Sun sets on another state's solar home battery rebate
The scrapping of a $2500 solar panel sweetener has been defended by a state energy minister after critics labelled the move a "slap in the face".
As a federal battery subsidy kicks in on July 1, NSW will replace its home battery installation rebate with a smaller incentive to create more virtual power plants.
The move comes as other states power down their own battery incentives.
Virtual power plants connect solar-powered batteries owned by households and small businesses to the grid, allowing owners to generate ongoing revenue by selling the excess energy stored in their battery when demand is high.
The NSW government argues households and businesses will benefit by stacking the new scheme - worth up to $1500 - on top of the federal program, which slashes up-front costs by about 30 per cent.
"The real value of virtual power plants is that we don't waste energy that's in the batteries," NSW Energy Minister Penny Sharpe told AAP on Thursday.
But renewable energy advocacy group Solar Citizens said ditching the state battery subsidy on June 30 was a "slap in the face" for solar panel owners.
They were promised up to $2500 in addition to the federal program if they invested in a home battery.
"This surprise decision is a blow to solar-home owners planning to buy a home battery in coming months," the group's chief executive Heidi Lee Douglas said.
She described the rebate's removal as a "betrayal" of the Labor government's election promise of the federal Cheaper Home Batteries program, which can be topped up with state rebates.
"We designed the Cheaper Home Batteries program to be stackable with state incentives, and it is," a spokesperson for Energy Minister Chris Bowen told AAP.
The $2.3 billion federal government scheme will subsidise the up-front cost of installing eligible small-scale battery by about 30 per cent from July 1.
In Western Australia, solar battery customers are still able to receive both federal and state battery subsidies starting from July.
But NSW follows other states turfing battery sweeteners.
Victoria ended an interest-free solar battery loan worth $8800 in May while Queensland closed its $4000 battery rebate in December.
Australia has the highest take-up of rooftop solar in the world, with panels on more than two million homes providing about 13 per cent of electricity needs for the national grid in the past year.
The nation could slash $4 billion a year off power bills by the end of the decade if households embrace solar batteries in larger numbers, a Climate Council report found.
The scrapping of a $2500 solar panel sweetener has been defended by a state energy minister after critics labelled the move a "slap in the face".
As a federal battery subsidy kicks in on July 1, NSW will replace its home battery installation rebate with a smaller incentive to create more virtual power plants.
The move comes as other states power down their own battery incentives.
Virtual power plants connect solar-powered batteries owned by households and small businesses to the grid, allowing owners to generate ongoing revenue by selling the excess energy stored in their battery when demand is high.
The NSW government argues households and businesses will benefit by stacking the new scheme - worth up to $1500 - on top of the federal program, which slashes up-front costs by about 30 per cent.
"The real value of virtual power plants is that we don't waste energy that's in the batteries," NSW Energy Minister Penny Sharpe told AAP on Thursday.
But renewable energy advocacy group Solar Citizens said ditching the state battery subsidy on June 30 was a "slap in the face" for solar panel owners.
They were promised up to $2500 in addition to the federal program if they invested in a home battery.
"This surprise decision is a blow to solar-home owners planning to buy a home battery in coming months," the group's chief executive Heidi Lee Douglas said.
She described the rebate's removal as a "betrayal" of the Labor government's election promise of the federal Cheaper Home Batteries program, which can be topped up with state rebates.
"We designed the Cheaper Home Batteries program to be stackable with state incentives, and it is," a spokesperson for Energy Minister Chris Bowen told AAP.
The $2.3 billion federal government scheme will subsidise the up-front cost of installing eligible small-scale battery by about 30 per cent from July 1.
In Western Australia, solar battery customers are still able to receive both federal and state battery subsidies starting from July.
But NSW follows other states turfing battery sweeteners.
Victoria ended an interest-free solar battery loan worth $8800 in May while Queensland closed its $4000 battery rebate in December.
Australia has the highest take-up of rooftop solar in the world, with panels on more than two million homes providing about 13 per cent of electricity needs for the national grid in the past year.
The nation could slash $4 billion a year off power bills by the end of the decade if households embrace solar batteries in larger numbers, a Climate Council report found.
The scrapping of a $2500 solar panel sweetener has been defended by a state energy minister after critics labelled the move a "slap in the face".
As a federal battery subsidy kicks in on July 1, NSW will replace its home battery installation rebate with a smaller incentive to create more virtual power plants.
The move comes as other states power down their own battery incentives.
Virtual power plants connect solar-powered batteries owned by households and small businesses to the grid, allowing owners to generate ongoing revenue by selling the excess energy stored in their battery when demand is high.
The NSW government argues households and businesses will benefit by stacking the new scheme - worth up to $1500 - on top of the federal program, which slashes up-front costs by about 30 per cent.
