Cotality data reveals property prices are now falling in more than 90% of Australian suburbs, while analysts expect market downturn to continue

• Get our breaking news email, free app or daily news podcast

The prospect of the steepest property market downturn in history will not stop the Reserve Bank from delivering a fourth interest rate hike as it battles to bring inflation back under control, economists say.

New data from Cotality revealed house prices are now falling in more than 90% of Australian suburbs, amid a perfect storm of higher borrowing costs, a weak economy, and a once-in-a-generation change in the tax treatment of property investors.

This blog is now closed

• Get our breaking news email, free app or daily news podcast

43 Australians still missing, with concerns growing ‘every day, every hour’ that goes by, Wong says

The foreign affairs minister, Penny Wong, says there are still 43 Australian missing after the flooding in Nepal, saying the government holds grave concerns for their safety that only gets worse as the days go by.

This is such a distressing time and I know this is so difficult for the family and friends of those 43 Australians.

Every day, every hour, only increases our concern for those who have not been found and remain missing, and that is many Australians. … You can imagine how many families and friends are traumatised as a consequence.

This blog is now closed

• Get our breaking news email, free app or daily news podcast

The Australian government is working with Russian officials in a bid to secure the release of Australian Oscar Jenkins, Matt Thistlethwaite says.

Speaking to ABC news breakfast, the assistant minister for foreign affairs declined to answer whether a prisoner swap was on the table.

Obviously, we try and negotiate as best we can on behalf of all Australians who find themselves in difficulties such as this. We obviously have to abide by international laws and we always uphold them. But the Australian officials on the ground will work with their counterparts to ensure that, hopefully he’s returned to Australia safely.

Reporting season shows how consumers are responding to cost of living pressures and how retailers are responding

• Follow our Australia news live blog for latest updates

• Get our breaking news email, free app or daily news podcast

Australians are buying less pizza but more weight-loss drugs. They love “dupes” but don’t enjoy writing letters.

Here are five key takeaways from the August reporting season that show what consumers are buying as cost of living pressures reignite, and how retailers are responding.