Australia news live: Marles says US relationship ‘transcends governments of the day’; markets price in 80% chance of RBA rate hike

Investors fret that soaring oil prices will reignite inflationary pressures. Follow the day’s news live. Get our breaking news email, free app or daily news podcast Shadow treasurer says tobacco plans would bring in extra billions and stop people buying from the ‘black market’ Tim Wilson, the shadow treasurer, said the tobacco proposal would bring in an extra $2bn a year as it would stop people “buying products from the black market”. We’ve been looking at this policy for a long time, but…