Your afternoon Briefing: Chris Bowen out as new rival to Anthony Albanese emerges

Your two-minute digest of the day’s top stories.

Hello readers, here’s your two-minute digest of the day’s top stories.

Labor Shadow Treasurer Chris Bowen speaks to the media during a press conference in Sydney, Wednesday, May 22, 2019. Chris Bowen has announced that he has withdrawn his bid for the Labor leadership position. (AAP Image/Bianca De Marchi) NO ARCHIVING

Bowen out as new Albo rival emerges

Chris Bowen has withdrawn from the Labor leadership race, as Jim Chalmers looms as a new challenger to Anthony Albanese. Follow the latest in our live blog, PoliticsNow.

—

The indicator board at the Australian Securities Exchange (ASX) is seen in Sydney, Tuesday, February 5, 2019. Australia's big four banks have gained more than $20 billion in value after relieved investors welcomed the Kenneth Hayne's royal commission's recommendations by driving the financial sector to what looks like its best day in a decade. (AAP Image/Dan Himbrechts) NO ARCHIVING

Local stocks tap fresh 11-year high

The local sharemarket finished higher for the sixth straight session, extending its rally in the wake of the federal election and APRA’s proposed easing of lending rules.

—

A joint agency investigation into an organised criminal syndicate suspected of defrauding the National Disability Insurance Scheme (NDIS) of millions of dollars has today resulted in the arrest of five people in western Sydney. SOURCE - AFP

Five arrested for million-dollar NDIS fraud

Five people have been arrested and luxury cars seized in western Sydney over an organised criminal syndicate suspected of defrauding the National Disability Insurance Scheme of millions of dollars.

—

Premier Anastasia Palaszczuk and Jackie Trad visiting Paniyiri. Pic Peter Wallis

Reverse finch

Queensland Premier Annastacia Palaszczuk has spectacularly backflipped on her government’s forced delays of approvals to controversial Adani coal mine, in the wake of federal Labor’s wipe-out in the state at the weekend election.