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The Loop: Queen's Jubilee celebrations kick off, businesses fear collapse over energy prices, and 30th anniversary for Mabo

Good morning, it's Friday, June 3. Here's what you need to get going today.

One thing to know right now: 

Celebrations have kicked off in London and around the UK for the Queen's Platinum Jubilee.

The day began with Trooping the Colour, a military parade performed by members of the British army which dates back to the 17th century.

The Queen smiled and watched from the balcony.

The 96-year-old monarch watched on from the balcony of Buckingham Palace and huge crowds lined the streets of the British capital to catch a glimpse of the festivities.

Queen Elizabeth was joined by other senior working royals on the balcony of Buckingham Palace for the RAF flyover. (Reuters: Hannah McKay)

Protesters jumped crowd barriers to lay on the road in front of the marching band.

Buckingham Palace said the Queen experienced "some discomfort" at the day's events so would skip a church service on Friday. She still plans to attend a beacon-lighting event at Windsor Castle.

Meanwhile the Queen's second son, Prince Andrew, has tested positive for COVID-19 so won't be attending the upcoming planned events.

One thing you’ll be hearing about today: 

Energy prices.

Australian manufacturers facing massive increases in gas prices are warning they could be forced to shut, with tens of thousands of jobs on the line.

Prices were already high due to increasing international demand as nations around the world wean off Russian gas and coal.

But a severe cold snap, the collapse of a gas supplier last week, and problems with some coal stations in Australia have also contributed to the pressure on gas prices domestically.

Jason Fritsch, the CEO of the nation's largest tomato-processing company, Kagome in Victoria, said something needed to be done urgently:

"If gas prices are to stay where they are now — then we're all dead.

"There will be no processing or manufacturing in Australia. It's as simple as that. We are simply not sustainable at those pricing levels.

"We are very concerned as a group — and this is not just Kagome, but this is the manufacturers, the processors and anybody that needs to use gas as an energy supply to do what they're doing — where this is going to end up in the next 12 months to two years."

News while you snoozed

The Uluru Statement from the Heart came under fire during last night's Q+A episode. 

Tent Embassy caretaker Gwenda Stanley criticised the statement and raised concerns that it, Mabo and native title had done nothing for Indigenous people in Australia.

The news Australia is searching for

Prince Harry, his wife Meghan, Duchess of Sussex, and their two young children are in London for the Platinum Jubilee celebrations.

They took a low-key part in the celebrations, watching the Trooping the Colour from inside the palace with other members of the family.

Prince Harry and the Duchess of Sussex are in London for the celebrations. (Reuters: Emily Sevenoaks)

One more thing: 

Today marks 30 years since the landmark Mabo decision was handed down by the High Court.

Eddie Mabo's activism and the resulting legal decision paved the way for Indigenous land rights. (Supplied: Gail Mabo)

The case paved the way for Indigenous land rights and native title claims across Australia.

Key First Nations communities and leaders have gathered on the Sunshine Coast to commemorate the day.

That's it for now

We'll be back later on with more.

ABC/wires

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