US markets ‘recover' following the aftermath of missile attacks
CommSec's Tom Piotrowski says US markets 'recovered' following a 'choppy' trading session in the northern hemisphere.
'It was a choppy session in northern hemisphere trade, there is no question about that,' Mr Piotrowski told Sky News Australia.
'US markets recovered from negative territory following the aftermath of missile attacks and ended at the highs of their sessions.'
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Pressure has mounted on the Albanese government to lift defence spending, after NATO allies agreed to boost theirs to five per cent of GDP. While Australia has pledged to increase its spend to 2.3 per cent by 2033/34, the US has called for a rise to 3.5 per cent. But Home Affairs Minister Tony Burke said Australia was already lifting its spending on the military, which would also centre on the ability of the armed forces to protect the country. "We start with the capability, we don't start with the dollars, and that's how we work with every financial decision that the government makes," Mr Burke told Sky News on Sunday. "With those capability decisions, we are already spending more than was spent before we came to office." Despite the push from the US, Mr Burke said Australia's relationship with America was not at risk. "The relationship with the United States is really important," he said. 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Mr Taylor said the budget for the military should be increased, regardless if there was pressure from the US. "If a government is not in a position to keep its people safe, then it has failed as a government," he said.
