A ceasefire will not calm the fears of Iranians in Australia as their homeland’s authoritarian regime looms over their loved ones.

After almost two weeks of conflict, a temporary pause in hostilities between Iran and Israel was announced by US President Donald Trump and immediately welcomed by Australia’s leaders.

But the Australian-Iranian community’s feelings are more complicated.

They live in fear of US or Israeli bombs killing their friends and family while also worrying about the threat Iran’s autocratic Islamic government poses for their loved ones.

No one person or voice can speak for an entire group, Australian Iranian Community Alliance vice-president Suren Edgar said, however he believed most Iranians were not happy with the current regime.

“This is not our war, we didn’t create this war but we are paying the price,” he told AAP.

“If the outcome of the ceasefire would be to keep the Islamic Republic in power, that won’t be safe for the international community and won’t be safe for the people inside Iran.”

For some, like Persian Australian Community Association member Nader Ranjbar, there was hope the conflict could help de-stabilise the Iranian autocracy and pave the way for a new, democratic government.

Without a new regime, he is concerned the current administration will intensify its persecution of Iranian people.

“That’s my worst fear,” he told AAP.

“That somehow they get away from this mess and the first thing they do is start killing Iranian people.

“We are all worried about our family and friends and the whole country.”

There was also confusion as to whether a ceasefire would last.

Iran’s state media on Tuesday reported the truce and Israeli Prime Minister Benjamin Netanyahu confirmed he had accepted the ceasefire after achieving his war goals.

But just hours after Mr Trump announced the ceasefire, Israel’s defence minister ordered his country’s military to respond to what he claimed was an Iranian violation of the truce.

Deputy Prime Minister Richard Marles said Australia was concerned about the risks of escalation.

“We don’t want to see the ceasefire broken – that’s the fundamental point here,” he told ABC’s 7.30.

“Clearly, what is in the interests of the region and the world, and both countries here, is that the ceasefire is maintained and we have a de-escalation.”

More homeowners are falling behind on their house repayments despite a cut in interest rates.

Figures from the Australian Prudential Regulation Authority showed 1.68 per cent of all mortgages were in arrears during the first quarter of the year, a slight rise from 1.64 per cent in the final three months of 2024.

The time period coincided with the Reserve Bank cutting interest rates by 25 basis point, the first reduction in the cash rate since 2020.

Housing experts say the number of loans in arrears has remained contained despite recent cost-of-living pressures.

Most mortgage holders had largely kept on top of their payments due to tight labour markets and stronger financial standards from lenders, Cotality research director Tim Lawless said.

“Lending standards have been unquestionably strong throughout the recent cycle, with a consistently low portion of mortgage originations considered risky,” he said.

“Interest-only lending comprised 19.7 per cent of originations in the March quarter and has consistently held well below the previous temporary limit of 30 per cent set by APRA between 2017 and 2018.”

Mortgages are considered in arrears when they are more than 30 days overdue.

The amount of mortgages in arrears during the past quarter is below the record high of 1.86 per cent during the second quarter of 2020, at the start of the COVID-19 pandemic.

Mr Lawless said savings by households during the pandemic may also be one of the factors mortgages in arrears remained relatively stable.

“The household saving ration held above 10 per cent between mid 2020 and early 2022,” he said.

“Households have been able to draw down on their savings as higher debt servicing costs and cost-of-living pressures eroded balance sheets.”

Mr Lawless said as interest rates started to come down further and inflation eased, it was likely the rate of arrears would also subside.

A celebrity wedding party for Amazon founder Jeff Bezos and journalist Lauren Sanchez in Venice this week has been moved to an isolated, less accessible part of the lagoon city on security concerns and to prevent the risk of protests, sources say.

The billionaire tech-tycoon and his fiancee had earmarked a location in Cannaregio to celebrate after their marriage, a popular and central nightlife area, but fears of demonstrations led to a change of plan, the sources added.

For weeks some local residents and pressure groups have been complaining that the event will turn the scenic city of gondolas and palazzi into a private amusement park for the rich, and threatened peaceful blockades.

After the wedding ceremony, whose location and exact date remain secret, although it is expected to be between Thursday and Saturday, about 200-250 VIP guests from show business, politics and finance will now head to a hall of the Arsenale, a vast 14th-century complex in the eastern Castello district.

Surrounded by water and impossible to reach by land when connecting bridges are raised, the hall is considered a safer venue than Cannaregio’s Scuola Grande della Misericordia, a medieval former religious school.

Originally a giant shipyard serving the Venetian Republic’s maritime empire, the Arsenale has been restored and converted into an exhibition space for the Venice Biennale art fair.

