Coming clean on climate risks has proven “flawed” as a tool to steer investment away from fossil fuels and into renewables in line with global emissions goals, environmental groups have warned.

More than 50 climate finance groups from Australia and the rest of the world have made the plea to banks, insurers and other financial institutions to mark the 10-year anniversary of a seminal speech delivered by Mark Carney.

In 2015, the then-governor of the Bank of England warned climate change was “the tragedy of the horizon” and posed a major threat to the financial system.

Mondays’ statement from the Australasian Centre for Corporate Responsibility, Market Forces and other groups says the tragedy spelled out in the decade-old speech “is not only unresolved, it is growing”.

“Ten years on, the crisis that was once on the horizon is now at our doorstep,” the letter read.

“The financial system is facing instability and potential collapse.”

The climate finance advocates are sounding the alarm as financial institutions worldwide falter in their commitments to managing climate risk.

Australia’s Macquarie Group pulled out of the Net-Zero Banking Alliance earlier this year, following the exit of a number of major US and European institutions from the group bound by a commitment to cleaner lending.

Despite recent backsliding, progress has been made on climate risk management in the financial sector over the past decade, concentrated on climate risk disclosure.

Climate reporting is largely voluntary but Australia has been an early mover on mandatory disclosure, with new rules for large public companies and financial institutions coming into force this year.

The letter, which includes the backing of WWF, US Sierra Club and Finance Watch, argues that transparency via voluntary climate-related disclosures are “essential” but insufficient on their own.

“The idea that better information alone would shift markets has proven flawed.”

“Major new investments in fossil fuel development continue to flow in the billions of dollars and investment in renewable energies remain insufficient.”

The letter calls on central banks and financial regulators to move beyond voluntary disclosure to mandate climate transition plans, including policies that both restrict financing to fossil fuel expansion and funnel more investment into renewables.

The climate groups also want mandatory climate risk disclosure and central banks to align monetary policy with the goals of the Paris Agreement, the global climate pact.

Market Forces, which endorsed the statement, called for “concrete action” from regulators to bring financial institutions into line.

“Increased climate risk disclosure has failed to stop big banks and investors pouring trillions into fossil fuel expansion that’s driving ever worsening economic, social, and environmental damage,” said chief executive officer Will van de Pol.

“Australia’s financial institutions and regulators must get on with the job of mitigating climate-related risks, by supercharging investment in renewable energy and ruling out support for new coal and gas.”

The federal budget is $18 billion better off thanks to a stronger-than-expected jobs market.

The final budget outcome, to be released on Monday, is set to show a deficit of just under $10 billion for 2024/25.

That’s compared with forecasts in the federal budget for that financial year of more than $28 billion.

Treasurer Jim Chalmers said a robust jobs market and a rise in take-home pay for workers were among the reasons for the uptick in budget performance.

He said the final results for the last financial year showed the federal budget was in a strong position.

“In dollar terms, we’ve made more progress on the budget in three years than any government in history,” he said.

“We’ve turned two big Liberal deficits into two substantial Labor surpluses in our first two years, significantly reduced the deficit in our third year and continued to pay down debt.”

The overall budget deficit for the last full financial year is set to be 0.4 per cent of Australia’s gross domestic product.

The treasurer said other factors, such as budget revenue upgrades being banked and spending restraint by the Commonwealth, also contributed to lower deficit levels.

“Today’s figures show that the deficit in our third year is around a fifth of the forecast we inherited from the coalition and around a third of the forecast before the election earlier this year,” he said.

“Responsible economic management is the hallmark of the Albanese Labor government and today’s result reinforces that.”

An estimated 70 per cent of revenue upgrades have been banked in the past three years.

The final budget outcome is also expected to show average real spending at 1.7 per cent across the seven years to 2028/29.

The release of the budget paper coincides with the Reserve Bank beginning two days of deliberations on whether to cut interest rates again.

The central bank is widely expected to keep the official cash rate on hold at 3.6 per cent following a slight rise in monthly inflation.

Monthly inflation in August rose from 2.8 per cent to three per cent, and while the Reserve Bank places more weight on quarterly figures, the increase has dampened expectations of further mortgage relief.

