up to $25 billion and not be operational until late 2029.
The Labor government has blamed the setbacks on the project's design under previous Coalition governments, and the challenges of the New South Wales Snowy Mountains geography.
Manager of Opposition Business Dan Tehan has defended the Coalition's so called fixed-cost approach to funding the scheme.
"Angus Taylor did the due diligence, and he had the right approach. That was pay the company for what they were meant to do, and nothing more. It was Chris Bowen who messed this up because he went to this cost plus model. It's like building a home without getting a quote from the builder and holding the builder to that quote."
Bystanders have rescued a man from the roof of his car during flash flooding near Moreton Bay, after thunderstorms swept southeast Queensland.
The heaviest rain was recorded on the Sunshine Coast which recorded 100 millimetres overnight in some areas, cutting off roads, and closing schools and businesses.
State emergency services responded to more than 500 callouts, including 15 rescues of people from cars stranded in floodwaters.
Tow truck driver Jade Guinness says he had carried out half a dozen swift water rescues by mid-morning after people ignored warnings to avoid flooded roads.
"It's just unacceptable behaviour. We see this every single time in Queensland that there are floodwaters. The message is loud and clear. It has been for years. If it's flooded, forget it. Unfortunately, we're out here again today, having to do our job along with emergency services to try and keep the public safe for themselves. "
The wet weather is expected to continue over the weekend.
Australian astronaut Katherine Bennell-Pegg has been formally put forward to be part of the 2028 crew on the International Space Station.
Minister for Industry and Science Tim Ayres has nominated her - though funding arrangements are yet to be resolved.
There have been weeks of negotiations over the estimated $100 million required contribution for the mission,
He describes the mission as a major opportunity for Australia’s space sector but says the Commonwealth cannot shoulder the financial cost by itself.
"We have been engaging with the stakes and indeed the philanthropy community, and we have we have submitted a bid that is consistent with reaching the right fiscal balance that I think Australians would expect the government to do."
To sport, Phillip Island in Victoria is gearing up to host its final MotoGP race for the foreseeable future.
It is the last scheduled event on the island before the Australian round moves on to Adelaide in 2027.
Italian moto rider Marco Bezzecchi is currently in 3 rd place in the MotoGP World Championship.
He's shared his memories of the track with SBS Italian - as he returns for the last race at the circuit.
"I’m happy because it’s a really beautiful circuit, and in general, it’s a really cool place to be. So it’s nice to be back here. It’s a shame it’s the last time, but we’ll try to enjoy it as much as possible. I have some great memories here. Last year was obviously a good weekend, I was able to be fast, so that gives me good hope for this year."
