The push to allow IPOs to buy back shares to prop up prices
Its first two changes – surprisingly made at only the halfway point of a broader review into public and private markets – were ideas straight from the top end of town, the investment banks and law firms present whenever an Australian company taps public markets.
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West Australian
an hour ago
- West Australian
Anthony Albanese's China visit: Prime Minister set to travel to Beijing, Shanghai and Chengdu from Saturday
Anthony Albanese has confirmed his visit to China from Saturday, when he is heading to Beijing, Shanghai and Chengdu. The Prime Minister is expected to meet Chinese President Xi Jinping and Premier Li Qiang for the annual bilateral leaders' dialogue during the trip that will span nearly a week. Trade is expected to be high on the agenda, with these meetings the first since China lifted its final barriers on Australian exports. The ban on Australian lobsters was lifted in December. 'China's an important trading partner for Australia – 25 per cent of our exports go to China. What that means is jobs, and one of the things that my government prioritises is jobs,' Mr Albanese said on Tuesday. 'What we have done is to get rid of the more than $20 billion of impediments on goods that were stopped from going to China. 'It's made an enormous difference … products like wine and barley have not just bounced back, they've bounced back higher than they were before.' This will be the fourth time Mr Albanese has met Mr Xi. The talks come as uncertainty continues around US President Donald Trump's tariffs. The US President has publicly issued letters he has sent to several countries, including Japan, South Korea, Malaysia, Indonesia, South Africa and Serbia, informing them he will lift the rate of tariffs imposed on them from 10 per cent to a 'reciprocal' level from August 1. Australia, which has a trade surplus with the US, does not expect to be hit with anything higher than the 10 per cent base rate. China's ambassador to Australia, Xiao Qian, this week called for Australia to expand its trade deal with his country to include greater cooperation on artificial intelligence. Mr Albanese brushed off questions about his approach to this, saying Australia would determine its own policy. Australia is working with the US and UK to cooperate on developing AI and advanced military capabilities as part of AUKUS Pillar II.
Perth Now
an hour ago
- Perth Now
Update for Aus as Trump sends tariff letters
Australian goods may not be getting slugged with higher US tariffs, but that does not mean the country is getting the best deal possible, the opposition says. Donald Trump has begun sending out letters to countries that failed to lock in new trading terms with the US. The letters informed them their exports to the US would be hit with new tariff rates from August 1. The countries included close allies Japan and South Korea, which both face 25 per cent imposts. For others, the new rate is as high as 40 per cent. Australia was not named among those facing 'reciprocal tariffs' announced in April but was instead subjected to the universal 10 per cent taxes on all foreign imports – a position Anthony Albanese has said he did not expect to change. Opposition finance spokesman James Paterson said on Tuesday any tariffs on Australia were unacceptable but the Prime Minister had not given Australia the 'best chance' of getting a carve out. 'The only fair tariff on Australia would be 0 per cent, and I hope that's what we get,' Senator Paterson told Nine's Today. 'But we haven't given ourselves the best chance of securing that from the Trump administration because the Prime Minister has not even met President Trump now, seven months after he was elected. 'In stark contrast to other world leaders, like the UK Prime Minister Keir Starmer who did secure an exemption from steel and aluminium tariffs for the UK because of the personal relationship that he formed with President Trump. 'I really hope the Prime Minister doesn't leave it any longer before he forms that relationship and argues for the best case possible for our country.' Opposition finance spokesman James Paterson says the 'only fair tariff for Australia' is 0 per cent. David Crosling / NewsWire Credit: News Corp Australia The UK and Vietnam are the only countries to secure deals with the Trump administration. Though, neither have escaped the US President's levies altogether, with Vietnam still subject to 20 per cent duties. UK Prime Minister Keir Starmer has said his efforts to build a strong personal relationship with Mr Trump helped secure tariff leniency, particularly on automakers. British cars were facing a 25 per cent rate, but that was dropped to 10 per cent. Similarly, British steel and aluminium have remained at the initial 25 per cent rate, while Australian steel and aluminium have been swept up in the 50 per cent rate. But speaking to Sky News, Assistant Treasurer Dan Mulino insisted the Albanese government was 'clearly continuing to argue for the best possible deal'. 'My understanding is that we are still at the position of having a 10 per cent tariff imposed, but the good news is that that is the lowest rate that any country has been able to secure,' he said. 'So we'll continue to argue for the best possible deal, and we'll continue to argue for it to be lower than that.' Mr Mulino went on to cite Productivity Commission analysis that suggested Australia could have an advantage over other countries because 'if we're lower than other countries, that might present opportunities for us to increase our trade with the US'. 'In some situations, the tariffs the US imposing might also offer opportunities for us to secure goods from other countries that might be redirecting their trade to other parts of the world,' he said.
The Age
4 hours ago
- The Age
Australian News LIVE: Inside the mushroom murderer court case, new Trump tariffs; rate cut decision looms
Latest posts Latest posts 6.56am Alex de Minaur's Wimbledon campaign ends in disappointment By Marc McGowan Australia's hopes of a Wimbledon win have been toppled after Australian Alex de Minaur's loss to Novak Djokovic. With Roger Federer watching from the royal box, Australia's perennially underestimated tennis torchbearer returned to Wimbledon's centre court for the showdown he was supposed to have 12 months ago – and fell agonisingly short. Read how it played out here. 6.47am Are rate cuts coming? Australia awaits RBA decision By Millie Muroi and Shane Wright All eyes will be on the Reserve Bank this afternoon with RBA governor Michele Bullock expected to deliver its fastest cut in interest rates since the early days of the COVID-19 pandemic. On a $600,000 mortgage, a rate cut on Tuesday would be worth $100 a month and take to $300 the monthly savings since the Reserve Bank started easing monetary policy in February. However, not all economists are convinced the RBA will cut rates on Tuesday. Betashares chief economist David Bassanese said the bank could wait until the next quarter inflation report, due to be released at the end of the month, to get a better handle on how the economy was performing. Read our full story here. 6.38am This morning's top stories at a glance By Emily Kowal Good morning and welcome to today's national news blog. My name is Emily Kowal, and I will be taking you through today's top stories. It's Tuesday, July 8. Here's what is making news this morning. It's the case that gripped the world and now Erin Patterson has spent her first night behind bars after she was found guilty in the mushroom murder case. Our reporters take you inside the evidence we couldn't publish during the trial, including the moment Erin Patterson lost her cool, and where the unlikely murder weapon was found. In the United States, US President Donald Trump has unveiled a raft of new 25 per cent tariffs. Find out which countries are impacted here. It's (likely) rate cut day, with the Reserve Bank poised to deliver its fastest cut in interest rates since the early days of the COVID-19 pandemic. NSW Police will drop some of the charges laid against former Greens candidate Hannah Thomas after a review found officers incorrectly sought to use extraordinary emergency powers introduced to quell major riots.
