Australia news live: Telstra warns of ‘secondary issue’ after yesterday’s network outage; trains in regional Victoria cancelled again

The International Monetary Fund (IMF) has issued an updated economic outlook, keeping Australia's growth forecast steady at 2% for the current financial year while making a minor downward revision for 2025-26 to 1.9%. The IMF noted that the world has thus far weathered the shock from the war in Ukraine better than initially feared.

Globally, growth prospects are largely stable over the next two years, with significant artificial intelligence investment acting as a key driver for tech-exporting nations. However, the IMF cautioned that the "possibility of renewed Middle East conflict looms large," highlighting the fragile geopolitical landscape. Inflation worldwide remains higher than three months prior, but there are no signs of it becoming "de-anchored" or spiraling out of control.

Australian Treasurer Jim Chalmers welcomed the IMF's forecasts, stating they position Australia as one of the fastest-growing major advanced economies in the coming year. He emphasized that Australia is well-prepared to navigate the key factors shaping the global economic outlook, namely exposure to fuel shocks and the burgeoning AI boom.

In separate news, telecommunications giant Telstra reported significant progress in resolving a secondary issue that impacted Triple Zero emergency calls following a widespread network outage. The company stated that the occurrence of this error has been reduced by 90% as of early morning, and they are actively working towards its complete elimination. Telstra is expected to provide further updates throughout the day.

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The IMF is clear that two of the biggest factors shaping the outlook for economies over the next two years are how exposed they are to the fuel shock and the AI boom, and Australia is well placed to manage both.