A five-way fix for disappearing hybrid income
But with the Australian Prudential Regulation Authority's decision to phase out what are formally known as Additional Tier 1 (AT1) capital securities by 2032, investors now face a pivotal question: what comes next?

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AU Financial Review
21 minutes ago
- AU Financial Review
ASX to rise, Wall St gains on EU-US trade hopes
Australian shares are set to edge higher, with futures reversing early losses after reports that the EU and US are nearing a trade deal with 15 per cent tariffs as a key component. That tariff level would match one President Donald Trump said the US had reached with Japan the previous evening. The Dow paced gains higher in New York. The S&P 500 and Nasdaq also advanced though investors are waiting for results from Alphabet and Tesla after the closing bell at 6am AEST Thursday. Market highlights ASX futures are pointing up 5 points or 0.1 per cent to 8703. All US prices as of 2.30pm New York time. Today's agenda Among corporate reports expected on Thursday: Fortescue, Coronado Global Resources, Insignia Financial, Karoon Energy, Lynas Rare Earths, Northern Star Resources, Sandfire Resources and Syrah Resources. Macquarie Group will host its annual general meeting, starting at 10.30am at its new headquarters in Sydney. RBA governor Michele Bullock will speak about – The RBA's Dual Mandate - Inflation and Employment – at the Anika Foundation in Sydney at 1.05pm. There will be a raft of manufacturing and services PMI reports released in Japan, France, Germany, the UK, the EU and the US. European Central Bank policymakers gather and are expected to vote to keep rates steady. President Christine Lagarde will host a news conference after the meeting concludes. Top stories PM lifts US beef ban, paves way for Trump tariff talks | The move removes the key excuse used by the White House to impose heavy tariffs on Australian exports, setting the scene for fresh trade negotiations. | In an unusual appearance, former prime minister Scott Morrison told a US House committee that China aimed to use its economic power to challenge the world order. | The probe into alleged bond market manipulation has dragged on for 18 months, and been a source of heightened tension between the bank and the regulator. | The investment banking group was at serious risk of a first strike against its pay report. So CEO Shemara Wikramanayake hit the phones in a move that's surprised investors.


Perth Now
21 minutes ago
- Perth Now
Ex-PM Morrison urges strong US alliances over China
US alliances and partnerships must be strengthened to push back against Chinese economic coercion, former Australian prime minister Scott Morrison has told a US congressional panel. "This is as true in the economic sphere as it is in the security sphere," Morrison said in a rare appearance by a country's former leader before Congress. He shared with the House Select Committee on China his experience of coping with the country's trade punishments - including restrictions on imports of Australian wine, barley and more - when his government called for an independent inquiry into the origin of COVID-19. Morrison, who was prime minister from 2018 to 2022, said US allies and partners can be tapped to build an alternative supply chain of rare earths, used in technology such as smartphones. For such alliances and partnerships to work, "there has to be a strong core, and that requires a strong America," he said.

AU Financial Review
4 hours ago
- AU Financial Review
Beijing targeted Australia to send warning to US, says Morrison
Washington DC | Former prime minister Scott Morrison says Beijing's trade bans on Australian goods and diplomatic freeze during his leadership were aimed at making an example of a key US ally in the Indo-Pacific, where it seeks to gain control of neighbouring democracies. In a rare appearance for a former foreign leader in front of a congressional committee, Morrison warned on Wednesday (Thursday AEST) that the Chinese Communist Party has taken advantage of its growing economic power since the 1990s to build capacity to challenge the global order.