Bezos, 61, executive chair of e-commerce giant Amazon and no 4 on Forbes’ billionaires list, got engaged to Sanchez, 55, in 2023, four years after the collapse of his 25-year marriage to Mackenzie Scott.

The couple’s decision to marry in Venice follows other celebrity weddings in the floating city, such as that of US actor George Clooney and human rights lawyer Amal Alamuddin in 2014.

“The news that Bezos has run away from the Misericordia is a great victory for us,” said Tommaso Cacciari, a leader of the “No Space for Bezos” campaign that is leading the anti-wedding front.

The group has announced more protests for Saturday on Venice’s canals, bridges and narrow streets, pledging to make the event a “nightmare” for Bezos and his guests.

Luca Zaia, president of the Veneto region that comprises the city, criticised the protests, saying the 90 private jets carrying guests to nearby airports would bring revenue of up to 48 million euros ($A85.46 million) to local businesses.

US President Donald Trump’s daughter Ivanka and son-in-law Jared Kushner, who have been holidaying in Tuscany, visited the factory of luxury sports car maker Ferrari on their way to the Venice wedding, a source familiar with their movements said.

Debt is set to reach record levels for a state government planning an Olympics following a milestone budget.

Queensland’s Liberal National government on Tuesday handed down its first budget since 2014, hailing its efforts to reduce debt while delivering key election commitments.

“We promised that we would target budget improvements … today we are delivering on that promise,” Treasurer David Janetzki told parliament.

However Queensland has been warned it may receive another credit rating downgrade with debt set to eclipse $200 billion for the first time, leading to higher borrowing costs for Brisbane 2032 projects.

Mr Janetzki looked at long-term budget repair after the LNP’s October 2024 election success that ended Labor’s nine-year reign.

He opted for a “mature and responsible” approach, more than a decade after the last LNP government sacked 14,000 public servants and cut frontline services under Premier Campbell Newman.

Mr Janetzki’s mid-year budget update in January said debt expectations under the former Labor government model would exceed $217 billion by 2027/28 if left unchecked.

The treasurer on Tuesday said debt would be lowered to $190 billion by 2027/28 under the LNP.

But the state’s debt is expected to reach a record $205 billion by 2028/29, sparking a warning from ratings agency S&P Global.

“Queensland’s budget highlights a sharp deterioration in the state’s finances,” it said. 

“It shows debt is increasing to cover the state’s weak operating position and fund its large infrastructure pipeline.”

The state’s AA+ credit rating was downgraded for the first time in 15 years when it went from stable to negative in February.

S&P Global warned there was potential for further drops if the budget was not balanced within two years, a move that would ensure higher borrowing costs in the race to complete Brisbane Games projects.

Decreased credit ratings mean higher interest rates, making it harder to borrow due to the risk of not being able to pay it back.

The LNP’s budget features $1.7 billion to begin construction on the Brisbane 2032 athletes’ village and venues over the next four years.

The government outlined an $8.6 billion deficit in 2025/26, expected to improve to $1 billion in 2028/29.

S&P Global accused the LNP government of “refreshing” rather than “redesigning” its financial strategy, aiming to stabilise its ratio of debt to revenue.

Debt still continues to rise to fund operating deficits and a growing infrastructure budget, the agency said.

Mr Janetzki said Queensland had been hit hard by a $2.4 billion reduction of GST revenue in 2025/26, calling it a “kick in the pants”, along with coal royalties falling to $6.1 billion compared to $10 billion in 2023/24.

The treasurer had earlier touted an improved bottom line thanks to capital expenditure savings, including scrapping Labor’s pumped-hydro scheme and the “CFMEU” tax.

The LNP government still splashed out on its key election commitments – crime, health and housing.

“We are front-loading the investments into jobs and services now in this budget so Queenslanders can reap the benefits sooner,” Mr Janetzki said.

After delivering landmark “adult crime, adult time” laws, the state government is investing $5.2 billion in its crackdown on offenders including $347 million to support the controversial legislation.

Health services are buoyed by a $33.1 billion investment, including an $18.5 billion plan to deliver 2600 new beds and three more hospitals.

The budget featured “targeted” cost-of-living support by restoring indexation to the Electricity Rebate Scheme for vulnerable households, expected to reduce the average power bill by $386.

Families will also receive $100 vouchers for every primary school student to help with costs.

A thousand first home buyers earning up to $150,000 will also benefit with 30 per cent equity in new builds and 25 per cent in existing homes up to $1 million.

Australia’s online watchdog is pushing for YouTube to be included in a landmark social media ban for children, accusing platforms of spin in their safety claims.

eSafety commissioner Julie Inman Grant said the video-streaming giant should be captured in laws to restrict access for people under the age of 16.

