‘Underestimating the value of damage': Expert analyses reported cost of espionage in Australia
'I suspect it's actually significantly underestimating the value of damage to the Australian economy,' Mr Jennings told Sky News host Steve Price.
'And a large part of it comes from intellectual property theft.'
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Sky News AU
24 minutes ago
- Sky News AU
Today's News Headlines: Major pro-Palestine protests in Sydney and Melbourne
Australian Jewish groups react to the pro-Palestine protests, search underway for a missing person in New South Wales. Plus, Queensland firefighters join wage dispute action.
West Australian
an hour ago
- West Australian
ASX-listed gold miners arrive at Diggers & Dealers with more than $7.5b of cash and bullion to play with
Local gold miners are making the annual pilgrimage to Kalgoorlie while carrying piggy banks bursting at the seams. The Diggers & Dealers Mining Forum begins in the gold heartland on Monday after a record year for the precious metal. Gold miners were already flying high at last year's Diggers & Dealers and since then bullion's value in Australian dollar terms has surged another 38 per cent to $5120 an ounce. ASX-listed producers of the precious metal are now flush with funds — collectively holding more than $7.5 billion of cash and bullion at June 30. How those riches will be spent, or not spent, is set to dominate conversation among the 2000-plus attendees at the three-day conference. 'Perhaps they could be used for further acquisitions although prices now paid to obtain such new assets are very high,' Surbiton Associates director Sandra Close said. 'The concern is that the larger the cash reserves become, the more the company may become a tempting takeover target.' Dr Close, who has been a gold industry analyst for three decades, said there was 'another rather obvious solution'. 'I am sure that shareholders would love to see higher dividends.' A wave of consolidation has already swept through the gold industry over the past 18 months, with about $9 billion of mergers between Red 5 and Silver Lake Resources, Westgold Resources and Karora Resources, and Ramelius Resources and Spartan Resources. Gold mines and early-stage developments have also been snapped up at a premium left, right and centre across WA. South Africa's Gold Fields in May shook hands with Gruyere mine partner Gold Road Resources to buy its half stake in the Goldfields project for $3.7b in cash and shares. A day prior to this handshake, Northern Star Resources wrapped up its all-stock deal to take control of De Grey Mining and its prized Hemi development in the Pilbara for $6b. Northern Star has the biggest pile of cash and bullion among miners listed on Australia's bourse. It held $1.9b at June 30, well ahead of Ramelius in second place at $810m. Evolution Mining had $760m, Vault Minerals $686m, Greatland Gold $575m and Regis Resources $517m as the other local miners with liquid asset balances over half a billion dollars by the end of FY2025. While gold chiefs are poised to chest-beat at Kalgoorlie's Goldfields Arts Centre's lectern, their battery metals counterparts will cut forlorn figures for the second year in a row. Some, like IGO's Ivan Vella, have decided not to front. WA's once-thriving nickel industry is one mine closure away from complete collapse, lithium remains in the doldrums and no local rare earth element explorers of note had a bumper year. Uranium has also lost its glow. The radioactive commodity became a hot topic at last year's Diggers & Dealers after former Coalition leader Peter Dutton gatecrashed the conference to spruik his nuclear energy policy. Mr Dutton's election failure in May and weakening uranium prices over the past 12 months have largely killed the hype. A notable absence at this year's forum will be the presence of any of the three biggest miners in the State — BHP, Rio Tinto and Fortescue. Fortescue presented last year via Kristen Pelc, a corporate development manager, and BHP had a booth — infamously an empty one after announcing a month prior to the conference that is sprawling Nickel West arm would into care and maintenance.
