Live updates: Australian share market to fall, Nvidia hits record high, oil prices gain
A mixed session on Wall Street is likely to send Australian stocks lower, while oil prices rise, snapping three straight sessions of losses.
Meanwhile, shares of chip-maker Nvidia touched a record high, lifting its market value to $US3.75 trillion ($5.76 trillion) and making it the world's most valuable company.
We'll bring you the latest on what's happening on the markets throughout the day in our live blog.
Disclaimer: this blog is not intended as investment advice.
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ABC News
22 minutes ago
- ABC News
New limits for short-stay accommodation proposed in Whitsunday region
Tourists in some of Australia's favourite winter holiday destinations could soon face new limits on where they stay, as local governments crack down on short-term accommodation. Changes proposed by the Whitsunday Regional Council, which includes popular north Queensland tourist hub Airlie Beach, would zone accommodation rented through companies like Airbnb or Stayz away from residential suburbs. Mayor Ry Collins said the proposed limits were the result of years of community feedback. "You obviously don't want to see residents who are living and working here displaced because they can't get a rental or accommodation in the area." Data from real estate company PRD shows the region had a rental vacancy rate of 1.4 per cent in December, well below the Real Estate Institute of Australia's "healthy" benchmark of 3 per cent. A council housing report in August stated rental availability had declined by 15 per cent across the region over the past two years, stating that "unprecedented" housing supply shortages and cost increases had "worsened considerably". In the leafy Whitsundays suburb of Cannonvale, Debra Burns, 63, said preventing more short-term accommodation properties in her area would ensure the idyllic region could support its residents. "A party house can be some hard-working people getting away for a few days with their families, just having a good time," she said. Further north in Townsville, dwellings advertised as short-stay accommodation for more than 30 days a year will now be charged commercial rates, rather than residential, in an update to the rates structure introduced by the city council in this year's budget. In Cairns, short-term accommodation is permitted in the central city area, but is subject to council approval in low-density suburbs. It comes as new data shows investors in the tropical holiday property market are generating some of the largest returns in the country. The Whitsundays topped international holiday letting analyst AirDNA's list of top-performing regions for short-term rentals in April, where owners are generating annual revenue potential of $141,372. A statewide review of the impact of short-term accommodation on the housing market, commissioned by the Queensland government in 2023, found it was a relatively minor contributing factor to the overall housing crisis. The biggest impact was found in localised areas with a high concentration of short-stay dwellings, such as in popular tourism destinations like the Gold Coast, the Whitsundays, Townsville and Cairns. A lack of supply was the main driver of the state's housing affordability and availability issues, the review found. Cr Collins said while the council's proposed changes were not a cure-all to the housing crisis, he hoped they would help separate the strong demand for short-term stays from residential housing stock. "It is really to create better definition around where exactly we want to see short-term accommodation occur and really define those key tourism precincts," he said. "We want to ground truth it and make sure it's in line with what the community expects." The changes are open to community consultation until July 26, before they go to the state government for final approval.
