That’s a wrap – thank you for reading the Need to Know blog today. These were some of the main stories:

• Gaza ceasefire a ‘constructive step’, says Albanese: Prime Minister Anthony Albanese welcomed the announcement of a six-week ceasefire between Israel and Hamas, following 15 months of conflict.
• NSW residents warned of powerline danger as more rain forecast: More rain is forecast after a deadly storm knocked out power and delivered heavy falls overnight, with crews still working to mop up the damage throughout Thursday.
• ‘Oligarchy’ of ultra-rich threatens future of democracy, says Biden: President Joe Biden used his farewell address to the nation on Wednesday to deliver stark warnings about an “oligarchy” of the ultra-wealthy taking root in the country and a “tech-industrial complex” that is infringing on Americans’ rights and the future of democracy.
• Industrial dispute costs ‘incalculable’: NSW Premier Chris Minns has said the overall cost of the railway workers’ industrial action to the NSW economy is “incalculable” while defending his ability to negotiate with the unions.