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

• SA premier says he cannot disclose amount owed: Peter Malinauskas says a deal will be done with the steelworks creditors, which includes the South Australian government, but he was not able to disclose the amount owed in due to legal obligations.

• KordaMentha appointed Whyalla steelworks administrator: Malinauskas said the South Australian parliament passed a bill to amend the Whyalla Steelworks Act today, with three major amendments.

• Clive Palmer plans to copy Trump and Musk’s policies with new party: Palmer says he plans to copy US President Donald Trump and Elon Musk’s policy of ending government inefficiency.

• PM has ‘respect’ for Usman Khawaja after public criticism: Anthony Albanese says he has “every respect for Usman Khawaja” after the Australian cricket star accused him on Tuesday of being silent over Islamophobic attacks and favouring other faiths.

• PM slams Clive Palmer’s new party: Anthony Albanese says mining magnate Clive Palmer spending $100 million on a new political party is a “distortion of democracy”.

• PM says Taylor ‘looked like someone ran over his cat’ after RBA call: Prime Minister Anthony Albanese says shadow treasurer Angus Taylor “looked like someone had run over his cat” after the RBA’s decision to cut rates by a quarter of a percentage point on Tuesday.

• Albanese bonds with Trump through Super Bowl, Rabbitohs and golf: Albanese says he spoke about the Super Bowl, golf and Greg Norman to US President Donald Trump during his “warm” 40-minute phone call.

• Treasurer wants landlords to take rate cut into consideration: Jim Chalmers says he wants to landlords take Tuesday’s interest rate cut from 4.35 per cent to 4.1 per cent into account when setting their rental prices.