The Advertiser
an hour ago
- The Advertiser
Upward spending trend unlikely to shift needle on rates
Australian spending habits will help the Reserve Bank fill in its picture of the nation's economy, with another rate cut expected at its next board meeting amid global tariff woes. All eyes will be on the monthly spending indicator for June as it becomes the main measure of retail trade when published by the Australian Bureau of Statistics on Tuesday. Household spending rose 0.9 per cent in May when consumers splashed out on clothes, shoes and new vehicles with borrowing easier since the RBA began cutting rates in February. This trend is expected to have continued in June, with Commonwealth Bank economists predicting a rise of one per cent. The data could seal the deal for the central bank's August interest rate decision following a rise in unemployment in June and a fall in inflation for the quarter, with the trimmed mean figure dropping from 2.9 per cent to 2.7 per cent. RBA deputy governor Andrew Hauser on Thursday hailed the "very welcome" data, as the central bank had been searching for more evidence of inflation returning to the midpoint of its two to three per cent target band. A host of new and increased US tariffs are expected to come into effect later in the week after nations scrambled to try lock down trade negotiations with President Donald Trump ahead of his August 1 deadline. Australia has been spared a higher tariff and though most of its goods will continue to face a 10 per cent levy, no US trading partner has a lower rate. This continuation is a "relief" according to AMP chief economist Shane Oliver, who noted Mr Trump has previously foreshadowed further tariffs on pharmaceuticals - one of Australia's biggest exports to the US. Increased tariffs on Australia's trading partners could also have indirect impacts for the domestic financial markets. "The surge in US tariffs still poses a significant threat to the global economy, which will likely become more evident in the months ahead," Mr Oliver said. Wall Street investors were feeling the pinch on Friday as new tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. The S&P suffered its biggest daily percentage decline in more than two months, with an 8.3 per cent tumble in shares after it posted quarterly results but failed to meet lofty expectations for its cloud computing unit also weighing on equities. Australian share futures dropped 32 points, or 0.37 per cent, to 16,231. The benchmark S&P/ASX200 index on Friday dropped 80.8 points, or 0.92 per cent, to 8,662.0, while the broader All Ordinaries fell 81.9 points, or 0.91 per cent, to 8,917.1. Profit reporting season also begins this week, with major companies such as News Corp, AMP and QBE Insurance set to reveal earnings results. Australian spending habits will help the Reserve Bank fill in its picture of the nation's economy, with another rate cut expected at its next board meeting amid global tariff woes. All eyes will be on the monthly spending indicator for June as it becomes the main measure of retail trade when published by the Australian Bureau of Statistics on Tuesday. Household spending rose 0.9 per cent in May when consumers splashed out on clothes, shoes and new vehicles with borrowing easier since the RBA began cutting rates in February. This trend is expected to have continued in June, with Commonwealth Bank economists predicting a rise of one per cent. The data could seal the deal for the central bank's August interest rate decision following a rise in unemployment in June and a fall in inflation for the quarter, with the trimmed mean figure dropping from 2.9 per cent to 2.7 per cent. RBA deputy governor Andrew Hauser on Thursday hailed the "very welcome" data, as the central bank had been searching for more evidence of inflation returning to the midpoint of its two to three per cent target band. A host of new and increased US tariffs are expected to come into effect later in the week after nations scrambled to try lock down trade negotiations with President Donald Trump ahead of his August 1 deadline. Australia has been spared a higher tariff and though most of its goods will continue to face a 10 per cent levy, no US trading partner has a lower rate. This continuation is a "relief" according to AMP chief economist Shane Oliver, who noted Mr Trump has previously foreshadowed further tariffs on pharmaceuticals - one of Australia's biggest exports to the US. Increased tariffs on Australia's trading partners could also have indirect impacts for the domestic financial markets. "The surge in US tariffs still poses a significant threat to the global economy, which will likely become more evident in the months ahead," Mr Oliver said. Wall Street investors were feeling the pinch on Friday as new tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. The S&P suffered its biggest daily percentage decline in more than two months, with an 8.3 per cent tumble in shares after it posted quarterly results but failed to meet lofty expectations for its cloud computing unit also weighing on equities. Australian share futures dropped 32 points, or 0.37 per cent, to 16,231. The benchmark S&P/ASX200 index on Friday dropped 80.8 points, or 0.92 per cent, to 8,662.0, while the broader All Ordinaries fell 81.9 points, or 0.91 per cent, to 8,917.1. Profit reporting season also begins this week, with major companies such as News Corp, AMP