Good morning,

There may be some power price relief in the next year or two but Alinta Energy boss Jeff Dimery says Australians should brace for higher bills in the longer term as the country struggles to build adequate replacements for coal and the cost of new green energy sources soars.

Meanwhile, the experts say major reforms by the Albanese government may trigger a bounty of small to mid level mergers in the next 18 months as companies act ahead of a clampdown in 2026 from the competition regulator.

And Audit and consulting giant EY Oceania is preparing to announce another round of lay-offs, with sources indicating more than 100 staff will face the chop early next week. 

And for those in the legal field, The Australian is launching a new, free newsletter Ipso Facto with scoops, analysis and comment each week. Sign up here.

Five things to know this morning

1. Local shares are set for sharp falls after hotter than expected March US inflation report derails rate cut hopes. Oil soars, gold slips.
2. Shares in listed gambling outfit BlueBet were placed in a trading halt after jumping 20 per cent on rumours a long-mooted deal with Betr is about to close. 
3. Former Oil Search chief financial officer Stephen Gardiner did not know the firm planned to replace him before Ayten Saridas was poached and appointed to take his place, according to explosive claims in the NSW Supreme Court. 
4. Software company Dubber Corporation has reported a $22m interim loss and says it will continue to search for a missing $26.6m allegedly “misappropriated” by its sacked chief executive, Steve McGovern, and a trustee.
5. The heat around the Senate inquiry into supermarkets will ratchet up significantly in coming days as some of the nation’s most powerful food and grocery bosses appear before a public hearing.