US-Iran war updates: PM at Geelong refinery, Lebanon-Israel ceasefire, Trump says war is going swimmingly

We are wrapping up our live coverage of the war in Iran for today.

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Later tonight, Anthony Albanese will attend the virtual meeting of leaders convened by the UK and France to discuss efforts to reopen and keep open the Strait of Hormuz.

The new Strait of Hormuz Maritime Freedom of Navigation Initiative has been organised by Prime Minister Kier Starmer and President Emmanuel Macron and involves about 40 countries.

Mr Starmer’s office said the focus was on supporting the fragile ceasefire in the region and ensuring shipping routes were reopened and secured through the Strait for the long term.

It’s intended to complement ongoing diplomatic efforts to reinforce peace.

“We must reassure commercial shipping and support mine clearance operations to ensure a return to global stability and security,” the UK leader said.

Mr Albanese and his ministers have repeatedly said Australia is open to doing what it can to help international efforts to keep the crucial shipping route flowing.

The Reserve Bank’s head of economic research has warned Australia faces 1980s-style stagflation the longer the Iran war pushes up fuel prices, as Treasurer Jim Chalmers insists a recession can be avoided.

Sarah Hunter, an assistant governor in charge of economic research, said the RBA’s credibility would be at risk if inflation and unemployment both soared, as they did more than four decades ago in the years after another global oil shock.

“Inflation expectations have to be the north star in all of this — the credibility of the institution,” she told an International Monetary Fund panel discussion in Washington on Friday morning.

“If we lose that, we go back to a world of the 1970s, the 1980s, where it’s much more costly.”

All kind of possibilities need to be modelled, she said, in the presence of economic advisers from the IMF, India, Europe and the Inter-American Development Bank.

“We don’t know everything, that we are going to, at times, make mistakes but we have to live with that and in a world where lots of things are changing, you need to be looking in lots of directions.”

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Foreign Affairs Minister Penny Wong has said Australia welcomes the 10-day ceasefire between Lebanon and Israel.

“Australia welcomes the US-brokered ceasefire agreed by Israel and Lebanon,” Senator Wong said.

“We call on all parties to the conflict to adhere to it.”

Of the seven Iranian soccer players who initially claimed asylum in Australia, only Fatemeh Pasandideh and Atefeh Ramezanisadeh elected to stay.

They have spoken out for the first time in a joint statement on Friday, thanking the Government for their action and support.

“We wish to express our deepest gratitude to the Australian government, and particularly Home Affairs Minister Tony Burke, for granting us humanitarian protection and a safe haven in this beautiful country. The compassion and support shown to us during this challenging time has provided us with hope for a future where we can live and compete in safety,” they said.

But neither of them feel ready to speak out publicly and are asking for privacy.

“However, we are not yet ready to speak publicly about our experiences.”

US President Donald Trump has taken to Truth Social to comment on the 10-day ceasefire he helped broker between Israel and Lebanon.

“May have been a historic day for Lebanon. Good things are happening!!!” Mr Trump wrote.

It comes after Lebanon claimed Israel breached the ceasefire agreement, which came into effect at midnight on Friday local time.

The UK and France ae hosting a meeting on Friday of about 40 countries to discuss safeguarding the Strait of Hormuz after the Iran war ends.

The shipping hotspot has been closed by Iran since the US-Israeli strikes began on February 28.

This week, US President Donald Trump imposed a blockade on ships entering or leaving Iranian ports.

Allies of the US have been hesistant to join the blockade, preferring to play a role in keeping Hormuz open when the conflict ends.

A senior member of the Albanese Government is expected to attend the meeting via videolink.

UN Secretary-General Antonio Guterres has urged all parties to respect the ceasefire between Israel and Lebanon.

“I welcome the announcement of a ceasefire between Israel & Lebanon, and commend the role of the US in facilitating it,” he wrote on X.

“I hope this will pave the way for negotiations towards a long-term solution to the conflict & contribute to ongoing efforts toward a lasting & comprehensive peace in the region.

“I urge everyone to fully respect the ceasefire and to comply with international law at all times.”

Lebanese authorities are claiming the ceasefire between Lebanon and Israel has already been breached.

In a post on X, Lebanon’s army called on residents in the south to exercise caution “in light of a number of violations” of the ceasefire agreement by “several Israeli acts of aggression.”

The IDF have not released a comment in response to the claims.

The ceasefire agreement came into effect at midnight local time.

US President Donald Trump has claimed the Iran war is going “swimmingly”.

“The war in Iran is going along swimmingly. We can do whatever we want...it should be ending pretty soon.”