Good morning. Welcome to our live news coverage. I'm Martin Farrer, bringing you the key overnight developments, before handing over to Nick Visser.
Severe Heatwave Grips Australia
Vast areas of southern and eastern Australia are preparing for a severe and dangerous heatwave starting today. This extreme weather event is forecast to span several days and is predicted to be the most intense period of heat the country has experienced since the devastating Black Summer bushfires.
Authorities are urging residents to take precautions as temperatures are expected to soar, posing significant health risks and elevating the threat of bushfires. The coming days will be a critical test for emergency services and infrastructure.
Economic Spotlight: Inflation and Interest Rates
Later today, the first major economic indicator of the year will be released. At 11.30am, the latest inflation figures are due, with economists anticipating a slight easing. The forecast suggests the annual rate will dip from 3.8% to 3.6%.
However, analysts warn that this modest slowdown may not be sufficient to deter the Reserve Bank of Australia from considering another increase in interest rates. The central bank's next move remains a focal point for markets and mortgage holders alike.
Human Remains Found on WA Beach
In a separate and tragic development, human remains have been discovered on a beach in Western Australia. Police believe the remains are likely those of a snorkeller who was reported missing on New Year's Day.
Investigations are ongoing, and formal identification procedures will be carried out. The discovery has cast a sombre shadow over the local community.