The prime minister has urged the UK’s ruling party to ensure pillars of society are not abandoned in the face of looming technological advances and overseas threats.

In a speech to UK Labour’s annual conference in Liverpool, Anthony Albanese said it was critical for Australia and Britain to work closely together at a time of global uncertainty.

Australia’s prime minister said while governments could help solve large issues in society such as dealing with climate change, housing and artificial intelligence, they needed to take firm action.

“We approach this work with determination and with optimism,” Mr Albanese said.

“Because all of these problems can be solved, all of these opportunities can be seized, but only if our people continue to see our institutions as the best way to make it happen.”

The speech to the conference came on the final full day of Mr Albanese’s three-day visit to the UK.

Opposition Leader Sussan Ley had criticised the prime minister for attending the conference after Mr Albanese as opposition leader criticised a visit from then-prime minister Scott Morrison in 2019 to a Donald Trump rally while on official business in the US.

But Mr Albanese said the Labour conference was an opportunity to speak with UK Prime Minister Sir Keir Starmer and senior members of his government on a range of issues including the AUKUS security agreement.

Former Australian prime minister Julia Gillard, who Mr Albanese called “a Labor legend,” was also in the audience at the conference.

“In government, I value the opportunities we have to work together and get results, to take action together on issues that matter to our two nations and to the wider world,” Mr Albanese said.

“From standing together with the ‘coalition of the willing’ to help secure peace on Ukraine’s terms … and working together to break the cycle of violence in the Middle East and build something better by recognising the state of Palestine.”

Mr Albanese said the Australian and the UK governments had a responsibility to make difficult decisions while in office.

“While governments always need to be able to tell the difference between what’s urgent and what’s important, in the end, we have to do both,” he said in the speech.

“In an era where artificial intelligence is transforming our economies, we must stand up for secure jobs and fair wages.

“While we cannot always predict or control the challenges we will face, we can determine how we respond.”

Mr Albanese will return to Australia via the United Arab Emirates, following a week abroad in the UK and the US for the United Nations General Assembly.

Borrowers and investors will turn their gaze to Chifley Square for the Reserve Bank of Australia’s upcoming cash rate call but those hoping for more rate relief are likely to be disappointed.

The central bank’s board is widely tipped to leave the cash rate on hold at 3.6 per cent on Tuesday, after inflation came in hotter than expected in two successive monthly reports.

While the RBA places more weight on quarterly inflation data, which won’t be released by the Australian Bureau of Statistics until late October, last week’s jump in the consumer price index from 2.8 to 3 per cent ruled out any slim chance of a rate cut, said Westpac chief economist Luci Ellis.

“We nonetheless continue to expect that the RBA will cut the cash rate further over time,” said the former central bank economist.

Dr Ellis is mindful not to over-weight the implications of the volatile monthly numbers.

Even if the September quarterly data does end up higher than previously forecast, the inflationary impulse for the rest of the year appeared to be fading, with little impetus from abroad and an up-tick in clothing and eating out likely to be transitory, she noted.

“The timing of future rate cuts remains uncertain and it is possible the RBA ends up cutting by less than our current base case. Nonetheless, 25bp cuts in November, February and May remain our base case,” she said.

But Ms Ellis’s dovish view is increasingly cutting against the grain.

Markets pushed back expectations for the RBA’s next downward move from November to February and are no longer fully priced in for two whole cuts.

Economists at NAB, Deutsche Bank, TD Securities, Citi and Nomura also dropped their prediction for another cut this year.

Since the RBA’s last meeting, the economy has grown more strongly than expected, unemployment has stayed low and a material rise in services inflation has threatened the RBA’s inflation forecasts, said Nomura’s Andrew Ticehurst and David Seif.

“We expect (the RBA’s) messaging to pivot back in a much less dovish direction, compared to the communication it provided in August,” they said in a research note.

Also on Tuesday, the ABS will release building approvals figures for the month of August.

New dwelling consents have been trending upwards since mid-2024 but tumbled 8.2 per cent in July due to volatility in apartment approvals.

Property analytics firm Cotality will release its monthly home value index on Wednesday, with property prices expected to set another fresh record as falling mortgage rates boost demand.

