The crash took place at the intersection of Vivian St and Pirie St.

Evergrande's US bankruptcy serves as a cautionary tale about the growth-at-all-costs model that underpinned China's spectacular growth over the past 30 years.

For decades, Evergrande, once one of China's most successful real estate developers, gobbled up debt as China's economy exploded. Demand for housing was so strong, homebuilders often pre-sold apartment units to buyers before construction was complete.

But a sudden shift in policy by China's leaders two years ago has left the country's property developers scrambling for cash, compounding a financial risks within the world's second-largest economy.

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What happened to Evergrande?

The story of Evergrande's downfall began in 2021, when the central government moved to curb excessive borrowing to try to slow the rise in home prices, effectively cutting off a major source of funding for property developers.

Evergrande, which had $US300 billion ($470 billion) in liabilities, couldn't shore up cash fast enough to make its debt payments.

It defaulted in December 2021, triggering a market panic. A wave of defaults followed, and China's vast real estate market has yet to recover. Building was suspended on dozens of projects, leaving many "pre-sale" buyers left with no new home and a hefty debt burden.

What happens next as it tries to restructure billions of dollars in offshore debts has massive implications for China's financial system.

Evergrande (pronounced "ever grand," with a silent final "e") filed Thursday for Chapter 15 bankruptcy, which is a way for foreign companies to use US bankruptcy law to restructure debt. The process will take time, as Evergrande has roughly $US19 billion ($30 billion) in offshore debts.

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The next shoe to drop?

Evergrande's liquidity crisis was just the beginning of the pain. Other large builders in China have since defaulted as they struggle to to shore up cash and demand for housing has fallen.

Now, investors around the world are watching nervously as Country Garden, which employs some 300,000 people, missed two payments on its multibillion-dollar debt and said it was considering "various debt management measures."

The cash-strapped developer's debt is now seen as a "very high risk" asset, according to Moody's, which downgraded its rating on Country Garden last week.

Country Garden has until early September to make the payments it missed.

READ MORE: Where and when you can watch the Matildas' third place match

China's economy is struggling

It's hard to overstate the importance of the property market China. The industry accounts for as much as 30 per cent of the country's economic activity, and more than two-thirds of household wealth is tied up in real estate.

But nearly three years of "zero Covid" restrictions sapped China's economic growth, and consumers have been reluctant to buy new homes in the face of higher unemployment and falling property values.

After a brief surge in activity earlier this year, China's economic engines have been sputtering. Consumer prices last month fell for the first time in more than two years; youth unemployment has been rising so fast, Chinese authorities simply didn't release the July data.

Retail sales, export demand and factory production are all down.

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Can't Beijing just bail these companies out?

It's unlikely.

While Beijing has made some efforts to help jumpstart demand for housing and free up cash for developers, the days of big, state-funded bailouts for bloated industries appear to be over.

As President Xi Jinping said in a recent speech: "We must maintain historic patience and insist on making steady, step-by-step progress."

The final match in the captivating Matildas World Cup journey for third place against Sweden will kick off tonight after a heartbreaking loss to England in the semi-finals.

The FIFA Woman's World Cup match will decide if the side secure third or fourth place, either result will break the record for the best performance from either the men's or women's side.

England will take on Spain in the final to decide the World Cup winner on Sunday night in Sydney.

This is all the information you need to know about the crucial fixture, including when it starts, where it's being played, and how you can watch it.

READ MORE: Fed Square scrapped as live site after fans storm barriers, use flares

When is the Matildas vs Sweden Women's World Cup 3rd place match?

The Matildas' third place match against Sweden will kick-off at 6pm on Saturday, August 19 (AEST) at Brisbane Stadium in Brisbane.

This means a start time of 5.30pm in South Australia and Darwin and 4pm in Western Australia.

The match duration could finish around 8pm but it could be extended depending on extra time and penalties.

Where can you watch it?

There are a range of live sites where fans can gather to watch the match with hundreds of other supporters on the big screen, including the official FIFA Fan Festivals in each of the tournament's Australian host cities.

In Sydney, the Fan Festival is at Tumbalong Park, while Melbourne's is at Federation Square and Brisbane's is at South Bank, Adelaide's at Festival Plaza and Perth's is held at Forrest Place.

The Sydney Cricket Ground (SGC) will also be opened up at to screen the match from 5.30pm.