News.com.au
27 minutes ago
- News.com.au
Land release opens the doors to home ownership
The first sales have begun at a Noarlunga development which will deliver more than 626 new homes over the next few years. Prospective buyers have lodged their intention-to-purchase for the first 22 lots, with the first forms signed on June 21. Half of the first lots released by Renewal SA are home-and-land packages, and half are land-only, with a steady stream of upcoming releases to keep up with demand. 'We are now assessing those forms, giving priority to owner-occupiers ahead of investors,' Renewal SA executive director Skye Bayne says. 'We will then bring on the next stages as quickly as possible.' The land is in two sections, straddling the railway line and immediately south and southwest of the Noarlunga Centre which houses Colonnades and other shops, the South Adelaide Football Club, Cardijn College and the Noarlunga Hospital, TAFE and railway station. It is only 2km from the beach, 1km from the Onkaparinga River, 15km from McLaren Vale and just 30km from Victoria Square. More than 1800 people have registered interest. 'Of course, that includes neighbours and local community members,' Bayne says. 'But land in the south is highly sought after. Developable land is much more constrained than in the north. 'It's a beautiful area and it's not often you get to create a master planned community in amongst such good existing amenity. This was intended to roll out over the next seven years but in the current market it could be a lot sooner.' A $35 million contract for civil works is in progress. All standard utility services will be installed but reticulated gas is excluded for increased sustainability. At least 15 per cent of dwellings will be affordable housing, with 80 social housing homes, led by the SA Housing Trust. HomeSeeker SA markets affordable homes and has a maximum price point now at $232,650 for land only, $594,550 for a home-and-land package, and $675,000 for a package purchased with the shared equity scheme. Income limits apply, currently $115,000 for singles and $150,000 for couples. Conditions include a limit on assets and a minimum occupancy. HomeStart offers shared equity loans. The site previously had no public infrastructure and was little used by the community. At least 12.5 per cent of the area will be public open space and a 5-star Greenstar Community rating is targeted. 'There will now be curated open space for kids to play,' Bayne says. 'We're working with a landscape architect and there will be extensive planting of native vegetation.' Renewal SA is sensitive to Aboriginal heritage and has engaged with First Nations community in relation to cultural heritage and more broadly on the project. Most of the site is in the suburb of Port Noarlunga. A formal process will bring a segment that is in Noarlunga Downs into Port Noarlunga. The master plan allows for detached housing, townhouses and apartments of up to four storeys. There will be flexibility during the roll-out as Renewal SA responds to the market and consults Onkaparinga Council, SA Housing Trust and the community. Renewal SA has a panel of builders for home-and-land packages, while buyers of land-only can choose their builder and home design, in line with the Urban Design Guidelines. The project is among a raft of Renewal SA projects. To find out more visit and register your interest. In a separate project, privately owned company MAB will develop the nearby former Port Stanvac refinery site. Better balance a big schools boost Schools across South Australia must share the love when it comes to spending on infrastructure, the State Government has decided. To support the policy of 'Every School a Great School', funding will be directed toward creating a better balance across the entire school system. 'There will be significant changes from how we have made funding decisions in the past,' Department for Education deputy chief executive Ben Temperly says. 'There has been a history of investing in the most popular schools, which adds to the enrolment demand on those schools. Under the new plan we want to improve the quality of the learning environment across the system. 'So, we will minimise investing in new enrolment places where we have spare places at other schools nearby. 'We want to increase the attractiveness of schools that have spare capacity, so parents, students and the community see them as a good option.' Under the 20-year Infrastructure Plan for SA Public Education and Care strategy published late last year, schools are being assessed individually to raise the bar. That may be buildings and amenity, but extends to curriculum support, use of digital technology, or whatever is needed. SA's student numbers are increasing at more than 2 per cent a year, outpacing the overall population increase of just over 1 per cent. This reflects SA's strong economic growth encouraging more young families to stay or move here. Population growth is fastest in outer suburbs and is a key driver of infrastructure spending. That is why in the north a new $155 million secondary school will be open in 2028 in the suburb of Eyre, and a $70 million new primary and preschool will be built in the northern suburbs. Mt Barker will see a new $61 million primary and preschool in the south-east of the Hills town, while Mt Barker High School is receiving a $9 million upgrade. In a strategic investment exemplifying the change, a $15.9 million upgrade at Oakbank Area School includes facilities to teach cyber security. This will assist existing students and also attract new students, easing pressure on Mt Barker. Some schools need urgent attention to ageing assets. This financial year's budget provided $7.6 million to Bellevue Heights Primary and $16.5 million to Surrey Downs Primary. As part of the 2025-26 State Budget, $10 million each was allocated to Fairview Park and Fraser Park Primary to replace run-down buildings. Local communities are excited about the five new technical colleges – Findon, Tonsley, The Heights, Limestone Coast and Port Augusta – which will all be open by Term 1, 2026. Lifting standards across the board will deliver multiple benefits. 