IMF warns Australia's inflation is lasting too long as BHP reports mixed results

The International Monetary Fund (IMF) has warned that Australia is experiencing 'drawn-out' inflation, which is a key concern for the country's economy. This news came as the Australian stock exchange (ASX) opened lower.

At the same time, mining giant BHP reported a record production level for its iron ore business. However, the company also announced that the first phase of its Jansen potash mine project in Canada will now cost $8.4 billion, which is higher than previously expected.