"The real value of virtual power plants is that we don't waste energy that's in the batteries," NSW Energy Minister Penny Sharpe told AAP on Thursday.
But renewable energy advocacy group Solar Citizens said ditching the state battery subsidy on June 30 was a "slap in the face" for solar panel owners.
They were promised up to $2500 in addition to the federal program if they invested in a home battery.
"This surprise decision is a blow to solar-home owners planning to buy a home battery in coming months," the group's chief executive Heidi Lee Douglas said.
She described the rebate's removal as a "betrayal" of the Labor government's election promise of the federal Cheaper Home Batteries program, which can be topped up with state rebates.
"We designed the Cheaper Home Batteries program to be stackable with state incentives, and it is," a spokesperson for Energy Minister Chris Bowen told AAP.
The $2.3 billion federal government scheme will subsidise the up-front cost of installing eligible small-scale battery by about 30 per cent from July 1.
In Western Australia, solar battery customers are still able to receive both federal and state battery subsidies starting from July.
But NSW follows other states turfing battery sweeteners.
Victoria ended an interest-free solar battery loan worth $8800 in May while Queensland closed its $4000 battery rebate in December.
Australia has the highest take-up of rooftop solar in the world, with panels on more than two million homes providing about 13 per cent of electricity needs for the national grid in the past year.
The nation could slash $4 billion a year off power bills by the end of the decade if households embrace solar batteries in larger numbers, a Climate Council report found.
The scrapping of a $2500 solar panel sweetener has been defended by a state energy minister after critics labelled the move a "slap in the face".
As a federal battery subsidy kicks in on July 1, NSW will replace its home battery installation rebate with a smaller incentive to create more virtual power plants.
The move comes as other states power down their own battery incentives.
Virtual power plants connect solar-powered batteries owned by households and small businesses to the grid, allowing owners to generate ongoing revenue by selling the excess energy stored in their battery when demand is high.
The NSW government argues households and businesses will benefit by stacking the new scheme - worth up to $1500 - on top of the federal program, which slashes up-front costs by about 30 per cent.
"The real value of virtual power plants is that we don't waste energy that's in the batteries," NSW Energy Minister Penny Sharpe told AAP on Thursday.
But renewable energy advocacy group Solar Citizens said ditching the state battery subsidy on June 30 was a "slap in the face" for solar panel owners.
They were promised up to $2500 in addition to the federal program if they invested in a home battery.
"This surprise decision is a blow to solar-home owners planning to buy a home battery in coming months," the group's chief executive Heidi Lee Douglas said.
She described the rebate's removal as a "betrayal" of the Labor government's election promise of the federal Cheaper Home Batteries program, which can be topped up with state rebates.
"We designed the Cheaper Home Batteries program to be stackable with state incentives, and it is," a spokesperson for Energy Minister Chris Bowen told AAP.
The $2.3 billion federal government scheme will subsidise the up-front cost of installing eligible small-scale battery by about 30 per cent from July 1.
In Western Australia, solar battery customers are still able to receive both federal and state battery subsidies starting from July.
But NSW follows other states turfing battery sweeteners.
Victoria ended an interest-free solar battery loan worth $8800 in May while Queensland closed its $4000 battery rebate in December.
Australia has the highest take-up of rooftop solar in the world, with panels on more than two million homes providing about 13 per cent of electricity needs for the national grid in the past year.
The nation could slash $4 billion a year off power bills by the end of the decade if households embrace solar batteries in larger numbers, a Climate Council report found.
