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- Federal budget expected to produce $64 billion in savings
- Iran rejects a US peace proposal as strikes resume
- Tennis players threaten to boycott the French Open
The federal budget will produce $64 billion in savings, which the treasurer says reflects a higher level of global economic uncertainty.
Around $34 billion of these savings will come from reform of the NDIS, while other savings will come from private health insurance and reducing external labour and non-wage spending.
Treasurer Jim Chalmers says the key focus areas will be around fuel security, cost of living and housing pressures, productivity and tax reform.
He has also flagged reform to modernise the superannuation performance test – which annually assesses performance for superannuation products - but insists the model will not be replaced.
Mr Chalmers says he wants the test to reconsider its tendency to discourage investment in housing, energy, venture capital and start-ups.
"What we heard from the sector, what we have heard from investors in the economy more broadly, is that the test as it's currently written unintentionally deters and discourages investment in those areas. We have absolutely no intention of directing superannuation investment, we have absolutely no intention of messing with the superannuation fund's primary responsibility to members to get the best return that they can."
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The coalition has conceded that holding onto the regional New South Wales seat of Farrer will be difficult ahead of the upcoming by-election.
Voters are set to head to the polls on Saturday in the seat held by former Liberal leader Sussan Ley for 25 years.
Despite being held by coalition parties since it was founded in 1949, current polling shows One Nation candidate David Farley and independent Michelle Milthorpe are leading the race.
Nationals leader Matt Canavan says while his party is lagging in the polls, they haven't given up on the seat.
"I have noticed there's been other candidates who say this is just a two horse race, and why are the other parties almost bothering? Well, I don't take the votes of people for granted ever. We don't have any kind of right or entitlement to be a member of parliament. Every campaign I approach, we've got to fight and for the right to represent you, and that's the approach I've taken here in this election."
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Iran's Ambassador to the UN has rejected the United States' 14-point peace proposal as the US and Iran exchanged renewed strikes.
The US military says it carried out retaliatory strikes on Iran on Thursday, targeting sites it said were responsible for attacking US forces in what it called unprovoked hostilities by Tehran.
Earlier, Iran's top joint military command said the US had violated a ceasefire by targeting an Iranian oil tanker and another ship entering the Strait of Hormuz, and by striking civilian areas.
Iranian Ambassador to the United Nations, Amir Saeid Iravani flatly rejected the US resolution, saying the only viable solution to end the war would be a lifting of the US naval blockade on Tehran.
"As you are aware, the United States and the Kingdom of Bahrain have jointly tabled a deeply flawed, one-sided and politically motivated draft resolution on the situation around the Strait of Hormuz. They claim that their actions are intended to protect freedom of navigation in the Strait of Hormuz and made some baseless allegation against my country."
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Brazil's President Luiz Inacio Lula Da Silva says he is very satisfied after his meeting with US President Donald Trump, adding that he is pleased Mr Trump has indicated he is not going to invade Cuba.
The meeting between the two leaders follows tensions last year over Mr Trump's tariff policy and outrage following the conviction of Brazilian ex-president Jair Bolsonaro.
The talks were expected to focus on trade, security, and critical minerals as the Brazilian President seeks to reset their damaged relationship.
He says he's willing to act as a mediator between the US and Cuba.
"If he needs help to discuss Cuba's situation, I am completely at his disposal, because I heard - if the translator is right - that he said he is not thinking of invading Cuba, that was said by the interpreter, and I think this is a great sign."
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And now to sport.
World number one tennis player Jannik Sinner says players have threatened to boycott the French Open if their prize money is not increased because they do not feel respected.
Fellow top-ranked player Aryna Sabalenka and defending Roland Garros champion Coco Gauff have supported the drastic step, saying earlier in the week at the Italian Open that players will likely receive less than 15 per cent of tournament revenue, well short of the 22 per cent they demanded.
The dispute between the French Open organisers and players deepened after the tournament announced a 9.5 per cent increase in prize money to $100.3 million.
