Australia news live: spotlight on cost of living ahead of federal budget; PM returns after King Charles’s coronation

Anthony Albanese is on his way home from the UK after the coronation procession ended. Follow the day’s news, live

• Federal budget: Labor to collect billions more in petroleum resource rent tax
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Treasurer spruiks PRRT changes and cost of living relief in budget

The treasurer, Jim Chalmers, has done a round of morning interviews discussing petroleum resource rent tax changes that will collect $2.4bn over four years.