Exclusive: Economists say falling house prices are largely in the more expensive parts of Sydney and Melbourne’s markets and are less likely to affect first-time property owners

Fears that first-time buyers with tiny deposits will find their mortgages are worth more than their homes may be assuaged by new data showing falling prices are concentrated in the top end of the Sydney and Melbourne property markets.

Climbing inflation, interest rates and worries about the economic fallout from the Middle East conflict have helped depress housing values in the country’s two biggest cities.

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The Senate will deliver its report from the NDIS inquiry on Tuesday. Butler doesn’t directly answer a question about whether or not he is willing to make any significant changes to the legislation the government has put forward.

He says:

Look, the direction of travel I think is an important one for us to follow through. This largely reflects reviews and insights that we’ve gathered over the last three years since the independent review was done of the NDIS in 2023 and endorsed by all governments at national Cabinet later that year.

I’m utterly convinced this is the right plan for the NDIS… I’m not saying there won’t be any change. We heard ideas from the crossbench in the debate in the House of Representatives. I’ve very much heard that people want greater reassurance about what won’t change because of the reforms we’re putting in place.

We have to constrain that growth. Without reforms it would grow to $20 billion by the end of the decade and that’s simply not a sustainable position.

It’s also allowed us, as I said, to protect the core supports people rely upon for that safety that was part of your introduction.

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Teens who use social media two hours daily at higher risk of depressive symptoms, study finds

Teenagers who spend hours glued to social media are likely to experience poorer mental health and a decline in wellbeing, a decade-long study shows, with young girls most at risk.

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Wong not ‘interested’ in One Nation’s fundraising

Wong says she isn’t concerned about One Nation’s fundraising efforts, but more about their policies. Pauline Hanson’s party says it has raised more than $1.5m in the last day, although those claims are unverified.

I’m less interested in what Pauline Hanson fundraises and am more concerned about One Nation’s policies. Just as I am concerned about the fact that the Liberal party and One Nation seem to be working together and that it appears to be very clearly that a vote for One Nation is actually a vote for the Liberal party, and a vote for the Liberal party is actually a vote for One Nation.

We’ve said for some time it’s obviously a fragile ceasefire, but we’ve also said that what Australia wants is a negotiated end to the war. That’s what we’re calling for, and that’s what we will continue to press for …

We’re not a central player in the Middle East, as we have said. What we can do is add our voice to others who are calling for a negotiated end to the conflict. It’s obviously one of the things we discuss today with the United Kingdom.

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Albanese says Australia still impacted by Middle East conflict ‘each and every day’

The prime minister, Anthony Albanese, is now on the ABC News Breakfast couch. He said Australia remains concerned about the economic impact of the turmoil in the Middle East.

Our job now is to demonstrate that we are a genuine and credible alternative to this terrible Labor government.

He’s a great supporter of the party, he’s a great supporter of Angus Taylor, I think this is a great opportunity. The Liberal party has always been what John Howard called the broad church: we like having different opinions.

We listen to everybody’s views, and we represent them.

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The prime minister and foreign minister have issued a lengthier statement welcoming the agreement made by the US and Iran, and called for continued restraint to avoid further escalation.

President Donald Trump made the announcement he had signed a deal this morning, saying the strait of Hormuz would be reopened.

Continued restraint and constructive engagement will be essential to prevent further escalation and secure a lasting agreement. We are pleased the agreement between the US and Iran includes steps to reopening the Strait of Hormuz …

We encourage all parties to use this opportunity to pursue a durable and lasting peace through dialogue and diplomacy. Iran must address longstanding concerns about its nuclear program and the threat it poses to international security.

Police meet activists and will inquire into abuse and sexual assault allegations. Follow today’s news live

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NSW to spend $100m on large-scale battery projects

The NSW government says it will spend $100m on four large-scale batteries in Sydney, Newcastle and on the central coast to help ensure grid reliability as coal-fired power stations shut.

Large-scale batteries are revolutionising NSW’s energy grid, delivering greater energy security and helping to drive down prices.