On Thursday, the ABS will issue international trade figures and its monthly household spending indicator, which has taken over from its retail series survey as the main signal for consumer spending.

CommSec chief economist Ryan Felsman thinks spending ticked up by 0.3 per cent in August.

Us investors have also been weighing signs of a stronger economy against expectations for more interest rate cuts from the Fed.

Wall Street stocks ended higher on Friday after mostly in-line inflation data but the three major indexes posted losses for the week. The S&P 500 and Nasdaq Composite snapped three-week streaks of weekly gains.

The Dow Jones Industrial Average rose 299.97 points, or 0.65 per cent, to 46,247.29, the S&P gained 38.98 points, or 0.59 per cent, to 6,643.70 and the Nasdaq gained 99.37 points, or 0.44 per cent, to 22,484.07.

Australian share futures were up 213 points, or 0.23 per cent, to 9,967.

The S&P/ASX200 edged 14.7 points higher on Friday, up 0.17 per cent, to 8,787.7, as the broader All Ordinaries gained 15.8 points, or 0.17 per cent, to 9,079.2.

Prime Minister Anthony Albanese hopes respect for the US president will be returned to him during a long-awaited meeting with Donald Trump in in Washington DC.

Mr Albanese locked in an in-person meeting with Mr Trump for October 20 at the White House while he was in the US for the United Nations General Assembly.

The confirmation of the October bilateral followed Mr Albanese meeting with Mr Trump for the first time at a gala dinner hosted by the US president for world leaders at the UN summit.

Mr Albanese said he did not feel the need to present Mr Trump with an offering at their meeting, as other world leaders have during White House talks, but said the relationship between the two countries was strong.

“I feel like I need to treat (Trump) with the respect that the president of the United States deserves, and I expect that to be returned,” he told ABC’s Insiders program on Sunday.

“We’ve had five either phone conversations or greetings in person now, and they’ve all been warm, constructive, positive and optimistic.

“It is in both Australia’s interests and the interests of the United States that we continue to have a good relationship.”

A potential deal on tariffs is expected to be on the agenda for the meeting, as well as the future of the AUKUS deal, with the US undertaking a review of the trilateral security pact that would give Australia nuclear submarines.

Mr Albanese signalled supplies of critical minerals from Australia to countries such as the US could also factor in negotiations.

“Critical minerals could become certainly (part of AUKUS), because a range of the equipment, what’s required for defence of all of our three nations, will be critical,” Mr Albanese said.

“Minerals will play a role in that. What we are talking about is making sure that we maximise the return to Australia.”

Australian officials are still trying to determine the full impact of the latest round of tariffs imposed by Mr Trump on pharmaceuticals imported to the US.

The president said a 100 per cent tariff would be placed on branded or patented pharmaceutical product imports from October 1, unless a pharmaceutical company was building a manufacturing plant in the US.

Pharmaceuticals are one of Australia’s biggest exports to the US, worth $2.2 billion, and there are fears the Australian biotech company CSL could be affected.

Health Minister Mark Butler said work was under way to determine how the tariffs would impact Australian goods.

“The vast bulk of our exports to the US are actually blood and plasma products, so it’s not entirely clear whether they are captured by the scope of the announcement the president made,” he told Sky News.

“There’s a very high likelihood the major exporter that accounts for the vast bulk of our exports to the US will not be captured by this new announcement.”

Opposition foreign spokeswoman Michaelia Cash said tangible results needed to come from the talks between Mr Albanese and President Trump.

“Australians don’t expect their prime minister to be scared. They expect their prime minister to deliver outcomes,” she told Sky News.

“The relationship in Washington is not strong, and because it’s not strong, Mr Albanese is not able to pick up the phone, like other world leaders are able to do, and speak directly to the US president about the impact of (the tariff) announcement on Australia.”

US President Donald Trump will meet with the top Democratic and Republican leaders in Congress to discuss government funding ahead of an imminent deadline to keep the government open.

The US Congress is approaching an immediate government funding deadline and without any action the government will shut down on Wednesday.

Trump had previously scrapped a meeting with the top Congressional Democrats – Representative Hakeem Jeffries and Senator Chuck Schumer – to discuss government funding.

