Hello and welcome to our national news live blog for Monday, August 3. Here’s what is making headlines today.

• The national property market is in its deepest downturn since 2022 as interest rates, high cost of living and the May budget’s changes to property taxes combine to wipe thousands of dollars off property values.
• The government has finalised its News Bargaining Incentive legislation, increasing its digital advertising levy to 2.5 per cent in a move Labor hopes will encourage deal making with news publishers and result in more funding for journalism.
• Minister for Agriculture Julie Collins and Minister for Environment Murray Watt will provide a bird flu update later today, as the H5N1 strain spreads across five Australian states and authorities say eradicating the virus in open wildlife is now unfeasible.
• Australia has dominated the medal tally at the Commonwealth Games, and will see out the closing ceremony today in Glasgow with a staggering 70 gold medals after an extraordinary 10 days of action.
• US President Donald Trump has said the US would hold off on a fresh attack on Iran as long as a deal could be reached quickly to halt Iran’s nuclear ambitions and reopen the Strait of Hormuz.
• And Israeli airstrikes hit Gaza for a second straight day on Sunday, killing at least 18 Palestinians, medics said, despite Trump’s announcement of a breakthrough in efforts to implement last year’s ceasefire agreement.