and QBE Insurance set to reveal earnings results. Australian spending habits will help the Reserve Bank fill in its picture of the nation's economy, with another rate cut expected at its next board meeting amid global tariff woes. All eyes will be on the monthly spending indicator for June as it becomes the main measure of retail trade when published by the Australian Bureau of Statistics on Tuesday. Household spending rose 0.9 per cent in May when consumers splashed out on clothes, shoes and new vehicles with borrowing easier since the RBA began cutting rates in February. This trend is expected to have continued in June, with Commonwealth Bank economists predicting a rise of one per cent. The data could seal the deal for the central bank's August interest rate decision following a rise in unemployment in June and a fall in inflation for the quarter, with the trimmed mean figure dropping from 2.9 per cent to 2.7 per cent. RBA deputy governor Andrew Hauser on Thursday hailed the "very welcome" data, as the central bank had been searching for more evidence of inflation returning to the midpoint of its two to three per cent target band. A host of new and increased US tariffs are expected to come into effect later in the week after nations scrambled to try lock down trade negotiations with President Donald Trump ahead of his August 1 deadline. Australia has been spared a higher tariff and though most of its goods will continue to face a 10 per cent levy, no US trading partner has a lower rate. This continuation is a "relief" according to AMP chief economist Shane Oliver, who noted Mr Trump has previously foreshadowed further tariffs on pharmaceuticals - one of Australia's biggest exports to the US. Increased tariffs on Australia's trading partners could also have indirect impacts for the domestic financial markets. "The surge in US tariffs still poses a significant threat to the global economy, which will likely become more evident in the months ahead," Mr Oliver said. Wall Street investors were feeling the pinch on Friday as new tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. The S&P suffered its biggest daily percentage decline in more than two months, with an 8.3 per cent tumble in shares after it posted quarterly results but failed to meet lofty expectations for its cloud computing unit also weighing on equities. Australian share futures dropped 32 points, or 0.37 per cent, to 16,231. The benchmark S&P/ASX200 index on Friday dropped 80.8 points, or 0.92 per cent, to 8,662.0, while the broader All Ordinaries fell 81.9 points, or 0.91 per cent, to 8,917.1. Profit reporting season also begins this week, with major companies such as News Corp, AMP and QBE Insurance set to reveal earnings results. Australian spending habits will help the Reserve Bank fill in its picture of the nation's economy, with another rate cut expected at its next board meeting amid global tariff woes. All eyes will be on the monthly spending indicator for June as it becomes the main measure of retail trade when published by the Australian Bureau of Statistics on Tuesday. Household spending rose 0.9 per cent in May when consumers splashed out on clothes, shoes and new vehicles with borrowing easier since the RBA began cutting rates in February. This trend is expected to have continued in June, with Commonwealth Bank economists predicting a rise of one per cent. The data could seal the deal for the central bank's August interest rate decision following a rise in unemployment in June and a fall in inflation for the quarter, with the trimmed mean figure dropping from 2.9 per cent to 2.7 per cent. RBA deputy governor Andrew Hauser on Thursday hailed the "very welcome" data, as the central bank had been searching for more evidence of inflation returning to the midpoint of its two to three per cent target band. A host of new and increased US tariffs are expected to come into effect later in the week after nations scrambled to try lock down trade negotiations with President Donald Trump ahead of his August 1 deadline. Australia has been spared a higher tariff and though most of its goods will continue to face a 10 per cent levy, no US trading partner has a lower rate. This continuation is a "relief" according to AMP chief economist Shane Oliver, who noted Mr Trump has previously foreshadowed further tariffs on pharmaceuticals - one of Australia's biggest exports to the US. Increased tariffs on Australia's trading partners could also have indirect impacts for the domestic financial markets. "The surge in US tariffs still poses a significant threat to the global economy, which will likely become more evident in the months ahead," Mr Oliver said. Wall Street investors were feeling the pinch on Friday as new tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. The S&P suffered its biggest daily percentage decline in more than two months, with an 8.3 per cent tumble in shares after it posted quarterly results but failed to meet lofty expectations for its cloud computing unit also weighing on equities. Australian share futures dropped 32 points, or 0.37 per cent, to 16,231. The benchmark S&P/ASX200 index on Friday dropped 80.8 points, or 0.92 per cent, to 8,662.0, while the broader All Ordinaries fell 81.9 points, or 0.91 per cent, to 8,917.1. Profit reporting season also begins this week, with major companies such as News Corp, AMP and QBE Insurance set to reveal earnings results.
