Afternoon Update: Albanese fires back at Keating over Aukus criticism; global banking fears; and US threatens to ban TikTok

Anthony Albanese and Paul Keating in happier days, prior to the 2022 election. Photograph: Lukas Coch/AP

Good afternoon. The fallout from the Aukus submarine pact continues, with Malcolm Turnbull the latest former PM to criticise the deal.

Turnbull questioned the merit of partnering with the UK given their economy faces “existential problems”. “You’ve got to ask yourself whether Britain is going to be able to sustain investment in its navy and its military in the years ahead,” he said.