After fans stormed through barriers and set off flares during the Matildas' semi-final defeat to England on Wednesday night, Melbourne's Federation Square will no longer be a live site where supporters can watch the Women's World Cup.

Most of the big screen sites open for Wednesday night's semi-final are expected to be open for tonight's third place match but fans are warned to check before attending.

The World Cup has sold 1.75 million tickets across the tournament's 64 games in Australia and New Zealand.

And you can watch the match on Optus Sport, which has the rights to every game of the 2023 tournament.

The drug Ozempic, created as a diabetes treatment, is gaining popularity as a weight loss solution, driven in part by social media trends and rumours about celebrity use.

That has sparked global shortages – but also the creation of a similar, weight loss-specific treatment called Wegovy, which a recent trial says can drastically cut down the frequency of cardiac events like heart attacks, strokes and death.

So how exactly do the drugs work, what side effects are there, and how – and when – can you get your hands on them in Australia?

READ MORE: Ozempic helps people lose weight. But who should be able to use it?

How do Ozempic and Wegovy work for weight loss?

Ozempic and Wegovy are both made by the same company, Novo Nordisk, and both have the same active ingredient: semaglutide.

Semaglutide mimics the effect of a hormone called glucagon-like peptide 1 (GLP-1), which instigates insulin production – hence its use as Ozempic as a diabetes treatment.

However, that same hormone also works as an appetite suppressant, leading to Ozempic's off-label use for weight loss, as well as the creation of Wegovy, which contains a larger dose of semaglutide.

"The Ozempic dose is one milligram. The Wegovy dose is 2.4 milligrams," Professor John Dixon from Swinburne University's Iverson Health Innovation Research Institute told 9news.com.au.

"It's a larger dose because it's been shown that a larger dose produces better weight loss, and in obesity, we're really looking for that substantial weight loss."

While the hormone only lasts a few minutes when produced naturally, the drugs are able to mimic it for much longer.

"It actually lasts, in the case of Wegovy, for weeks, so in fact, the half-life is very, very long, and only requires a weekly injection," Dixon said.

He said that while Ozempic has been shown to lead to weight loss of around 8 per cent, Wegovy's results are closer to 15 per cent.

READ MORE: Ozempic to remain in shortage until 2024

Why are weight loss drugs gaining popularity?

Promotion on social media and rumours of celebrities using Ozempic sparked the popularity of the drug as a weight loss treatment.

But Dixon says there are serious reasons why Wegovy should be considered a "breakthrough" – first and foremost is a much-needed treatment for obesity that doesn't involve surgery or simply relying on changing diet and exercise patterns.

"Most of what the public thinks about obesity are myths, not truths," he said.

"Diet and exercise really have little or no effect in the vast majority of people who live with obesity. Diet and exercise are not very effective.

"If we look at people who are obese and can get weight off – 5, 10, 15 per cent of it off and keep it off – they are a tiny group of people.

"For people who are overweight and have not-so-bad obesity, it may be 5 per cent of those in the community. For people who are bigger, it's around 2 per cent."

He says treatments like Wegovy offer an avenue for obesity to be treated as a genuine medical condition rather than a problem of patients' own making.

"They've been stigmatised. They feel they're not worthy," Dixon said.

"And they too believe it's their fault. And nothing could be further from the truth.

"Most of it's genetic. Your predisposition to being lean is genetic, your predisposition to being obese is genetic."

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What does the latest trial say about Wegovy?

In early August, Novo Nordisk announced a trial of more than 17,000 patients showed Wegovy reduced the risk of major cardiovascular events – which includes the likes of heart attacks, strokes and cardiovascular death – by 20 per cent over five years.

Dixon described the trial results as an "absolutely seminal event".

"This is the first time we've ever had a drug designed to manage obesity that actually proves that cardiovascular events are reduced and cardiovascular deaths are reduced," he said.

"We've never really had quality evidence in a randomised trial of this size that intentional weight loss saves lives."

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What are the side effects of Wegovy?

Gastrointestinal issues are common in the early stages of treatment with Wegovy – Dixon points to the likes of nausea, vomiting, diarrhea and constipation, as well as the risk of gallstones and pancreatitis in rarer but far more serious cases.

However, he says the side effects can usually be well managed with good communication between the prescribing doctor and patient.

"The drugs that are lasting longer and producing better weight loss have very similar profiles of side effects – these typical gastrointestinal side effects – in the early weeks to months… and we bring the dose up quite slowly with respect to that," he said.

