Australia politics live: parliament returns to Canberra; business council calls for budget spending caps

Australia’s business industry body has released its pre-election policy recommendations designed to tackle what it describes as the “nation’s most pressing challenges” such as inflation, housing shortages and the energy transition.

In a policy document directed at all sides of politics, the Business Council of Australia has called for caps on budget spending to help control inflation, and less red tape and regulation to promote productivity.

The budget spending recommendation could be viewed as a critique of the federal government, which has faced calls from some economists to rein in spending to bring inflation under control faster.

The treasurer, Jim Chalmers, has previously argued against a policy of “scorched-earth austerity” during a cost-of-living crisis.

The business group wants spending growth capped to an annual rate of 2%, and a tax-to-GDP ratio cap of 23.9%.

The council is also advocating for reforms to the approvals process to boost housing supply and for political parties to take a “technology agnostic approach” in pursuit of a pathway to net zero by 2050.

Labor and the Coalition are taking vastly different energy policies to the election, due by May.

The council has also called for a “move back to basics” to lift the quality of education.

Stepping away from politics for a moment before things kick off: a teenager has died after being bitten by a shark off south-east Queensland.

Queensland ambulance service confirmed the female teen had sustained injuries to her upper body while swimming off Woorim beach on Bribie Island, north of Brisbane, on Monday afternoon. She died just after 5pm.

You can find more details about the story here.

Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it will be Krishani Dhanji with the main action.

After a summer of sharpening their messaging, Anthony Albanese and Peter Dutton will return to lock horns in Canberra today along with all other federal MPs and senators in what could be the final sitting of parliament before a federal election is called. It comes as more voters see Peter Dutton as in touch with ordinary Australians, decisive and better in a crisis than Anthony Albanese, with the opposition leader’s standing improving on key leadership indicators in our latest Guardian Essential poll. More coming up.

A leading energy industry expert says Dutton has “no idea what he is talking about” after the opposition leader claimed that slowing the rollout of renewable energy and backing nuclear power could bring down bills by 44% “or of that order”. Dr Dylan McConnell, of the University of New South Wales, said Dutton didn’t even understand his own policy. More coming up. Check out our explainer for more analysis on the Coalition’s nuclear plans.

A small community near Brisbane is in shock today after the death of a teenager after a shark attack. She was swimming off Bribie Island just north of Brisbane yesterday when she was attacked. More coming up.