'When you visit different schools now, you see quite a contrast in the age and condition of the buildings,' Temperly says. 'Our investment decisions will make it a more level playing field.' Schools investment a class act The old is making way for the new at Bellevue Heights Primary School in a welcome redevelopment thanks to a $7.6 million investment by the South Australian Government. The community nestled around the school's 180 students is looking forward to bright, open spaces in new buildings. 'We've been in old, closed spaces for so long,' principal Margot Bradley says. 'The staff are looking forward to the openness and togetherness of the new spaces. They love the connectedness of the design enabling classes to work together.' After 50 or more years, the old building bears the weathering of generations and will be demolished. In its place, the new buildings will have integrated, flexible spaces and a melding of the outdoors and indoors. Bellevue Heights Primary already has highly regarded strengths in teaching, from award-winning courses in robotics and STEM through to a flourishing environmental awareness program. The school has its own garden with vegetables and chickens. Due to open in 2027, the new building will include a community and cultural centre which will be available for parents to use. Firms share in public spend The purchasing power of the South Australian Government is behind the successful growth of many local small and medium businesses. Government investments in infrastructure and services give businesses the opportunity to compete for work. On major projects, work packages are often split into smaller sub-contracts so local companies can have a fair go. One such winner is full-service cyber consultancy Hannan & Partners, which has leapt in three years from director Mat Hannan flying solo to an outfit of 25 people and revenue of up to $5 million a year. The company has assisted more than 25 SA government agencies with cyber security, ICT strategy, procurement and risk management. Government contracts, which account for more than half of the company's order book, underpinned the business being able to invest in recruiting and training its own staff because the work was consistent and reliable, Hannan says. It also helped the consultancy demonstrate its credibility, allowing the business to grow its private sector work. 'Our involvement in high-profile projects like the Covid response and deploying a world-class platform called Splunk in SA Health has contributed to our strong trajectory in both public and private sectors,' Hannan says. Splunk is a platform which analyses and monitors the vitality of the entire SA Health Digital Network to help keep it available and secure. The SA Health deployment won international awards for innovation. In the private sector, the company has many clients in defence, transport and education and it has won work in Tasmania, NSW, California and Ireland. Hannan is extremely positive about the future. 'South Australia is a place of connections. It is through our networks and willingness to 'get stuck in' that small businesses are able to provide world-class services to government and industry alike,' he says. 'Small and medium businesses will likely not find a more accessible state government to work with than what we have here in SA.' The cyber and ICT sector is one of the areas where South Australia's share of the national industry far exceeds the population share. There are more than 50 cyber security companies, a 40 per cent increase since the early 2020s.
News.com.au
27 minutes ago
- News.com.au
Non-stop South Rd: Completing Adelaide's big road build
The hardest part was left to last for the 78km backbone of Adelaide's modern road network. But the time has come with the first concrete structures now being poured for the River Torrens to Darlington section that will create a non-stop South Road. 'Starting permanent work just eight months after contracts were signed is a proud moment for the state,' says Department for Infrastructure and Transport chief executive Jon Whelan. At $15.4 billion, the project – known as the T2D Project – is the most expensive infrastructure investment ever made in South Australia. 'We can't afford not to do it,' Whelan says. 'The current average speeds along this part of South Road are 20km/h – that's terrible. 'This section has a crash record 11 times worse than the sections of the corridor which have already been completed. 'Our roads are getting more and more congested. Once the tunnels open – no later than 2031 – the parallel roads will benefit because traffic will be attracted to the motorway and its 80km/h speed limit and lower crash rates. So, Marion Road, Goodwood Road, Unley Road and so on.' Some $850 million will go to off-corridor work, on roads and intersections feeding South Rd. This will ensure commuters can navigate construction blockages and then enhance east-west connectivity for perpetuity. The T2D Project is jointly funded 50:50 by the South Australian and Australian governments. Construction will support 5500 jobs a year – with 90 per cent of labour hours from South Australians. 'The T2D Project during construction and in operation puts more than $5 billion back into the state's economy,' Mr Whelan says. 