Afternoon Update: Australia’s climate breakdown risks laid bare; ANZ slapped with record fine; and Adolescence wins big at Emmys

Chris Bowen speaks to the media after the release of the national climate risk assessment. Photograph: Lukas Coch/AAP

Good afternoon. The climate change minister, Chris Bowen, has mounted the case for the federal government to set a strong 2035 emissions reduction target after releasing a “confronting” report which provided the most detailed picture of the severe and far-reaching social and economic consequences of the climate crisis for Australia.

The long-awaited national climate risk assessment found the number of heat-related deaths in Sydney could surge by almost 450% if global heating surpasses 3C, with no Australian community immune from the “cascading, compounding and concurrent” risks of a worsening climate.