Australia news live: Labor reveals draft rules for 30% tax on discretionary trusts; dead dolphin tests positive for bird flu

Meanwhile investors fret that soaring oil prices will reignite inflationary pressures. Follow the day’s news liveGet our breaking news email, free app or daily news podcastShadow 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 what we’ve been looking at is how do you break it down for the different parts of the market so that we can actually break the illegal tobacco trade? …We’ve got a government, we’ve got a One Nation position which is focused solely on tax cuts. What we’re looking at is how do we stop the black market,