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The Advertiser
2 hours ago
- The Advertiser
Liberals turn to ex-federal politicians for snap poll
Tasmania's embattled Liberals are rolling out several former federal politicians for a snap election, including one who announced his resignation 12 months ago. The island state is heading to the polls on July 19 - its fourth election in seven years - after Premier Jeremy Rockliff refused to step down after losing a no-confidence motion. Mr Rockliff was returned to power in minority at the most-recent March 2024 poll, but lost support of parliament in stunning fashion last week. The Liberals on Friday revealed their candidate list for the northwest electorate of Braddon, including ex-federal MP Gavin Pearce and former senator Stephen Parry. Under Tasmania's Hare-Clark voting system, seven MPs are elected in each of the state's five electorates. Mr Pearce held Braddon at federal level for six years from 2019, but announced in June 2024 he would not re-contest the seat. The seat was taken by Labor with a sizeable swing as Anthony Albanese swept to power in May. "It's almost like I read the tea leaves. (But) I did it (left) for the right reasons. The rigours of federal politics weighed on my personal commitments," Mr Pearce said on Friday. Mr Pearce said he wanted to "pick up his rifle and stand in the trenches" with Mr Rockliff, who he believed had been white-anted by the no-confidence motion. Mr Pearce has insisted he has moved on from "professional differences" with former federal Liberal colleague Bridget Archer, who often crossed the floor. Ms Archer is running for the Liberals at the state poll in the neighbouring seat of Bass. The two major parties face an uphill battle to reach the 18-seat mark required to govern in majority. The Liberals hold 14 seats, Labor 10, the Greens five, independents five and the Jacqui Lambie Network one. Mr Rockliff, one of the three incumbent Liberals in Braddon, brushed off concerns the electorate's federal swing towards Labor would be replicated at state level. "We have the best-possible team we have ever had in Braddon," Mr Rockliff said. On the second day of official campaigning, Labor announced it would ensure two new Bass Strait ferries currently in Europe would be brought to Tasmania by Christmas. The Spirit of Tasmania replacement ships won't be in service until late 2026, years behind schedule, because a berth hasn't been built. One of the vessels is sitting in Scotland, while the other is undergoing sea trials in Finland. "The Rockliff minority government has made a mess of the Spirits project - but Labor is ready to clean it up," Labor leader Dean Winter said. Mr Winter said he wanted more of the ships' final fit-out to occur in Tasmania and that they would be safer in the state. Tasmania's embattled Liberals are rolling out several former federal politicians for a snap election, including one who announced his resignation 12 months ago. The island state is heading to the polls on July 19 - its fourth election in seven years - after Premier Jeremy Rockliff refused to step down after losing a no-confidence motion. Mr Rockliff was returned to power in minority at the most-recent March 2024 poll, but lost support of parliament in stunning fashion last week. The Liberals on Friday revealed their candidate list for the northwest electorate of Braddon, including ex-federal MP Gavin Pearce and former senator Stephen Parry. Under Tasmania's Hare-Clark voting system, seven MPs are elected in each of the state's five electorates. Mr Pearce held Braddon at federal level for six years from 2019, but announced in June 2024 he would not re-contest the seat. The seat was taken by Labor with a sizeable swing as Anthony Albanese swept to power in May. "It's almost like I read the tea leaves. (But) I did it (left) for the right reasons. The rigours of federal politics weighed on my personal commitments," Mr Pearce said on Friday. Mr Pearce said he wanted to "pick up his rifle and stand in the trenches" with Mr Rockliff, who he believed had been white-anted by the no-confidence motion. Mr Pearce has insisted he has moved on from "professional differences" with former federal Liberal colleague Bridget Archer, who often crossed the floor. Ms Archer is running for the Liberals at the state poll in the neighbouring seat of Bass. The two major parties face an uphill battle to reach the 18-seat mark required to govern in majority. The Liberals hold 14 seats, Labor 10, the Greens five, independents five and the Jacqui Lambie Network one. Mr Rockliff, one of the three incumbent Liberals in Braddon, brushed off concerns the electorate's federal swing towards Labor would be replicated at state level. "We have the best-possible team we have ever had in Braddon," Mr Rockliff said. On the second day of official campaigning, Labor announced it would ensure two new Bass Strait ferries currently in Europe would be brought to Tasmania by Christmas. The Spirit of Tasmania replacement ships won't be in service until late 2026, years behind schedule, because a berth hasn't been built. One of the vessels is sitting in Scotland, while the other is undergoing sea trials in Finland. "The Rockliff minority government has made a mess of the Spirits project - but Labor is ready to clean it up," Labor leader Dean Winter said. Mr Winter said he wanted more of the ships' final fit-out to occur in Tasmania and that they would be safer in the state. Tasmania's embattled Liberals are rolling out several former federal politicians for a snap election, including one who announced his resignation 12 months ago. The island state is heading to the polls on July 19 - its fourth election in seven years - after Premier Jeremy Rockliff refused to step down after losing a no-confidence motion. Mr Rockliff was returned to power in minority at the most-recent March 2024 poll, but lost support of parliament in stunning fashion last week. The Liberals on Friday revealed their candidate list for the northwest electorate of Braddon, including ex-federal MP Gavin Pearce and former senator Stephen Parry. Under Tasmania's Hare-Clark voting system, seven MPs are elected in each of the state's five