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A family in Sydney's south-west has been left terrified after a drive-by shooting and firebombing at their home in what police say appears to be a case of mistaken identity.

Emergency crews were called to Sapphire Place at Eagle Vale after neighbours reported a shooting about 4.30am today.

When officers arrived, a black BMW sedan was found well alight outside the family home.

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Acting Commander Michael Moroney said while the home itself appeared to be targeted, the occupants were not the intended targets.

"What I understand at this stage is that those residents were only new to that location," Moroney said.

"So they … were not the intended targets.

A husband, wife, and three children who were inside the home were left terrified, telling 9News the shooting and firebombing was a case of mistaken identity.

The home owner said her family was asleep when multiple shots rang out.

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"We just moved here, haven't been here long," she told 9News.

"Obviously a case of mistaken identity, we are not bad people.

"There was a bullet hole that skimmed across [the kids'] heads and into the roof."

Police believe the hit was planned well in advance, with the same group spotted on security cameras 30 minutes before the ambush, arriving to scope out the street.

While only three men were captured on CCTV before fleeing in a dark coloured ute, police say they are searching for a wider network.

"We are looking closely at who lived there previously as a main line of inquiry for this ongoing investigation," Moroney said.

Authorities are appealing to anyone in the Eagle Vale area with dashcam or CCTV footage to come forward immediately.

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The Foreign Minister says he has made it known NZ wants the situation resolved quickly.

Better-than-expected inflation figures could spare rate-hike weary borrowers from another increase next month, but economists have warned there will likely be more pain around the corner. 

New data from the Australian Bureau of Statistics (ABS) released this morning showed headline inflation cooled from 4.6 per cent to 4.2 per cent in the 12 months to April.

The trimmed mean, which is the primary measure of underlying inflation used by the Reserve Bank, rose slightly to 3.4 per cent in the 12 months to April, up from 3.3 per cent in the 12 months to March.

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Treasurer Jim Chalmers welcomed the news but acknowledged that inflation is "still too high". 

"We've had an inflation challenge in our economy, which is made worse by the war in the Middle East and what we see in these numbers is some encouraging numbers," he said.

The lower headline figure was the result of softening fuel prices, which dropped last month due to the temporary halving of the fuel excise, more supply secured and free transportation in some states.

The data came in slightly lower than market expectations, which had predicted inflation to come in around 4.4 per cent. 

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AMP economist My Bui said today's inflation figures mean the Reserve Bank can comfortably hold rates in June, but will do little to change the bank's forecast of trimmed mean inflation rising to 3.8 per cent later this year.

"We believe that the Reserve Bank will hike once more this year (likely in August), following confirmation of further rises in trimmed mean figures as well as solid GDP data for the first quarter," she said. 

eToro lead analyst Josh Gilbert said the RBA still has a battle with inflation and has little breathing room as inflation is still well above the 2-3 per cent target.

"The RBA meets again in June and is widely expected to hold at 4.35 per cent. Today's print won't change that, but it does reinforce why we've seen three rate hikes and why another is still pencilled in this year," he said.

"With trimmed inflation edging higher and the cost of the current conflict feeding deeper into supply chains, it's an uncomfortable position for the RBA to be in, and shows the job is not done."

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Inflation in Australia is higher than in the UK, US, Canada, New Zealand, European Union and Japan.

This is despite Australia having the highest cash rate and three consecutive hikes this year.

Canstar data insights director Sally Tindall said inflation has remained "stickier than a toffee apple".

"In the last 12 months, the only moves it's made were in the wrong direction," she said.

"If the (RBA) board does pause in June, it won't signal the end of the hikes.

"If the current cash rate setting doesn't get inflation moving back in the right direction, the RBA will have no option but to ratchet up the pressure even further."

All big four banks are forecasting the Reserve Bank to hold interest rates at its next meeting in June.

ANZ and Commonwealth Bank are forecasting no more increases for the rest of the year, while Westpac has predicted two more hikes and NAB one more.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

The ABC's news director, Justin Stevens, has resigned after almost 20 years with the national broadcaster.

Stevens, a former executive producer of 7.30 who was appointed as director of news, analysis and investigations in 2022, confirmed he will leave the organisation due to professional and personal reasons.

In a statement, the veteran journalist described his tenure as "incredibly tough but immensely rewarding".

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"Having said that, for reasons both professional and personal, now is the right time for me to move on and for someone else to take over the helm of the best news team in the country," Stevens said.

Stevens has weathered several major leadership changes during his time in the top job, including two managing directors and two chairs.

His time at the helm has also been mired by several controversies.

In September 2025, the ABC was ordered to pay a $150,000 fine to journalist Antoinette Lattouf for her unlawful termination after she was sacked over a Gaza post. Stevens was not involved in the decision to terminate Lattouf.

The ABC also went dark for 24 hours in March after staff walked off the job in a historic national strike.

Stevens joined the ABC in 2006 and worked for its flagship current affairs program, 7.30, for eight years.

He also served as a Four Corners producer before being appointed news director.

It is understood Stevens will leave the ABC entirely.

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ABC Managing Director Hugh Marks thanked Stevens for his contribution and said he had achieved outstanding results in the role.

"Justin has achieved this through a period of significant change and challenges across the media landscape, both internationally and in Australia," Marks said in a statement.

"‌I am grateful to have seen the strength of Justin's editorial instincts and to have observed his commitment to the ABC and audiences.

"I wish him every success in the future."

ABC head of regional, rural and metro news Donna Field will serve as acting news director until a replacement is appointed.

Finance Minister Nicola Willis didn’t comment on whether Peters’ remarks were appropriate.

Former Shortland Street star Mary Los’e became the Pacific Business Trust CEO in 2023.