Jefferies and Schumer released a joint statement on Saturday confirming the Monday meeting, and said: “We are resolute in our determination to avoid a government shutdown”.

The federal government is on the brink of its 15th partial shutdown since 1981 because lawmakers have failed to agree on a plan for discretionary funding for the new fiscal year, or about one-quarter of the $US7 ($A11) trillion budget.

On September 19, the Republican-controlled House of Representatives passed a stopgap bill to fund the government through November 21. The bill fell short in the Senate where Republicans needed 60 votes.

Senate Democrats rejected the bill, demanding that any legislation undo recent cuts to healthcare programs.

Republicans currently hold 53 seats in the Senate compared with the 47 held by Democrats, and have a 219-213 majority in the House.

Mining magnate Clive Palmer plans to take his legal fight with the federal government all the way to Switzerland.

The outspoken tycoon owes the Commonwealth more than $13 million after an international tribunal put his “foreign investor” claim over a lucrative iron ore mine in the Pilbara region to bed.

The Hague-based Permanent Court of Arbitration said it had no jurisdiction over the dispute between a national government and one of its citizens.

But Palmer has vowed to push on.

“The Federal Supreme Court of Switzerland would be the next step in the journey to achieve justice in the matter, hopeful of the final arbiter taking an opposite view to that of the tribunal,” he said in a statement on Sunday.

The long-running international dispute stems from a Singaporean investment company owned by Mr Palmer that claimed damages totalling almost $US200 billion ($A305 billion) after a mining proposal in the WA Pilbara region was blocked.

The case against the Commonwealth argued breaches of the ASEAN-Australia-New Zealand Free Trade Agreement.

Attorney-General Michelle Rowland said on Saturday the tribunal’s decision deeming Mr Palmer was not a “foreign investor” meant he was not entitled to any benefits under Australia’s free trade and investment agreements.

“Australia should never have had to spend two years and over $13 million defending an investor-state claim brought by an Australian national,” Ms Rowland said.

But her wishes the magnate – whose latest political party, the Trumpet of Patriots, failed to win a single seat in federal parliament – would cease vigorously pursuing lawsuits was short-lived with Sunday’s announcement.

“We remain hopeful that, with this clear ruling from the tribunal, Mr Palmer will withdraw his remaining international claims against Australia,” she said on Saturday.

“The government will continue to take all available steps to defend these claims.”

The WA government came under scrutiny for legislation introduced to prevent damages being sought in 2020, stemming from a rejection in 2012.

Mr Palmer’s initial claim for almost $30 billion would have bankrupted the state if successful, WA Attorney-General Tony Buti said in a statement on Saturday.

“I trust this decision will finally close the book on this long-running saga,” he said.

Mr Palmer claimed the legislation was “akin to the actions of a banana republic” in a notice of arbitration to the international tribunal after the High Court rejected the challenge.

Anthony Albanese has held talks with King Charles III during his visit to the UK, as the prime minister defends an upcoming address to Britain’s Labour Party conference.

The prime minister met with the monarch at Balmoral Castle after flying into Scotland on Saturday (UK time).

Mr Albanese said the reception with the King, his fourth such audience with him, was “delightful”.

“He’s warm and engaging. It was very good of him to honour Australia with the invitation to come here to Balmoral Castle for a one-on-one meeting,” he told Sky News on Sunday.

“His Majesty is … someone who is interested in Australia.

“He’s someone who I take a great deal of benefit from his insights into issues and it’s always good to have these one-on-one discussions with him.”

It was the first time an Australian prime minister had met with a monarch at Balmoral Castle since Paul Keating visited Queen Elizabeth at the Scottish residence in 1993.

The trip to Balmoral also included a visit with fiancee Jodie Haydon to the nearby church of Crathie Kirk, which is often frequented by the royal family when they stay at the Scottish castle.

The visit to the King came ahead of Mr Albanese’s planned address to UK Labour’s annual conference in Liverpool.

The conference visit has been criticised by the coalition, with Opposition Leader Sussan Ley calling it a “personal detour” on an official trip.

Mr Albanese said the conference visit was an opportunity to speak with senior members of the UK government.

