Key eventsGood morning, Mostafa Rachwani with you to take you through the day’s news.ShareAustralia to invest in PNG’s legal systemSharlotte ThouThe Australian government has announced it will invest in Papua New Guinea’s legal system and “non-traditional” security areas, amid ongoing efforts to strengthen its relationship with the Pacific country.In December 2023, Australia committed $200m as part of a security deal with PNG, and it has now confirmed how some of those funds will be used.The initiatives will include increasing the safety of PNG’s correctional facilities, investing in programs that will improve access to justice for young people and regional and remote communities, and helping PNG’s legal system to investigate and prosecute financial crime.Other initiatives include support in non-traditional security areas such as improving cybersecurity and biosecurity and addressing gender-based violence.Defence-related support includes Australia gifting 12 up-armoured Land Cruisers to the PNG defence forces, and helping with an operation to dispose of unexploded ordnance in East New Britain and Bougainville.The foreign affairs minister, Penny Wong, who is part of a big Australian delegation to visit PNG this week for talks, said the initiatives would “further strengthen our security partnership and deliver on commitments under our landmark bilateral security commitment”.ShareWelcomeGood morning and welcome to our live news coverage. While Mostafa Rachwani prepares to start the day, I’m Martin Farrer with some of the stories making the headlines overnight.After all the talk and announcements, we still don’t know how much the Coalition thinks its nuclear plans will cost – but our top story says that experts think it will cost a lot more than if we just stick with renewables. One energy expert tells us there is “no credible reason” to think adding “the most expensive form of bulk electricity” would cut prices. More coming up.With a large Australian government delegation in Papua New Guinea this week led by the foreign affairs minister, Penny Wong, Canberra has announced it will invest in the country’s legal system and other “non-traditional” security areas. It is part of ongoing efforts to counter Chinese power in the Pacific and strengthen its relationship with the Port Moresby government by building on the $200m security deal signed by Anthony Albanese in December. More coming up.High interest rates and rising prices are starting to kill off Australian businesses, with insolvencies at a new high, research shows. In the year to May, external administrations increased 38% on average across all industries, reflecting stubborn price pressures, higher interest rates and squeezed margins from consumers reining in spending.ShareUpdated at 17.09 EDT