The “world-leading” laws will come into effect from December, but YouTube had received an exemption under the legislation, while platforms including Instagram, Facebook and TikTok will be off-limits.

Addressing the National Press Club in Canberra on Tuesday, Ms Inman Grant pointed to research that showed seven in 10 children aged between 10 and 15 had encountered harmful content on the internet.

YouTube was the most-cited platform for young people viewing the material.

“Any platform that says they’re absolutely safe is absolutely spinning words,” she said.

YouTube has fiercely rejected the commissioner’s call, denying the site is harmful for young users and argues it should not be considered a social media platform.

In a statement, the Google-owned company urged the government to stick to its public commitment of granting its platform an exemption.

YouTube’s Australian public policy manager Rachel Lord said the eSafety commissioner had ignored other advice showing the platform was suitable for young people.

“This recommendation is in direct contradiction to the government’s decision to exempt YouTube from the ban,” she said.

“eSafety’s advice goes against the government’s own commitment, its own research on community sentiment, independent research and the view of key stakeholders in this debate.”

Ms Inman Grant announced the watchdog was moving to register three industry-prepared codes to limit children’s access to high-impact material such as pornography, violent content, themes of suicide and disordered eating.

She flagged artificial intelligence tools that can estimate a user’s age were being looked at to help enforce the incoming youth ban.

A survey by the commission of more than 2600 children aged between 10 and 15 showed 96 per cent had used at least one social media platform, Ms Inman Grant said.

“Our implementation of this legislation is not designed to cut off kids from their digital lifelines, or to inhibit their ability to connect, to communicate, to create or explore,” she said.

Research from the federal government’s age-assurance trial found a majority thought YouTube was suitable for people younger than 15.

Under the age ban, social media platforms would be fined up to $50 million if the measures are not enforced.

A spokesperson for Communications Minister Anika Wells said the commission’s advice on YouTube was being considered.

“The minister’s top priority is making sure the draft rules fulfil the objective of the act and protect children from the harms of social media,” they said.

Opposition communications spokeswoman Melissa McIntosh said it was disappointing the government was only now getting advice from the eSafety commissioner with six months left before the ban was due.

“In or out, the government needs to make its position clear on the requirements for social media platforms and families to protect our kids from the vitriol that is so prevalent online,” she said.

Adani Group chairman Gautam Adani denies any wrongdoing in response to US allegations of bribery, telling shareholders that no individual from the group has been charged under foreign corruption laws.

“Despite all the noise, the facts are that no one from the Adani Group has been charged with violating the FCPA (Foreign Corrupt Practices Act) or conspiring to obstruct justice,” the billionaire said at the company’s annual general meeting on Tuesday.

“Even in the face of the storms and relentless scrutiny, the Adani Group has never backed down,” he said.

In November, US authorities indicted Adani and several executives, alleging they paid bribes to secure Indian power contracts and misled US investors.

The Adani Group has rejected the allegations as “baseless” and said it was co-operating with legal processes.

Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India since Hindenburg Research in 2023 alleged the group’s improper use of tax havens.

The group has consistently denied any wrongdoing.

The company, which is building the world’s largest renewable energy park in Khavda, western India, aims to install 50 gigawatts of renewable capacity by 2030.

With combined thermal, renewable and pumped hydro assets, Adani Group expected to reach a total power generation capacity of 100GW by 2030, Adani said.

Adani also announced a record capital expenditure plan, saying the group expects to invest between $US15 billion ($A23 billion) and $US20 billion annually over the next five years.

Employers and developers have praised pioneering housing initiatives in Australia’s largest state budget while critics rue missed opportunities and few sweeteners for struggling households.

NSW Treasurer Daniel Mookhey charted a cautious course to a possible surplus while unveiling the $128 billion 2025/26 state budget on Tuesday, spruiking increased investment in essential services and lower debt.

“This budget has been put together carefully, deliberately, at a time of great global uncertainty, and sends a big message that NSW is stable and NSW is open for business,” Mr Mookhey said.

Well short of its target of building the 377,000 homes required by 2029 under a national agreement, the state will make an unprecedented intervention through a $1 billion fund guaranteeing pre-sales for developers seeking finance.

The initiative will be aimed at low to mid-rise developments, some of the most challenging to deliver in current conditions and the homes the state needs to tackle housing affordability, Mr Mookhey said.

The state will agree to purchase up to 5000 homes at a discounted rate, hoping banks will then fund the construction of three times that number.

It’s a new step into the mainstream market after Labor’s previous budgets focused on essential workers and social housing.

