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Energy giant Woodside says it's too late to avoid an economically damaging gas shortfall in Victoria following a decade of political opposition to the fossil fuel industry.

Meanwhile, economists predict Australia's economy is heading into a period of rising uncertainty that will sharply weigh on business investment, with companies facing slowing demand, escalating costs, and an unclear policy outlook.

Investors in First Guardian Master Fund are in a state of limbo thanks to the suspension of redemptions and concerns over its ties to a Melbourne property developer who is fighting allegations he spent millions of dollars on personal expenses.