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The federal government has acknowledged inflation remains higher than it would like, ahead of the release of key price figures later today.
Employment Minister Amanda Rishworth tells Channel 7 global economic conditions continue to put pressure on prices, but insists the government is focused on bringing inflation down and easing cost-of-living pressures for households.
The Australian Bureau of Statistics is due to release the June quarter Consumer Price Index today with economists expecting underlying inflation to remain above the Reserve Bank's two to three per cent target.
Ahead of today's inflation figures, Shadow Treasurer Angus Taylor says small businesses are continuing to bear the brunt of higher prices and borrowing costs.
"What we know about the numbers that come out today. Is they're going to be too high. ... The truth is, we have an economy that is not working for hardworking Australians right now. ... And what we see is record level of insolvencies, 30 a day in this country. We've never seen that number before. ... These are the hopes and dreams of Australians being smashed as they can't make ends meet any longer with a government that is seeing out-of-control inflation."
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In Japan, at least five people have been killed after a powerful 6.8 magnitude earthquake struck the country's southern Kumamoto prefecture.
Two of the victims died after becoming trapped in a partially collapsed shopping centre, where emergency crews continue searching for survivors.
Tens of thousands of homes and businesses remain without power, while around 300,000 people have been told to evacuate as aftershocks continue across the island of Kyushu.
Authorities are investigating whether a gas leak caused an explosion at the Aeon shopping centre shortly after the earthquake.
This survivor says the earthquake struck with extraordinary force.
"It was really something. It didn’t fall down piece by piece, it came crashing down all at once. ... How can I put it? I felt as if my body was hovering mid-air, so for a moment I didn’t realise it was an earthquake. It was only when I saw the wall collapse that it dawned on me that it was an earthquake. .. It really shocked me."
Officials are warning residents to prepare for further strong aftershocks over the coming week.
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Australia's Flynn Southam has claimed Commonwealth Games gold in the men's 100 metres freestyle, ending Kyle Chalmers' reign in the event.
The 21-year-old won in 47.13 seconds, finishing ahead of Wales' Matt Richards, with Chalmers taking bronze in 47.74 seconds.
The victory is Southam's first major individual international title and marks the first time Chalmers has been beaten by an Australian in a major international race.
Earlier, Queensland's Kirralee Hayes won gold in the women's para 50 metres freestyle S13, while fellow Australian Jenna Jones claimed bronze.
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