Markets live updates: Nvidia climbs past $US4 trillion and ASX to follow Wall Street higher
The local share market is eyeing gains at the open, while the Australian dollar is buying about 65.3 US cents.
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ABC News
40 minutes ago
- ABC News
ACBF funeral fund fined $3.5m for misrepresenting itself as an Aboriginal business
A funeral fund that cost Aboriginal clients thousands of dollars in premiums when it collapsed has been hit with a $3.5 million fine, but will not have to pay it due to being in liquidation. The Aboriginal Community Benefit Fund (ACBF), run by Youpla Group Pty Ltd, marketed itself as an Indigenous business and sold funeral premiums to customers across the country for 30 years. However, when it went into liquidation in 2022, thousands of Aboriginal Australians lost their invested money, with no guarantee it would be returned. The Australian Securities and Investments Commission (ASIC) took action against ACBF and Youpla, and a Federal Court penalty of $3.5 million was handed to the company on Thursday. The fine follows on from a $1.2 million penalty decision in 2023. In handing down Thursday's judgement, Justice Anthony Goodman said ACBF falsely insinuated it was an Aboriginal-owned company. "The representation was made to a portion of the population likely to be particularly susceptible to acting upon it." ACBF used colours associated with the Aboriginal community in logos, brochures, flyers, visual presentations and media advertisements. Justice Goodman said the $3.5 million penalty should act as a deterrent to other companies engaging in misleading or fraudulent behaviour. However, as ACBF and Youpla have collapsed, the company will not have to pay the fine. The federal government announced last year it would make $97 million available to impacted customers who held an active policy on or after August 1, 2015. This was expected to help more than 13,000 people across the country, but concerns were raised for those who were not eligible to access the funding. At the time, Broome financial counsellor Veronica Johnson said she estimated thousands of people would not benefit from the funding, after being "robbed and misled".
News.com.au
an hour ago
- News.com.au
V8 pit stop one weekend a year, charming Qlder the rest
If the sound of V8s gets your motor revving, check out this character-filled Queenslander that hit the NQ property market just in time for the Townsville 500. The three-bedroom property backs onto the Townsville street circuit between turns 10 and 11, sitting on an 878 sqm block at 20 Flowers St, Railway Estate. It is listed for sale for offers over $529,000, which is almost half of the Brisbane median house price of $1.015m. Imagine hearing the roar of V8s from your own back deck – only once a year, mind you – or being able to stroll to the race from your front door. Selling agent Ben Waugh of Elevate Property Partners said there were glimpses of the track from the back deck of the home, but with some lifting and renovations, the home could be the perfect spot for a Supercars party. 'You'd almost be able to feel the cars with how close (the property) is to the track,' he said. 'The area also has completely restricted street parking for residents only when the V8s are on, but this home has big side gate access, which means there is plenty of parking for friends and family.' The elevated house has three bedrooms, an open plan kitchen and dining room, a separate lounge and a sunroom running along the front of the house. Out the back there is a large deck looking out over the yard and swimming pool with glimpses of the track through the trees. The home has plenty of character with timber floors, VJ walls, high ceilings and stained glass windows. Downstairs there is a laundry and loads of storage space with breeze blocks adding further character. Mr Waugh said when the Townsville 500 wasn't on, Flowers St was a quiet pocket close to Townsville CBD and walking distance to Queensland Country Bank Stadium. 'It's a hugely wide, tree-lined street and the area is largely owner-occupier,' he said. Mr Waugh said the home had been listed for sale for just two days and had already attracted huge interest from investors and owner-occupiers. 'The sub-$550,000 price point is very attractive to buyers,' he said. 'It's also a great location, and you're getting a large almost-900 sqm block and a structurally sound home with a brand new roof and gutters. 'You've also got an in-ground pool, side access and plenty of room for a big shed.' Mr Waugh said he was opening the house at 5pm on Thursday afternoon, to allow potential buyers through the property before street access was restricted for the V8s. 'I'm looking forward to this early open home … we've had a lot of interest already,' he said.
News.com.au
an hour ago
- News.com.au
Business turnover slips 0.1 per cent in May 2025: ABS
Business revenues declined in May for the first time since late 2024 in a fresh warning bell for Australia's stumbling economy. The Australian Bureau of Statistics revealed the dip in its latest data release on business turnover, which covers total income generated from sales before taking out expenses. A slump in arts and recreation services propelled the decline, with the category tumbling 5.5 per cent over the month. Manufacturing declined 1.3 per cent and retail slipped 0.8 per cent. Altogether, turnover in five of 13 industries fell. 'This is the first fall in monthly business turnover since October 2024,' ABS head of business statistics Robert Ewing said. 'Softening the fall, we saw rises in electricity, gas, water and waste services, up 1.7 per cent, and wholesale trade, up 1.1 per cent.' IG market analyst Tony Sycamore said May's numbers suggested Australia's economy had entered a 'flat patch'. 'It supports other data that indicates the economy remains in a flat patch, with the softness in retail sales confirming the idea that households remain cautious,' he said. 'This reinforces the need for additional monetary policy easing from the RBA (Reserve Bank of Australia) to boost sentiment and growth prospects for the Australian economy into the end of 2025.' Compared with May 2024, however, overall turnover was 3.3 per cent higher for the month, the ABS said. May's dip follows a shock decision from the RBA on Tuesday to hold the cash rate at 3.85 per cent, defying expectations from expert commentators and the money markets. RBA governor Michele Bullock wanted to wait for the June quarter inflation numbers – scheduled for release on July 20 – before moving on rates. 'We just want to confirm with a full quarterly CPI that we're still on track to deliver inflation continuing down to the middle of the band over time,' she said in response to a question from NewsWire. 'That's the reason we're waiting. We decided to hold and we'll reconsider again in August with this extra information and new forecasts.' bRight Agent co-founder Aaron Scott called the hold a 'cruel blow' for millions of Australian homeowners. 'Despite the fact that a July cut would not have been enough to give most mortgage holders a meaningful reprieve, it would have been welcome by the millions of Aussies who are holding out for more cost-of-living relief,' he said on Tuesday. 'Nobody will be breaking out the Wagyu beef or shiraz.' On Thursday, banking giant Commonwealth Bank also warned that households remained cautious. 'While we still anticipate a pick-up in household spending in 2025, a slower rate-cutting cycle could soften this recovery over the remainder of the year,' CBA senior economist Belinda Allen said. Consumer spending lifted 0.3 per cent in June, the bank's closely watched household spending index revealed, for a third month of gains following rises of 0.4 per cent in both April and May.
