Updated Jul 23, 2026 – 1.28am, first published at 1.11amGo to latestPinned post – 1.09AMWelcomeNatasha RudraWelcome to The Australian Financial Review’s coverage of breaking news for Thursday 23 July.Here are the top stories overnight:Ashurst warned KPMG of Lendlease breach ‘risk’ last August, but despite the law firm’s concerns, the accounting giant went on to use its review to claim that allegations made by a former employee could not be substantiated.The cost of living will be Labor’s focus between now and the election, Anthony Albanese will pledge during his opening speech at the party conference.A rogue AI escape has heightened fears in Canberra over Chinese models but Australia won’t ban them just yet. Donald Trump warned Wednesday that the US will destroy one bridge or power plant each time Iran shoots at a ship in the Strait of Hormuz.