Three dead after being pulled from water off Phillip Island – as it happened

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• Labor MPs endorse changes to stage-three tax cuts
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Morrison to take up separate position at Dyne Asset Management

As we brought you just earlier, Scott Morrison will be taking up a role with international advisory and consulting firm American Global Strategies after his resignation from politics late February.

Well, firstly, I think we should be quite thoughtful of which category we're talking about for farmers. If you're talking about fruits and vegetables, we are in material deflation and have been for about four months ... That is because of demand and supply in Australia. It's a domestic product, it's subject to demand and supply. It is causing pain for many of those farmers. But hopefully that situation will change with regard to the new year.

... We buy directly [where we can] from farmers, and we try and smooth out the price that they get so that they can plan and manage their business effectively.

But when you look at the red meat index, it does look like it's trending up based on what's happening offshore. So these things do flow through ...