Australia politics live: ‘we got lucky’ with Perth attack says Burke; treasurer says economy will be ‘buffeted’

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Australia prepares for oil prices above US$120 a barrel as diesel passes $3 a litre nationwide

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The government has announced the federal and Queensland governments will each chip in $1bn to Rio Tinto’s Boyne aluminium smelter in central Queensland, to keep it viable into the future.

The government says the move, which will include Rio “underwriting significant investment in energy and transmission”, will unlock almost $7.5bn in investment in Queensland.

With a considerable public investment, we are catalysing a fourfold private investment that will build out the renewable energy grid and keep thousands of good regional jobs in central Queensland.