Australia news live: new laws to crack down on property underquoting in NSW; inflation could reach ‘high fours’, Chalmers says

Minns government introducing legislation to significantly increase penalties. Follow the day’s updates live Jim Chalmers has confirmed Treasury modelling suggests the war and other economic conditions could push inflation in Australia to the “mid- to high fours”. Labor has been battling sticking inflation, but economic shocks from the Middle East will make the task much harder, putting extra pressure on the Reserve Bank to lift interest rates.