A rare warning from S&P Global has cast doubt on Labor’s economic management claims as their election commitments risk undermining Australia’s AAA credit rating. Treasurer Jim Chalmers highlighted early election costings while challenging the Coalition to disclose cuts affecting essential services; however, S&P cautioned that increasing spending could lead to larger structural deficits and rising debt. The report criticized “off budget” spending practices and noted that combined federal and state deficits are approaching levels unseen since the global financial crisis, raising concerns over fiscal sustainability.
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Tsunami risk eases after Kamchatka Russian earthquake, volcano erupts on Russia’s far east coast
A powerful magnitude 8.8 earthquake off Russia's Kamchatka coast has triggered tsunami warnings across the Pacific, prompting evacuations in Japan and Hawaii. The quake, which caused damage and injuries in Russia, was followed by a volcanic eruption; although initial tsunami waves were smaller than feared, authorities advised caution and continued monitoring. Want More Context? 🔎
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