As it happened

What we learned: Wednesday 18 March
That’s it for today, thanks for reading.

Here are the day’s main stories:
The prime minister, Anthony Albanese , calls a snap national cabinet meeting over fuel crisis, saying the economic shock caused by the US-Israeli war on Iran was like the Covid pandemic or Ukraine invasion.

Albanese also revealed on Wednesday that an Australian airbase near Dubai had been hit by an Iranian projectile about 9.50am, causing a small fire but not injuring any Australian personnel.

The treasurer, Jim Chalmers , said the war in the Middle East could do significant damage to the Australian economy, with new Treasury figures showing persistent energy shock would see GDP 0.6% lower in 2027, with effects lasting until at least 2029.

That could slash $16.5bn from the national economy by next year.

Chalmers sought to downplay the risk of recession , however, despite a warning issued by the Reserve Bank.

Donald Trump has listed Australia among the allies he is bitterly disappointed with for not wanting to get involved with his war against Iran, saying in a social media post overnight that the US “has been informed by most of our Nato ‘allies’ that they don’t want to get involved … despite the fact that almost every country strongly agreed with what we are doing”.

The Albanese government has suffered a major legal blow against its monitoring of a group of noncitizens after the high court ruled this morning its ankle monitoring and curfew regime were invalid.

Radio host Kyle Sandilands says his ARN contract – reportedly worth $100m - has been terminated – but he ‘doesn’t accept it’ .

The Bureau of Meteorology says Tropical Cyclone Narelle could reach category 5 status on its approach to the coastline, as the Queensland premier, David Crisafulli, says it could be the biggest cyclone in living memory .

We will see you here again for more news tomorrow.