Prime minister will say it was his proudest day in politics. Follow today’s news live

Good morning and welcome to our live news blog. I’m Martin Farrer with some of our best overnight stories before Krishani Dhanji takes over.

The share of wealth held by Australia’s bottom 40% has fallen significantly in two decades while 3.3 million people live below the poverty line, according to a damning report by researchers at Monash University that found inequalities across wealth, housing, health and education were worsening. Australia now has proportionately more people below the poverty line than Canada and the UK, and education outcomes were widening between richer and poorer children.

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