Governor of the Reserve Bank of Australia is fronting a parliamentary economics committee, as it examines recent interest rate rises. The bank expects inflation to peak at about 7.75 per cent at the end of 2022, and ease back down to three percent by the end of 2024.
Australia has since taken steps to develop a domestic industry, and is in the process of choosing a model for the submarine, revealing it favours a vessel that is also being used by its AUKUS partners, rather than a bespoke model. Richard Marles, who is also Acting Prime Minister, has told Channel 9 the government will announce its final submarine strategy - including which model it will go with - in March next year.
Ukrainian president Volodymyr Zelenskyy says a mass gave has been found in the recaptured town of Izyum in Ukraine's Kharkiv region. Investigations have begun into the burial site of over 440 graves, with Ukraine to release further information in the coming day. An image released by the president's chief of staff shows rows of wooden crosses jutting up from mounds in the earth, surrounded by trees. Mr Zelenskyy says he is inviting media to the scene.
Australia has recorded its highest number of drowning deaths in 25 years. 339 people died by drowning in the past 12 months, which is 15 per cent more than the previous year, and the highest figure since 1996.
