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Thanks so much to Martin Farrer for kicking us off this morning. I’m Stephanie Convery and I’ll be bringing you all the live news until mid-afternoon today.

Mortgage holders are set to be hundreds of dollars worse off per month than they were at the start of the year as the Reserve Bank prepares to unload a third consecutive interest rate hike on borrowers, Australian Associated Press reports.

Financial markets were pricing in the chance the Reserve Bank would lift the cash rate by 25 basis points today at more than two-thirds, after headline inflation surged to 4.6% in March.

Rising fuel prices caused by the US-Israeli war with Iran have amplified the central bank’s inflation headache.

Price growth was already well above target before the conflict broke out and sent global energy markets into chaos.

Economists at the Commonwealth Bank, NAB, ANZ, Westpac, AMP, Deutsche Bank, Challenger, JP Morgan, HSBC and Citi all predict Reserve Bank governor Michele Bullock to announce a hike.

That would bring the cash rate back to the peak of 4.35% before the Reserve Bank’s short-lived cutting cycle in 2025.

For an average borrower with a $600,000 mortgage, the three consecutive hikes since February will cumulatively add more than $270 a month in interest repayments.

Read our analysis here:

Victoria’s treasurer, Jaclyn Symes, will today hand down a state budget which will deliver an operating surplus and which will forecast another next financial year.

It will show the state recorded a $700m surplus in 2025-26, largely in line with December’s pre-budget update of $710m and an improvement on the $611m forecast last May.

Read the full story here:

Three die in northern NSW boat tragedy

Three people have died in a boating tragedy off the coast of northern NSW last night.

According to police, a yacht got into trouble off the South Ballina break wall about 6.15pm.

A crew from Marine Rescue went to their aid but their own vessel rolled while crossing the Ballina Bar in heavy conditions.

As of 10pm last night, three people were confirmed to have died and another four managed to make it to shore. It was unclear how many people were on the yacht.

The four who made it to shore were treated by paramedics and none had life-threatening injuries. The yacht has now sunk.

Water police attended the scene and Marine Area Command were coordinating a search and rescue operation.

Updated

Malarndirri McCarthy calls for ‘peace’ after Kumanjayi Little Baby’s death

Australia’s minister for Indigenous Australians Malarndirri McCarthy has called for “peace” after Kumanjayi Little Baby’s death, saying there will be time for “conversations later on.”

Northern Territory police over the weekend charged Jefferson Lewis with murder over the death of Kumanjayi Little Baby, 5. The Warlpiri girl went missing on Saturday 25 April from her bed in a town camp near Alice Springs,

Speaking to the ABC’s 7.30 program on Monday night, McCarthy said:

What we need now is to just have some peace, to be able to bury this little girl, and there’ll be times for conversations later on.

The national commissioner for Indigenous children, Sue Hunter, on Monday, wrote in The Australian newspaper that, while grieving should be respected, sorry business “does not silence the questions this loss demands we ask”.

McCarthy said Hunter’s comments were “appropriate” and stressed that the Albanese government established the commissioner’s role due to concern for the care for “our children across the country”.

Updated

Four Australians on cruise ship with suspected hantavirus outbreak

Four Australians are stuck on a luxury cruise ship stranded off the coast of Cape Verde after a suspected outbreak of a rare respiratory virus killed three people, left three others seriously ill and forced nearly 150 people from across the world to isolate onboard.

You can read the full story here:

In a press release overnight, the cruise line Oceanwide Expeditions revealed the nationality of those affected.

The medical situation began on 11 April when a Dutch man died on board. He was disembarked on St Helena on 24 April with his wife, who also later died.

On 27 April, a British man was evacuated to Johannesburg and is critically ill in hospital with a hantavirus infection.

On 2 May, a German passenger died on board the ship.

There are also two crew members, of British and Dutch nationality, still on board with “acute respiratory symptoms”.

The ship is sitting off the coast of Cape Verde, with local authorities not yet permitting those on board to leave.

The 149 people on board are of 23 different nationalities, with passengers predominantly American, British, Spanish and Dutch, with four people from Australia. Of the crew, 38 are from the Philippines.

Here’s an explainer of what hantavirus is:

Updated

Welcome

Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it will be Stephanie Convery with the main action.

Mortgage holders are set to be hundreds of dollars worse off per month than they were at the start of the year as the Reserve Bank prepares to unload a third consecutive interest rate hike on borrowers. More coming up.

Victoria’s treasurer, Jaclyn Symes, will today hand down a state budget that will deliver an operating surplus and which will forecast another next financial year. We’ll follow the budget news as it lands.

And there are four Australians among the nearly 150 people stranded off the coast of Cape Verde on a luxury cruise ship where a suspected outbreak of a rare virus has killed three people. More on that, too, in a minute.