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ASX flat on Tuesday as Iran/Israel conflicts leaves investors wary

News.com.au

6 hours ago

News.com.au

ASX flat on Tuesday as Iran/Israel conflicts leaves investors wary

Nervous investors continued to watch the fallout from the escalating conflict between Israel and Iran, leading to a cautious trading day on the Australian share market on Tuesday. The benchmark ASX 200 index practically traded flat, losing just 7.10 points or 0.08 per cent to close at 8,541.30. The broader All Ordinaries also slipped 3.90 points or 0.04 per cent to 8,771.10. The Aussie dollar is trading near US65.31c. Initially markets jumped on the opening bell before the Australian market dragged lower in line with US and Europe futures as US President Donald Trump urged people to leave the Iran capital of Tehran. Mr Trump issued the chilling warning to everyone in Tehran to 'immediately evacuate' in a post made on his social media platform Truth Social. 'Iran should have signed the 'deal' I told them to sign. What a shame, and waste of human life,' Mr Trump wrote. Futures markets in the US slid, with the Dow Jones Industrial Average dropping 0.32 per cent, while the S & P 500 futures dropped 0.34 per cent, and the tech heavy Nasdaq 100 futures dipped nearly 0.4 per cent. On the local bourse, seven of the 11 sectors finished in the red paring back some of the early gains. Gold miners were the bright spot on the market for a second day running with Northern Star Resources gaining 1.50 per cent to $20.99, Newmont Corporation added 2.49 per cent to $89.29 and Gold Road Resources finished up 0.60 per cent to $3.38. On the other hand, the market heavyweight financial sector dragged on the market. Commonwealth Bank fell 0.15 per cent to $179.14, NAB slipped 0.36 per cent to $38.80, Westpac slumped 0.54 per cent to $33.01 and ANZ finished in the red down 0.47 per cent to $29.46. The major iron ore miners had a mixed day as the price of the commodity traded flat at $US95.23 per tonne. BHP fell 0.37 per cent to $37.30 and Fortescue Metals slumped 0.38 per cent to $15.66. Bucking the trend was Rio Tinto which eked out a tiny 0.04 per cent gain to close at $107.15. AMP chief economist and head of investment strategy Shane Oliver said the market was following its usual process with history showing falls of around 6 per cent during times of geopolitical uncertainty, before rallying by 15 per cent in the corresponding 12 months. 'The Israel/Iran war along with tariff uncertainty poses a high risk of a renewed set back in share markets, if the conflict escalates to the point that it threatens oil supplies from the Middle East,' Dr Oliver said. 'It should also be remembered that conflicts regularly flare up in the Middle East only to settle down, so the key is not to get too negative and look for any opportunities that the conflict throws up.' In corporate news Santos continued its climb higher adding another 0.5 per cent of $7.80 after soaring more than 11 per cent on Monday after announcing an almost $30bn takeover bid.

Treasurer opens door to tax debate, saying everything is on the table at productivity roundtable

ABC News

6 hours ago

ABC News

Treasurer opens door to tax debate, saying everything is on the table at productivity roundtable

Jim Chalmers will throw open the door to a wider debate on potential tax changes at the government's economic reform summit in August as the treasurer hangs a lantern on Labor's "obligation to work out what comes next". Seeking a fresh political approach to making policy changes — amid growing questions about what the government plans to do with its thumping May 3 electoral mandate — Mr Chalmers will urge people to feel emboldened about proposing new tax reform ideas. "I expect, I anticipate, I welcome tax being an important part of the conversation," Mr Chalmers told reporters on Tuesday, ahead of an address to the National Press Club on Wednesday during which he will flesh out the government's planned "productivity roundtable". The treasurer said it "would be hard" to address the government's stated goals of making the economy more productive, returning the federal budget to a sustainable footing, and boosting economic resilience "without people raising their ideas when it comes to tax". Business groups have welcomed the roundtable opportunity, but expressed some scepticism with a belief that last term's "jobs and skills summit" became dominated by unions. It is not yet clear whether the opposition has been invited. Mr Chalmers will warn that while the government took "meaningful action" last term on structural pressures in the budget, such as in the NDIS and aged care, the job was not finished, and pressures on the budget were intensifying rather than easing. The government has a wide range of potential tax reforms open to it, having not ruled out changes on personal tax, company tax, or in areas such as electric vehicle taxes, where Labor has already indicated it will do more policy work. Participants to the roundtable, which will take place in the cabinet room in the second half of August, will be free to raise whatever ideas and concerns they have and will not be subject to non-disclosure agreements, the ABC understands. The roundtable is expected to be a number of sessions focused around the three priorities of productivity, budget "sustainability" and economic resilience, with each session including a small number of attendees. Mr Chalmers will tell the press club that people should not assume that "extreme volatility" around the world is temporary, and that it "reflects deeper currents". "So much of the democratic world is vulnerable because governments are not always meeting the aspirations of working people," he will say. "We have a responsibility here and an obligation. "A responsibility to rebuild confidence in liberal democratic politics and economic institutions — by lifting living standards for working people in particular "And an obligation to future generations to deliver a better standard of living than we enjoy today." After a first term dominated by inflation shocks, which led to a leap in interest rates and a squeeze on living standards, Mr Chalmers is pushing to make the government's second term about productivity reform. The press club speech follows a similar address by the prime minister last week, in which he announced the planned productivity gathering, due to include unions, businesses and interest groups. Mr Chalmers will say that the government aims to deliver on its housing and energy election promises but that these are "not the limits of our ambitions". "They're a foundation not a definition. "We have a mandate to deliver the policies and plans we took to the election, and a duty to build on them. "And the best way to work out what's next is together."

SBS Australia

6 hours ago

SBS Australia