Kate Ainsworth

Fresh data on producer inflation has renewed hopes that inflation in the US is cooling, sending Wall Street higher after a subdued session, while the Australian share market is set to open lower when trading begins.

Police are continuing their investigation into a stabbing attack at Westfield Bondi Junction in Sydney on Saturday afternoon that left six people dead and eight others in hospital, including a nine-month-old baby.

Our two biggest supermarkets will be interrogated over their rising prices, growing profits and market power by a dedicated inquiry examining supermarket prices in Australia.

Woolworths and Coles will be grilled over higher prices and rising profits during the cost-of-living crisis at a Senate inquiry in Canberra today, while the Australian share market is set to open lower.

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Inflation has come in higher than expected during the March quarter, dampening expectations of interest rate cuts later in the year.

Australia recorded the biggest increase to average tax rates in the developed world last financial year due to bracket creep and the end of a tax offset that disproportionately affected low- and middle-income earners.