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The federal Shadow Treasurer Tim Wilson says today's interest rate hike is "devastating" for Australians who are already struggling with cost of living pressures, and is calling on the government to take responsibility. Treasurer Jim Chalmers says increased inflation came from a rise in private demand rather than public spending. The Reserve Bank has lifted the cash rate to four-point-one per cent at its latest monetary policy board meeting. Iran has launched fresh attacks on the United Arab Emirates with an oil facility set alight. It's also launched missiles against Israel in the past 24 hours, underscoring that Tehran still retains the capacity to carry out long-range strikes despite ‌more than two weeks of aerial bombardment by the US and Israel. The US-Israeli war on Iran continues in its third week with at least two-thousand people killed and no end in sight. A tropical low in the Coral Sea is now officially a cyclone and has been called 'Narelle'. The category one system is still well off the far north Queensland coast. The Weather Bureau's latest track map shows it heading towards remote Cape York Peninsula. It's expected to intensify to category four with a likely crossing between Lockart River and Port Douglas later in the week. A severe impact is likely, possibly on Friday.   And for more news at any time you can follow the ABC Top Stories podcast.

The federal Treasurer says global instability is putting even more pressure on families and businesses that are already doing it tough. It comes after the Reserve Bank voted to raise interest rates by a quarter of a per cent to 4 point 1 per cent. Financial markets are now pricing in a 30 per cent chance of a follow-up rate hike at the next RBA meeting in May, after the two delivered today and last month. Federal energy minister Chris Bowen says all shipments of fuel to Australia are expected to arrive as scheduled well into next month. China has reportedly told oil refiners to halt all fuel exports, sparking concerns for Australia's supply of jet fuel. The government last week announced it was relaxing petrol standards for 60 days so fuel that was set to be exported can instead be sold domestically. Afghanistan's Taliban rulers say at least 400 people have been killed after Pakistani airstrikes hit a drug rehabilitation centre in Kabul. Large sections of the facility in the capital, Kabul, have been destroyed. Pakistan says its military carried out precision strikes against militant infrastructure in Kabul and the eastern province of Nangarhar, insisting it did not target civilian sites. Pakistan accuses the Taliban of harbouring militants responsible for attacks inside Pakistan. And for more news at any time you can follow the ABC Top Stories podcast.

The Reserve Bank has increased interest rates by 25 basis points to 4 point 1 per cent. The rate rise takes the cash rate to the same levels as a year ago. The move was widely expected on financial markets, which had priced in a greater than 70 per cent chance of a rate hike today. Economists at all four major banks are expecting the RBA will follow up with a third consecutive rate rise in May. The United Nations is calling for an end to fighting along the Lebanese border as civilians bear the brunt of the conflict between Israel and Hezbollah. Israeli troops have started limited ground operations in southern Lebanon in recent days to bolster forward defences against the Iran-backed militant group. Meanwhile the United Arab Emirates has lifted the temporary closure of its airspace. Earlier the UAE's defence ministry said it was responding ​to ⁠incoming missile and drone threats from Iran, but authorities now say the situation has stabilised. Australia's women's soccer team will play for the rare opportunity to make a major final on home soil tonight when they face China in the first Asian Cup semi-final in Perth. The winner will play either South Korea or Japan in Sydney in Saturday's final. And for more news at any time you can follow the ABC Top Stories podcast.

The U-S President has lashed out at European allies over their less than enthusiastic response to his call to help secure the strait of Hormuz. The threat of Iranian missiles and drones targeting oil tankers has effectively closed the Strait, since the US and Israel began air strikes. German Chancellor Friedrich Merz says the war "is not a matter for Nato". Australia has also ruled out sending ships to the Strait. An emergency cyclone warning has been issued for far north tropical Queensland. There is a high chance of a tropical cyclone developing later this week in the watch zone stretching from Lockhart River to Port Douglas. The weather system is likely to make landfall between Cooktown and Lockhart River on Thursday, at a Category 3 intensity. Recent rainfall means catchments in the Far North are already saturated, so flooding risk is potentially high. The Katherine, Beswick and Jilkminggan communities have officially transitioned from the emergency response to recovery phase, after major flooding hit the region, south of Darwin, last week. All people who were taking refuge in shelters in Katherine have now left, however N-T Police say 37 houses in the town remain without power. Meanwhile, Jilkminggan residents are set to return home when water levels on roads to the remote community recede. And for more news at any time you can follow the ABC Top Stories podcast.

The reserve bank is weighing a tough choice to be revealed in hours that is set to have big repercussions on the cost of living for many Australians, as the war in the Middle East looms. A new report from the Climate Council shows recent records for heat and rainfall are signs climate change is accelerating. Press the 'Follow' or '+' button on this show page to add us to your playlist, so you never miss an episode. For more news, politics and current affairs podcasts go to ABC listen.

Deputy prime minister Richard Marles is remaining coy on whether Australia will have to ration fuel if the conflict in the Middle East drags on. Borrowers will find out this afternoon how the reserve bank has responded to global oil disruption and rising inflation as a result of the war. Press the 'Follow' or '+' button on this show page to add us to your playlist, so you never miss an episode. For more news, politics and current affairs podcasts go to ABC listen.

The war in the Middle East will be a big factor in today's interest rate decision that borrowers are nervous about.  The competition watchdog is also meeting with fuel companies to look into recent fuel price hikes. Press the 'Follow' or '+' button on this show page to add us to your playlist, so you never miss an episode. For more news, politics and current affairs podcasts go to ABC listen.

