Australia news live: Surge in EV demand and fuel diplomacy push sends trade surplus to nine-year low

Australia's trade surplus has hit a nine-year low, reflecting a significant surge in electric vehicle imports and ongoing efforts to secure fuel cargoes amidst global oil market volatility. The nation's economic performance is being closely watched as it navigates international trade dynamics and energy security concerns.

Meanwhile, Foreign Minister Penny Wong is actively engaged in diplomatic efforts in Fiji, meeting with counterparts from across the Pacific. Her visit underscores Australia's commitment to rebuilding trust and enhancing its strategic position within the region. Wong acknowledged that "we've got more work to do" in forging stronger relationships and expressed Australia's desire to negotiate partnerships with Tonga and the Solomon Islands.

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We’ve got work more work to do. We’ve announced that we do want to engage with and negotiate with both Tonga and Solomon Islands. Obviously, there’ll be a lot of work there that we want to do with them in partnership.

Wong also addressed regional security, calling on China to "take note" of widespread opposition to its recent ballistic missile test. She emphasized the importance of respecting the region's aspiration for "an ocean of peace," highlighting the need for partners to uphold these principles. The minister's statements signal Australia's assertive stance on maintaining stability and security in the Indo-Pacific.

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It was a test which was destabilising and in a region where leaders have said we want an ocean of peace. It’s really important that partners respect that, and we would continue to encourage that respect.