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

• Cautious Russia weighs Ukraine ceasefire plan: The Kremlin said on Wednesday (Thursday AEDT) that it would review details from Washington about a proposal for a 30-day ceasefire in Ukraine before responding.

• Westpac boss backs decision not to retaliate against US: Westpac CEO Anthony Miller has backed Australia’s decision to not retaliate against US tariffs on steel and aluminium, and urged investors to remain calm after rising geopolitical risk triggered a sharp sell-off in global equity markets this week.

• Australians urged to buy local as US tariffs unfold: Australians will be incentivised to buy locally made products after hefty US tariffs were imposed on some of its metals exports.

• Power prices to rise up to 8.9pc in NSW, SA: Households in NSW, South Australia and south-east Queensland would face increases in their power bills by up to 8.9 per cent under a draft ruling from the energy regulator on “safety net” prices.

• PM announces $1b for rail corridor land in Sydney: Prime Minister Anthony Albanese has announced $1 billion in federal funding to secure a rail corridor in Sydney’s south-west.

• Lutnick lashes ‘dumpers’ Australia over aluminium exports: Europe and Canada have quickly retaliated against President Donald Trump’s steel and aluminium tariffs by imposing their own levies on US goods, but the president stood firm, vowing to take back wealth “stolen” by other countries.