'Between 2023 and 2050, it will put savings of about $9bn into the state from reduced traffic congestion and other economic benefits.' The western suburbs' tree canopy will significantly increase by plantings in many parks and community spaces alongside the motorway. Choosing tunnels has saved many local heritage sites and established businesses and retains neighbourhood connectivity. Once complete, public transport routes and timetables will be reviewed with outer suburban residents to benefit from faster express bus services using the non-stop South Rd. The first permanent structures are diaphragm walls built in the ground to form concrete curtains ahead of excavating the launch box for the massive Tunnel-Boring Machines (TBMs). The three main TBMs are approximately 15m in diameter – equivalent to the height of Adelaide Oval's goalposts – and around 100m in length. They are now being manufactured in Germany and China with first delivery later this year. The T2D Alliance is a partnership between the SA Government and a consortium of John Holland, Bouygues Construction, Arcadis, Jacobs and Ventia. At an industry briefing, Mr Whelan pledged that local businesses would be given every opportunity to compete for work packages. Local firms will be supported by the Department, the Industry Advocate and organisations such as the Civil Contractors Federation SA. SA firms have already won work, such as a $6m contract to SA-based McMahon Services for a link road in Clovelly Park. The Alliance has committed to create more than 600 jobs for apprentices and trainees, ensuring 6 per cent of employees are Indigenous and open up opportunities for 220 long-term unemployed. More than 1000 businesses operate in the vicinity. Discussions are being undertaken to minimise impacts during construction. Similarly, local residents can access a Community Information Centre in Hilton, a weekly update newsletter, drop-in sessions and information on the project's website. A Community Reference Group which gave local feedback during design is being replaced by three Community Reference Groups (north, central and south) for the construction stages. Tram line upgrade on track Work crews are under the starter's orders to begin a six-month blitz fixing crucial intersections on the City to Glenelg tram line. On Saturday, August 2, the whole tram line shuts for final preparations, before resuming as a CBD-only service two days later, as tram overpasses are built to eliminate three level crossings and the South Rd tram overpass is altered to accommodate the River Torrens to Darlington project. The Tram Grade Separation Projects will significantly improve traffic flow and reduce crash risks for motorists and improve reliability and safety on the popular tram route. Work will occur simultaneously on the three overpasses, and ancillary work elsewhere on the line, with a target to resume services by the return of school in January 2026. Department for Infrastructure and Transport chief executive Jon Whelan says this will minimise disruption for the public, despite being a stretch on resourcing the projects. 'We're confident,' he says. 'We've done a fair bit of prep work with weekend closures, we're ready to go. We've selected a consortium who have the experience, the runs on the board, for doing these jobs.' Project design is led by Mott MacDonald, Arup and Aurecon, while the prime contractors are McConnell Dowell and CPB. Tram grade separations at Morphett Rd and at the Marion Rd/Cross Rd/tramline confluence have been budgeted at $600 million. An additional $270 million will be drawn from the River Torrens to Darlington Project for changes needed for the lowered motorway on South Rd. Funding has been committed equally by the South Australian and Australian governments. There have been hundreds of crashes on the roads around the level crossings, resulting in fatalities, injuries and property damage as well as delays for motorists. Whelan says despite barriers and warnings, tram drivers frequently encounter pedestrians and drivers taking foolish risks. 'The community will see big benefits to safety,' he says. 'And not only that, taking away the angst the tram drivers face coming up to each level crossing will be a wellbeing benefit for our staff.' During the six-month closure, trams will run between South Tce and the Royal Adelaide Hospital and between the Botanic Gardens and the Entertainment Centre. Substitute buses will run between Glenelg's Moseley Square and the South Tce tram stop. Independently of the tram project, the department is purchasing 100 new buses for the metropolitan service – 40 hybrids and 60 all-electric buses. Fortuitously, many hybrids will be delivered soon, but the department is also hiring or purchasing some 40 buses from interstate to bulk up the thousand-strong metropolitan fleet to cater for peak periods, including extra demand caused by the Glenelg substitute run. As well as the major works, an opportunity is being seized for maintenance and minor upgrades. 'We're looking at other works along the corridor, so we don't have to come back later,' Whelan says. 'Things like tamping under the rails, installing totems which advise of the next service and so on.' The biggest ancillary project will be at the Goodwood tram bridge over the railway. A pedestrian and cycling bridge over the railway line announced in 2016 was scrapped last year in response to community opposition, particularly about loss of trees in Forestville Reserve. Instead, the archways under the tramline will be widened and a new shared-use crossing built over Brownhill Creek. Further upgrades to the station and underpass are planned for 2026, including lighting, mirrors, and CCTVs.