US President Donald Trump has criticised allies who have rejected his requests for military help to secure the Strait of Hormuz. In Australia the reserve bank will consider the conflict in the Middle East in its decision today on whether to hit borrowers with a second rates rise this year. A damning independent review examining research and development in Australia has delivered its final report card. Press the 'Follow' or '+' button on this show page to add us to your playlist, so you never miss an episode. For more news, politics and current affairs podcasts go to ABC listen.

Economists expect the Reserve Bank of Australia will lift interest rates this afternoon for a second straight month, although there are some who predict they won't be changed. The Middle East conflict is playing a big part and US president Donald Trump is having trouble convincing allies to help him open a crucial shipping strait. Press the 'Follow' or '+' button on this show page to add us to your playlist, so you never miss an episode. For more news, politics and current affairs podcasts go to ABC listen.

The war in the Middle East is set to shape a big interest rate decision in Australia while fuel and gas remain big talking points.  Residents in Queensland already dealing with wet weather are now facing a potential cyclone. Press the 'Follow' or '+' button on this show page to add us to your playlist, so you never miss an episode. For more news, politics and current affairs podcasts go to ABC listen.

Listen to the latest updates from ABC News

Listen to the latest updates from ABC News

Listen to the latest updates from ABC News

Listen to the latest updates from ABC News

The Israeli military says its troops have begun "limited and targeted ground operations" against Hezbollah positions in southern Lebanon. The Israel Defence Forces say the operation aims to bolster forward defences, dismantle terrorist infrastructure and "eliminate" terrorists operating in Southern Lebanon Hezbollah, has been firing missiles at Israel alongside Iran. Meanwhile, the United Arab Emirates says its air defences have been responding to incoming missile and drone threats from Iran today. Some flights to and from Dubai International Airport are gradually resuming after a precautionary suspension. The Bureau of Meteorology says a weather system developing in the Coral Sea off Queensland's coast could turn into a tropical cyclone that may bring further rain to the Northern Territory's Top End - later this week. It follows months of heavy rain and flooding in the NT, meaning many catchments and rivers are at capacity and further rain could cause more floods. One Battle After Another has won six Academy Awards in total, including Best Adapted Screenplay and Best Director for Paul Thomas Anderson and Best Supporting Actor for Sean Penn. Ireland's Jessie Buckley has won the Best Actress Oscar for Hamnet Best Actor has gone to first time nominee Michael B. Jordan for his role in the vampire film 'Sinners'. All Australian nominees missed out in their respective categories.

US President Donald Trump is warning NATO that it must help America secure the Strait of Hormuz. Mr Trump says ‌its only appropriate that people who ‌are ​the ⁠beneficiaries of the Strait of Hormuz help to make sure that nothing bad ⁠happens there. He says if he gets a negative response to his call for help, it will be very bad for the future of NATO. State governments around the country have been holding meetings over fuel supply and prices. A roundtable in New South Wales with industry leaders across mining, farming, transport and consumer groups has wrapped up, with the state government committing to greater scrutiny over prices in the coming week. It comes off the back of a similar meeting in South Australia. The state government there says it's confident fuel shortages across the state are not being caused by supply issues but by increased demand The 98th Academy Awards have come to an end, with 'One Battle After Another' winning the top Oscar: Best Film. The film has also won Best Director and Best Adapted Screenplay, with both awards going to Paul Thomas Anderson, as well as Best Supporting Actor for Sean Penn. The other big awards of the night have gone to Ireland's Jessie Buckley - who won the Best Actress Oscar for 'Hamnet', beating Australia's Rose Byrne. And Michael B. Jordan has been named Best Actor for his role in the vampire flick 'Sinners'.

US President Donald Trump has revealed he is speaking to seven countries about helping to secure the Strait of Hormuz, but has declined to say which countries those are. Mr Trump insists that nations relying heavily on oil from the Gulf have a responsibility to protect the strait. Iran has mostly blocked the vital waterway to ‌oil tanker traffic since the US and Israel commenced aerial strikes. The Australian government has confirmed it will not be sending a navy ship to the Strait of Hormuz. The Northern Territory opposition has called on federal MPs to visit flood ravaged communities to understand the full extent of damage. Currently, the Nauiyu Daly River community remains completely inundated and the Australian Defence Force has been sent in to help recovery efforts in Katherine. More than 600 people remain in shelters throughout the territory and the government has issued more than $1.5 million in flood assistance payments. Australian Rose Byrne has missed out on the oscar for best actress, with Jessie Buckley winning for her role in Hamnet. Best Actor has gone to Michael B. Jordan for his role in the vampire film 'Sinners'. 'One Battle After Another' has dominated the night, with the team behind it bringing home 6 awards including best picture, best director, and best editing. KPop Demon Hunters has won Best Animated Feature Film and Best Song for 'Golden', beating Australia's Nick Cave who was nominated for 'Train Dreams'.

As the Middle East war enters its third week, the ensuing international oil supply crisis is reverberating here in Australia, as businesses and communities struggle with fuel supply and climbing prices.

Pressure is mounting on governments across the Australia to do more to boost fuel supply and keep prices from rising too high, as the Middle East war enters its third week. The Academy Awards are underway in Hollywood and Australia's Rose Byrne and Jacob Elordi are in the running to win their first Oscars and potentially cap off an already successful awards season.

State governments are moving to tackle a major fuel crisis, but there is no sign of when or how the supply crunch caused by the war in the Middle East will be resolved. The Federal Government says some of the Iranian women's soccer players who sought asylum in Australia have been in contact with the Iranian embassy.