But it is not the “plan B” promised following a scuppered scheme to build 25,000 homes at Rosehill Racecourse.

Developers championed the guarantee to help get more homes built faster.

“It’s good policy and a great example of government listening and responding to industry,” Urban Development Institute of Australia chief executive Stuart Ayres said.

But renters rued a missing sequel to last year’s $5.1 billion investment in social housing.

“We need to see that amount every year until we reach approximately 10 per cent of housing in NSW being publicly funded,” Tenants Union NSW chief executive Leo Patterson Ross said.

The government was also criticised for missing an opportunity to increase funding for community services battling to meet rising demand.

“If you invest in prevention now … it will lead to better economic productivity, thriving communities in the future,” NSW Council of Social Service chief executive Cara Varian said.

The budget featured the first real increase to foster care allowances in 20 years and a $120 billion infrastructure pipeline focused on hospitals, schools and ageing pipes and poles.

A deficit of $3.4 billion is forecast for the 2025/26 financial year, falling to $1.1 billion in 2026/27.

Modest surpluses of $1.1 billion are projected in the following two years.

The state’s finances were improving but “a lot needs to go right” to reach surplus, the treasurer said.

The opposition attacked the surplus projections as a “work of fiction” and lamented the lack of direct relief for households.

No new rebates were announced while a $60 road toll “cap” has not been extended beyond December 31, despite promises of future toll reform.

More than $2 billion is budgeted for public sector wages over four years, which Labor says will come from filling vacant positions and reduced spending on contractors.

But that failed to account for higher wage demands from psychiatrists, nurses and firefighters, shadow treasurer Damien Tudehope said.

“If the (Industrial Relations Commission) in fact offered more in relation to that wage component, the budget is already further in deficit,” he said.

Gross debt, hitting $178.8 billion by next June, remains proportionally lower than other states outside resource-rich WA.

But the budget papers note uncertainty from unpredictable global policies including US President Donald Trump’s tariffs.

Other drags on the budget include disaster relief, which has leapt tenfold since the 2019/20 Black Summer bushfires, costing $1.6 billion annually.

Workers compensation, which the government has been unable to reform before premiums increase on July 1, is another constraint.

Service station owners have been put on notice not to take advantage of customers due to volatile fuel prices caused by conflict in the Middle East.

Treasurer Jim Chalmers has written to the Australian Competition and Consumer Commission calling for the watchdog to monitor for potential price gouging at the bowser by operators.

Petrol prices have been fluctuating following uncertainty in the Middle East with Iran and Israel trading air strikes and the US bombing Iranian nuclear facilities.

Fears of an escalation in the conflict had prompted concern of fuel facilities being impacted which would see oil prices rise further.

Dr Chalmers said drivers needed to be treated fairly at the fuel pump.

“We don’t want to see service stations do the wrong thing by Australian motorists,” he told reporters in Brisbane on Tuesday.

“We don’t want to see this volatility in global oil prices lead to more than justifiable changes in the price that Australian motorists pay at the bowser.”

Oil prices had been sitting about $62 per barrel at the start of June, before rising to $79 following US strikes on Iran.

While the price has moderated since a ceasefire agreement was reached, economists had warned the cost could rise to above $100 a barrel if fuel supplies were impacted by further strikes.

Consumer watchdog chair Gina Cass-Gottlieb has been asked to report back to the treasurer on price-gouging issues.

“I would expect the ACCC … to investigate any concerns arising about misrepresentations regarding petrol prices, false and misleading conduct or anti-competitive conduct in petrol markets, and to take appropriate action,” Dr Chalmers said in a letter to the commission.

AMP chief economist Shane Oliver said should the price of oil reach above $100 a barrel, it would add 25 cents per litre to retail petrol costs.

He said an increase in petrol costs could push up inflation, which would flow on to other parts of the economy.

“If the oil price went to $100 to $150 a barrel and it’s a much bigger boost to inflation, the Reserve Bank of Australia would be inclined to wait before cutting interest rates again,” he told AAP.

“The price of airfares could go up, as well as plastic prices, which affects a lot of household goods.”

Anthony Albanese has rejected criticism he was slow to respond to US strikes on Iran, while welcoming a ceasefire deal in the Middle East.

The temporary pause in hostilities between Israel and Iran was announced by US President Donald Trump on Tuesday after almost two weeks of conflict.

“What we want to see is the ceasefire announced by President Trump implemented,” Mr Albanese told Sky News on Tuesday.

“We do want to see dialogue and diplomacy replace any escalation and President Trump’s announcement we very much welcome.”

The prime minister has faced criticism from the federal opposition that he was too slow to respond to US military strikes on Iranian nuclear facilities.