“I’ll be having discussions with ministers, not just with Prime Minister (Sir Keir) Starmer, about AUKUS and about that progress, taking the opportunity to sit down with government ministers,” he said.

“We have an important economic relationship with our free trade agreement.”

Opposition foreign spokeswoman Michaelia Cash said there was a double standard from the prime minister, after Mr Albanese as opposition leader criticised a visit from then-prime minister Scott Morrison in 2019 to a Donald Trump rally while on official business in the US.

“If Mr Albanese wants to turn this into a little trip where he basically now goes to functions that are of a domestic political nature and are directly related to the Labor Party, well, he needs to be up front with that,” she told Sky News.

“Why don’t you try behaving like the head of our country, as opposed to turning this into a domestic political exercise?”

Spare a thought for the mother with hot, irritable children in tow, trying to get to the other side of the road.

Typically timed to the pace of “a six-foot man”, the crossing window disappears quickly for those with mobility issues or negotiating prams and toddlers.

“It’s just time,” Committee for Sydney policy manager Estelle Grech says.

“If you increase it, we can give a little bit more dignity in crossing the road,” she told the Sweltering Cities Gender & Heat Community Symposium on Friday.

Ms Grech said design shortfalls that disproportionately burden women and other under-served groups are exacerbated by extreme heat.

“It makes it so much harder than it should be,” she said.

As global temperatures trend higher, heatwaves are becoming increasingly frequent, long and severe.

They are already the deadliest natural disaster in the country and those numbers are expected to climb, with the national climate risk assessment projecting a 444 per cent increase for heat-related deaths in Sydney under 3C of warming.

Western Sydney is the epicentre of the heat problem, with summer temperatures approaching 50C on occasion and suburbs largely under-served in terms of cooling green spaces, sheltered bus stops and comfortable homes.

Social researcher Rebecca Huntley says Australians often underestimate how hot parts of the country can get and the poor insulation of the housing stock.

“There’s so much more we can do in that area,” the director of research at 89 Degrees East said.

Dr Huntley shared her own experience living in a very poorly insulated rental for a short period, with no air-conditioning and fans running constantly.

“And then I got the $1500 energy bill for three months.”

She was able to buy a better-performing home before long but the experience gave her insight into the struggles of having little choice but to stay in a poorer-performing home.

In her research, Dr Huntley has observed worsening pressures of extreme heat, especially for those rearing children.

Cancelled weekend sports and challenges getting to school safely were some common concerns.

Caring professions, dominated by women, also face risks from extreme heat.

A hot, humid day puts a stop to outdoor activities for workers in aged care and child care, disrupting routines.

Extreme heat has also been found to complicate existing health conditions in the community, including mental health issues, which puts an extra burden on nurses and doctors.

Additionally, essential workers are often not paid enough to afford to live near their places of work.

As a result, they can be subject to long walks to bus stops in beating sun that can zap them of energy for the workday.

Sweltering Cities executive director Emma Bacon said women from Sydney, especially the Western suburbs, had consistently reached out with concerns about rising temperatures and climate change.

“The impacts are in their homes,” she told AAP.

“They’re in their bodies, in terms of their health.

“They’re worried about their family members and their communities.”

Britain will back Jaguar Land Rover with a Stg1.5 billion ($A3.1 billion) loan guarantee to help support its supply chain in the wake of the luxury carmaker’s production shutdown following a cyberattack.

Jaguar Land Rover’s shutdown has lasted nearly a month, and the government had been exploring options to support the company and its supply chain, with some small suppliers saying they had one week left at most before they ran out of cash.

The carmaker, which is owned by India’s Tata Motors, has three factories that together produce about 1000 cars per day, and sustain many jobs in the area around Birmingham, Britain’s second biggest city, and the northern city of Liverpool.

A survey on Friday showed that some firms were reducing staff hours or making redundancies.

Business minister Peter Kyle said the cyberattack was “not only an assault on an iconic British brand, but on our world-leading automotive sector”.

“This loan guarantee will help support the supply chain and protect skilled jobs,” he said.

The business ministry said the loan would be privately financed and guaranteed by Britain’s export credit agency UK Export Finance, and was expected to unlock 1.5 billion pounds of support for the carmaker’s supply chain.