"So they're a nuisance and there are relatively few people who cannot take the drug because of those side effects being overwhelming."

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When will Wegovy be available in Australia?

While Wegovy was approved by the TGA for use in Australia in early 2022, the treatment hasn't been made available for use here by Novo Nordisk – at least not yet.

"It may arrive this year, it may be early next year, but we will be seeing this drug come to Australia," Dixon said.

He says the main issue isn't about when it will arrive, but rather when it will be added to the Pharmaceutical Benefits Scheme.

"We have never ever had a weight loss drug being provided by the PBS in Australia," he said.

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"And obesity dominates the low socio-economic groups in our society… with no drugs on the PBS you can see that cost is a major issue and the people who have the worst levels of obesity are associated with low-income people and people with disability.

"So to provide any equity in really treating obesity as the disease with its complications that it is, we need this drag on the PBS."

However, while its listing as a weight loss treatment is up in the air, Dixon expects it to be listed almost immediately for diabetes patients, highlighting what he says is a bias.

"The diabetes epidemic is driven by the obesity epidemic," he said.

"But diabetes does seem to be something that we treat seriously, and the deaths and the cardiac failure and heart attacks and the cancers related to obesity have never really struck a chord in Australia and never really been thought worthy of treatment.

"It's extraordinary."

Please note the information in this story is general in nature. Please always consult your GP or health professional for advice that is tailored to your specific health concerns.

Residents in Yellowknife, the capital of Canada's Northwest Territories rushed to beat a noon Friday deadline to evacuate their homes as one of hundreds of wildfires raging in the territories moved closer to the city of 20,000.

Thousands have fled, driving hundreds of kilometres to safety or waiting in long lines for emergency flights, as the worst fire season on record in Canada showed no signs of easing.

The fire was within 16 kilometres of Yellowknife's northern edge on Thursday, and officials worried that strong northerly winds could push the flames toward the only highway leading away from the fire, which was choked with cars.

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Still, there remained plenty of time to leave by road or air, Shane Thompson, a government minister for the Territories, told a news conference. He said that without rain the fire might reach the city's outskirts by the weekend.

"We're all tired of the word unprecedented, yet there is no other way to describe this situation in the Northwest Territories," Premier Caroline Cochrane posted on Twitter.

Canada has seen a record number of wildfires this year — contributing to choking smoke in parts of the US — with more than 5700 fires burning more than 137,000 square kilometres from one end of Canada to the other, according to the Canadian Interagency Forest Fire Centre.

As of Thursday evening, more than 1000 wildfires were burning across the country, over half of them out of control. Hundreds of kilometers south of Yellowknife, hundreds of properties were ordered to evacuate because of the threat from a wildfire near West Kelowna, British Columbia.

READ MORE: Tourists urged to avoid Maui as hotels prepare to take in evacuees

The evacuation of Yellowknife was by far the largest this year, said Ken McMullen, president of the Canadian Association of Fire Chiefs and fire chief in Red Deer, Alberta.

"It's one of those events where you need to get people out sooner rather than later" because fire could block the only escape route before ever reaching the community.

Ten planes left Yellowknife with 1500 passengers on Thursday, said Jennifer Young, director of corporate affairs for the Northwest Territories' Department of Municipal and Community Affairs, adding that the agency hopes 22 flights will leave Friday with 1800 more passengers.

Yellowknife Mayor Rebecca Alty said that the fire wasn't the only concern.

"With the heavy smoke that will be approaching we encourage all residents to evacuate as soon as possible," she said.

Alty said some good news is the fire didn't advance as far as originally expected on Thursday with crews working hard getting firebreaks in. But "it is still coming," she said.

As people fled, Prime Minister Justin Trudeau met with his incident response group. He asked ministers to work to ensure communication services remained available and said there would be no tolerance for price gouging on flights or essential goods.

At the Big River Service Station about 300 kilometres south of Yellowknife, the line of vehicles waiting for fuel was "phenomenal," employee Linda Croft said. "You can't see the end of it."

Resident Angela Canning packed up her camper with important documents, family keepsakes and basic necessities as she prepared to leave with her two dogs, while her husband stayed behind as an essential worker.

"I'm really anxious and I'm scared. I'm emotional… I'm in shock," she said. "I don't know what I'm coming home to or if I'm coming home. There's just so much unknown here."

About 6800 people in eight other communities in the territory have already been forced to evacuate their homes, including the small community of Enterprise, which was largely destroyed. Officials said everyone made it out alive.

