1. Putin hits back on sanctions: Ukraine update
Russian President Vladimir Putin has announced countersanctions to combat the growing number of countries around the world targeting its economy, such as Britain telling ports not to service Russian-flagged vessels and Turkey’s decision to restrict Russian warships from using waterways it controls to transit into the Black Sea. The government in Kyiv reported that civilians were killed by shelling in the second-largest city Kharkiv as fighting intensified across the nation. In response, Putin banned all Russian residents from transferring hard currency abroad, including for servicing foreign loan contracts. It wasn’t clear whether the new rules applied to Russia’s sovereign debt and if they constituted default. The central bank put Russia’s total external debt at $478bn.

2. Climate scientists warn Australian storms and floods to become new normal
The latest report from the Intergovernmental Panel on Climate Change (IPCC) found that extreme events such as the catastrophic flooding currently seen in Queensland in New South Wales will become more frequent if we do not seriously tackle rising temperatures via greenhouse gasses. Prof Mark Howden, ​​vice-chair of the IPCC working group behind the report and director of the ANU Institute for Climate, Energy and Disaster Solutions, said: “The latest IPCC report makes one thing crystal clear – adaptation policy, finance and practice have to be stepped up urgently if our systems are to keep pace with climate change”. As for the current floods, Howden said the climate crisis was “embedded in this event” as inflated ocean and atmospheric temperatures increased the intensity of major storms.

3. Low-lying areas of Ballina handed evacuation orders
Residents in South Ballina have been told by NSW SES it is too late to leave and to seek higher ground immediately. “You should immediately move to the highest safe place now, such as higher ground or inside a sturdy multi-storey building to upper levels as high above water levels as possible,” the NSW SES wrote in a post on their social media. NSW SES has made a record-breaking number of flood rescues over the past 24 hours, answering 932 desperate calls for help overnight across Northern NSW. SES spokesman Phil Campbell said 616 of those rescues were in Lismore with 134 rescues in Murwillumbah.

4. GPs not well-equipped for mounting mental health cases, according to peak body
General practitioners should have access to training to provide patients with more advanced mental health care in response to the critical shortage of psychiatrists, according to the Royal Australian College of General Practitioners (RACGP). It has called for a comprehensive government restructure of Medicare to address the mental health “national emergency”. RACGP president, Dr Karen Price, said given some patients were unable to get an appointment with a psychiatrist, with one in three psychologists closing their books to new patients, GPs needed to be given the time to develop the skills, as well as the Medicare subsidies, required to treat them. “The reality is that general practice is the most accessible service for many people who require mental health care,” Price said. “In some areas outside of major cities, GPs are the only option.”

5. ASX futures indicate rise despite Wall St dip
ASX futures were up 19 points or 0.3% to 7042 near 7am AEDT, with the AUD +0.5% to 72.61 US cents. On Wall St: Dow -0.9% S&P 500 -1.1% Nasdaq -0.01%. 2-year yield: US -0.15% (1.42%) Australia -0.11% (1.08%). 10-year yield: US -0.13% (1.83%) Australia -0.10% (2.13%).