Australia news live: luxury car tax change could seal EU trade deal; far north Queensland braces for severe weather

Jim Chalmers hints concession on threshold for imports could finally lead to an agreement. Follow the latest updates live

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Emergency crews are ready and sandbag stations are in place in towns along Queensland’s far north coast, with heavy rain, flooding and damaging winds forecast on Friday as a tropical low tracks northeast of Cairns, AAP reported this morning.

A cyclone watch for the region was cancelled yesterday after the system was considered a very low chance of intensifying before hitting the coast.