A woman whose family evacuated the town of Hay River on Sunday told CBC that their vehicle began to melt as they drove through embers, the front window cracked and the vehicle filled with smoke that made it difficult to see the road ahead.

"I was obviously scared the tire was going to break, our car was going to catch on fire and then it went from just embers to full smoke," said Lisa Mundy, who was travelling with her husband and their 6-year-old and 18-month-old children. She said they called 9-1-1 after they drove into the ditch a couple of times.

She said her son kept saying: "I don't want to die, Mummy."

Authorities said the intensive care unit at a Yellowknife hospital would close on Friday and in-patient units from Stanton Territorial Hospital could be moved in the coming days. Most long-term care patients were transferred to institutions to the south, the Health and Social Services Authority said on its website.

The evacuation order issued on Wednesday night applies to Yellowknife and the neighbouring First Nations communities of Ndilo and Dettah.

Indigenous communities have been hit hard by the wildfires, which threaten important cultural activities such as hunting, fishing and gathering native plants.

Amy Cardinal Christianson, an Indigenous fire specialist with Parks Canada, has said the wildfires "are so dangerous and so fast moving" that evacuations increasingly are necessary, posing a challenge in remote communities where there might be one road in, or no roads at all.

Alice Liske left Yellowknife by road with her six kids earlier this week because the air quality was so bad.

She worried about how so many people would flee the city in such a short time.

"Not only that," she said, "but when we go back, what will be there for us?"

Queensland's 9News weather presenter, Luke Bradnam, has opened up about his skin cancer diagnosis and is pleading with Aussies to stay sun safe after the shock discovery.

After Bradnam found a mole on his collarbone six weeks ago, his wife pleaded with him to get it checked by the doctor.

That's when he discovered it was a grade one melanoma.

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"My wife was at me [saying] 'you have to get that checked out, it looks suspicious' to me, and of course I didn't get it checked out," he told 9News.

"The biggest mistake is not listening to your wife. Truly, that's the biggest mistake."

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Now, Bradnam is determined to raise awareness following his diagnosis.

"You're not bulletproof and you're not going to go forever," he said.

"You're not above cancer, we are all candidates, we are the number one country in the world for skin cancers."

"It's a preventable cancer. It just requires you to make a booking. Please do it, please go and get a check-up."

The cancer was caught at an early stage, meaning Bradnam has a high chance of a full recovery.

An Adelaide hoon jailed for driving 143km/h over the speed limit has had his beloved Holden Commodore crushed as the state government sends a message to other dangerous drivers.

Tarelle Power Williams was the first South Australian to be jailed after he drove at 253km/h in a 110km/h zone while on his Learners licence earlier this year.

The 20-year-old was sentenced to a year behind bars in July under the state's new tough hoon driving laws.

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After being forced to surrender his Holden Commodore ute following his sentencing, his car has now been crushed by the South Australian government.

Police Minister Joe Szakacs said last year there were 1500 people permanently deprived of their cars.

"About two thirds of those cars were demolished," he said.

"About a third of all vehicles are sold and that's because where we can (we want to) extract maximum value from the cars and strip that from hoon drivers."

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Szakacs said most of the cars that are crushed or stripped for scrap metal are because they're unroadworthy, like this now crushed Holden Commodore which was defective.

"People choosing to behave like morons on our road are doing so with tonnes of dangerous defective metal around them," he said.

"A missile that is seconds away from killing someone on our roads."

Szakacs warned any South Australians considering dangerous driving and excessive speeding will "likely go to jail".

"If you're driving with excessive speed the courts now have demonstrated their willingness to lock you up," he said.

A 60-year-old man has been charged with a spate of offences after he allegedly hit a young teen with his car in Melbourne earlier this month.

Joshua Cooper, 13, was crossing the road at the pedestrian crossing at Main Road West in St Albans when he was hit by a car about 8.30am on August 9.

He was attempting to catch a bus to school, when he was hit by the car, which allegedly failed to stop, police said.

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Joshua was taken to hospital with serious injuries, including a broken ankle.

Police arrested a 60-year-Albanvale man today and he has since been charged with dangerous driving causing serious injury, driving dangerously, failing to stop and failing to report to police.

He was bailed to appear before Sunshine Magistrates' Court on March 1.

A roundup of the week’s racing.

Daniel Fayen will be released from prison soon on time served.