Mr Albanese did not make public statements backing the US involvement until more than 24 hours after they took place.

Opposition home affairs spokesman Andrew Hastie labelled the response “flat-footed” and “ambiguous”.

But the prime minister said the government’s position about Iran having access to nuclear weapons had been stated repeatedly.

“What my government does is act in an orderly, coherent way, and we were very clear for some period of time that Iran could not be allowed to have nuclear weapons,” he said.

“We called for Iran to come to the table to ensure that the United States wouldn’t have to take the action that they took.

“We made clear that we supported action that would ensure that Iran couldn’t gain that nuclear weapon.”

Mr Trump posted on his Truth Social platform that a “complete and total ceasefire” had been “fully agreed” by Israel and Iran.

He wrote an initial 24-hour ceasefire period, which would progressively begin after already in-progress attacks finished, would mark “an official end to the 12-day war”.

Mr Albanese used reports of the ceasefire to also call for de-escalation of Israel’s conflict with Hamas in Gaza.

“We also want to see the legitimate aspirations of the Palestinian people fulfilled, and we want to see peace and security in the region. It has been a source of global instability for a long time,” he said.

“We support Israel’s right to defend itself. We haven’t been uncritical of Israel where we believe that the actions have not been consistent.”

US bombers dropped bunker-buster bombs on three Iranian underground nuclear sites on the weekend.

In response, Iran targeted the Al-Udeid US air base in Qatar with “powerful” retaliatory missiles on Monday night, local time.

The attacks forced airspace around Qatar to temporarily close, which impacted flights from Australia.

A Virgin Australia spokesperson said the airline’s scheduled services to Doha, operated by Qatar Airways, were expected to operate later with delays.

“We are working closely with our partner Qatar Airways to support passengers that have been impacted,” they said.

A Qantas spokesman said a Perth to London flight had been diverted to Singapore, while a Perth to Paris service was returning to Western Australia.

“We continue to monitor airspace availability closely and will alter our schedule as required,” he said.

Opposition Leader Sussan Ley said a ceasefire was a “vital step” for preventing further suffering, while condemning Iran for its strike.

The government is still trying to evacuate about 3000 Australians registered for assistance to depart Iran and more than 1000 in Israel.

Virgin Australia has returned to the stock market with a transaction that timed its arrival perfectly.

Shares in the nation’s second-biggest airline were changing hands at $3.165 on Tuesday afternoon, up 9.1 per cent from their $2.90 listing price.

Virgin shares began trading under the ticker code VGN at noon, hours after word of a likely ceasefire between Iran and Israel sent oil prices tumbling.

“Until yesterday there were concerns the airline’s IPO was hitting the market at the wrong time, but the overnight action has changed everything,” Moomoo market strategist Michael McCarthy said.

“Now, with risk appetites rising and oil prices dropping as fears of war recede, Virgin might be the luckiest debutant of the year.”

Jet fuel typically is the biggest operational expense for any airline, typically representing around 30 per cent of all costs, according to the International Air Transport Association.

As with petrol, the price of the refined fuel is closely linked to the price of crude oil, which fell sharply at a possible end to the Middle East hostilities.

Virgin’s pre-existing owners – including US investors Bain Capital, Qatar Airways Group, Virgin Group and the Queensland Investment Corporation – sold a 30.2 per cent stake in the airline for $685 million, giving it a market capitalisation of $2.3 billion based on the offer price.

Its chief rival, Qantas, was valued at more than $15 billion on Tuesday.

Virgin collapsed into voluntary administration at the start of the COVID-19 pandemic in April 2020, owing $7 billion to more than 12,000 creditors.

It was acquired by Bain in November of that year for $700 million before being delisted from the stock market and restructured.

“Today marks the start of an exciting new chapter for Virgin Australia as a publicly listed company,” Virgin Australia chairman Peter Warne said.

“Our listing reflects the remarkable work undertaken over the past five years to transform the airline and position it for long-term success.

“It is great news not just for our people, but for travellers who rely on Virgin Australia being a strong, resilient and competitive airline.”

Virgin Australia chief executive Dave Emerson said the airline was entering its next phase with a clear strategy, simplified operating and commercial models and strong team.

Staff were being offered $3,000 “take-off grants” that would convert to ordinary shares if they remained with the company during a 24-month vesting period in recognition of their contributions to the airline’s success, he said.

Virgin flies a fleet of more than 100 aircraft on 76 domestic and short-haul international routes.

Earlier in June, it began long-haul services between Australia and Doha under a “wet lease” agreement with Qatar Airways.

Under such deals, the lessee provides the plane and crew, while the lessor sells the tickets and markets the flights.