The Loop: Neighbours comes to an end, the Treasurer warns inflation will get worse, and a Sydney climber's body found on a mountain

Hi there. It's Thursday, July 28 and you're reading The Loop, a quick wrap-up of today's news.

One thing to know: Inflation is only going to get worse

In a major economic statement to parliament today, Treasurer Jim Chalmers warned that Australians will face some "tough medicine" in the coming months to avoid a recession and lower living standards.

Here's the gist of what Dr Chalmers outlined on inflation and wage growth:

• Inflation is expected to peak at 7.75 per cent at the end of this year
• It is already sitting at 6.1 per cent, despite forecasts before the election that it would peak at 4.25 per cent
• Inflation is not expected to settle into the target band of 2-3 per cent until 2024, when it is forecast to fall to 2.75 per cent
• Real wage growth is not expected to occur until at least late 2023.

Here's a bit of what the Treasurer had to say:

Treasurer warns of grim economic outlook after "wasted decade".

Today we heard a lot about the end of Neighbours

Yep, after 37 years, the final episode of Neighbours goes to air tonight.

Here's what you need to know:

• The finale will run for 90 minutes (like every episode has during the show's final week)
• The last episode begins on Channel 10, 10 Peach and 10 Play from 7:30pm

Think you know more than your fair share about Neighbours? Test your knowledge of the show's most unusual storylines in our quiz right here.

Or if you'd prefer to reminisce about the show's best moments, here are some of the memories fans have shared with us.

Farwell, Neighbours …

News you might have missed

• Today Australia's Chief Medical Officer declared the increasing presence of monkeypox a "communicable disease incident of national significance". There are 44 cases of monkeypox in Australia — mostly returning overseas travellers — but the declaration means the virus now requires national policies, interventions and public messaging, or the deployment of resources to assist any affected jurisdictions

Monkeypox declared a global emergency

• The body of Sydney man Matthew Eakin has been found on the world's second-highest mountain, K2, after he went missing. He had been climbing with a companion but the pair had headed in separate directions. Mr Eakin's family say he "lived life to the full" and "did not waste a second".

Mr Eakin grew up in Sydney and attended St Joseph's College in Hunters Hill. (Supplied: Facebook)

Here's what Australia has been searching for online

• India vs West Indies. India have beaten the West Indies by 119 runs in the shortened third one-day international, to sweep their three-match series

• Colmont School. The private boarding school north of Melbourne has blindsided students halfway through the school year by announcing it has been placed into administration and most classes will wrap up this week

Hundreds of students will be forced to find a new school after the announcement that Colmont School was placed into administration. (Facebook)

One more thing: A refresher on reporting a positive RAT

With COVID-19 cases on the rise again, my esteemed colleague Kate Ainsworth has written a refresher on how to report a positive RAT result in your state or territory.

Head here to find out where to register a positive RAT, and what happens after you do.

You're up to date!

We will be back tomorrow with more news (and definitely more positive RATs).

ABC/wires