Australia news live: ‘weeks’ to restore production at Geelong refinery after blaze, Viva says; Chalmers warns of ‘big risks’ to inflation and growth

Meanwhile ACT independent David Pocock is calling for a 25% tax on gas exports to fund welfare and housing. Follow today’s news liveGet our breaking news email, free app or daily news podcast‘Most important’ part of budget savings to come from cuts to NDIS, treasurer saysSome more from that Jim Chalmers press conference in Canberra – the treasurer has given a tiny preview of this year’s federal budget, which he is due to hand down next month.The savings package won’t be exactly the same as what we would have been contemplating over the summer but it will be a substantial savings package.When we came to office the NDIS was out-of-control and it had strayed a long way from its original intended purpose.It was growing around 22% when we got to office.The big risks here are to inflation and to growth, and the key factors which will determine whether we get a bit more inflation or a lot more inflation, a bit less growth or a lot less growth, will be how long the war continues, how long it takes to reopen the Strait in an enduring way, and how long it takes for the global economy to get back to something which looks a bit a little bit more like normal.For markets, the weekend’s developments highlight that the path to the end of hostilities and a sustained ceasefire in the Middle East may not be straightforward. Continue reading...