This year’s floods are now the second-costliest extreme weather event in Australia’s history, passing 1974’s Cyclone Tracy and sitting only behind 1999’s Sydney Hailstorm, with the Insurance Council of Australia revealing the latest figures on insured losses.

A once-in-a-decade report from Australia’s national science agency has identified seven global megatrends that hold the key to the challenges and opportunities ahead – both for the world and, in turn, for investors.

After seven straight days of plummeting prices – plus a new 52-week low – Australian shares finally rebounded yesterday, with the ASX 200 ending the session up 1.41%, at 6523.8 points.