electorates. Mr Pearce held Braddon at federal level for six years from 2019, but announced in June 2024 he would not re-contest the seat. The seat was taken by Labor with a sizeable swing as Anthony Albanese swept to power in May. "It's almost like I read the tea leaves. (But) I did it (left) for the right reasons. The rigours of federal politics weighed on my personal commitments," Mr Pearce said on Friday. Mr Pearce said he wanted to "pick up his rifle and stand in the trenches" with Mr Rockliff, who he believed had been white-anted by the no-confidence motion. Mr Pearce has insisted he has moved on from "professional differences" with former federal Liberal colleague Bridget Archer, who often crossed the floor. Ms Archer is running for the Liberals at the state poll in the neighbouring seat of Bass. The two major parties face an uphill battle to reach the 18-seat mark required to govern in majority. The Liberals hold 14 seats, Labor 10, the Greens five, independents five and the Jacqui Lambie Network one. Mr Rockliff, one of the three incumbent Liberals in Braddon, brushed off concerns the electorate's federal swing towards Labor would be replicated at state level. "We have the best-possible team we have ever had in Braddon," Mr Rockliff said. On the second day of official campaigning, Labor announced it would ensure two new Bass Strait ferries currently in Europe would be brought to Tasmania by Christmas. The Spirit of Tasmania replacement ships won't be in service until late 2026, years behind schedule, because a berth hasn't been built. One of the vessels is sitting in Scotland, while the other is undergoing sea trials in Finland. "The Rockliff minority government has made a mess of the Spirits project - but Labor is ready to clean it up," Labor leader Dean Winter said. Mr Winter said he wanted more of the ships' final fit-out to occur in Tasmania and that they would be safer in the state. Tasmania's embattled Liberals are rolling out several former federal politicians for a snap election, including one who announced his resignation 12 months ago. The island state is heading to the polls on July 19 - its fourth election in seven years - after Premier Jeremy Rockliff refused to step down after losing a no-confidence motion. Mr Rockliff was returned to power in minority at the most-recent March 2024 poll, but lost support of parliament in stunning fashion last week. The Liberals on Friday revealed their candidate list for the northwest electorate of Braddon, including ex-federal MP Gavin Pearce and former senator Stephen Parry. Under Tasmania's Hare-Clark voting system, seven MPs are elected in each of the state's five electorates. Mr Pearce held Braddon at federal level for six years from 2019, but announced in June 2024 he would not re-contest the seat. The seat was taken by Labor with a sizeable swing as Anthony Albanese swept to power in May. "It's almost like I read the tea leaves. (But) I did it (left) for the right reasons. The rigours of federal politics weighed on my personal commitments," Mr Pearce said on Friday. Mr Pearce said he wanted to "pick up his rifle and stand in the trenches" with Mr Rockliff, who he believed had been white-anted by the no-confidence motion. Mr Pearce has insisted he has moved on from "professional differences" with former federal Liberal colleague Bridget Archer, who often crossed the floor. Ms Archer is running for the Liberals at the state poll in the neighbouring seat of Bass. The two major parties face an uphill battle to reach the 18-seat mark required to govern in majority. The Liberals hold 14 seats, Labor 10, the Greens five, independents five and the Jacqui Lambie Network one. Mr Rockliff, one of the three incumbent Liberals in Braddon, brushed off concerns the electorate's federal swing towards Labor would be replicated at state level. "We have the best-possible team we have ever had in Braddon," Mr Rockliff said. On the second day of official campaigning, Labor announced it would ensure two new Bass Strait ferries currently in Europe would be brought to Tasmania by Christmas. The Spirit of Tasmania replacement ships won't be in service until late 2026, years behind schedule, because a berth hasn't been built. One of the vessels is sitting in Scotland, while the other is undergoing sea trials in Finland. "The Rockliff minority government has made a mess of the Spirits project - but Labor is ready to clean it up," Labor leader Dean Winter said. Mr Winter said he wanted more of the ships' final fit-out to occur in Tasmania and that they would be safer in the state.
The Advertiser
2 hours ago
- The Advertiser
Woodside given more time to consider gas plant rules
A final call on Woodside's massive gas project has been delayed with the energy giant granted more time to consider federal conditions on cultural heritage and air quality. Woodside had 10 days to respond to Environment Minister Murray Watt's provisional approval to push out the life of its North West Shelf project in Western Australia but an unspecified extension has since been granted. Under the proposal, the project - which hosts Australia's biggest gas export plant - will be able to keep operating until 2070. The tentative approval has angered Indigenous groups fearful it will damage nearby ancient rock art, as well as environmentalists concerned it will hasten climate change. Protesters took the campaign to the offices of five federal Labor MPs in Perth on Friday where they handed over an open letter opposing the project signed by more than 60 scientists and experts. The North West Shelf's go-ahead is subject to strict conditions about the impact of air emission levels, provisions the environment minister says will ensure the 60,000-year-old Murujuga Indigenous rock art is not destroyed. Senator Watt said discussions with Woodside had been constructive and it was not uncommon for proponents in this situation to take a bit longer to respond. "I can't predict exactly when it will be that Woodside will provide those comments," he told ABC radio on Thursday. The energy giant confirmed the extended consultation period on Friday. "Woodside recognises the importance of the matters being addressed by the proposed conditions of the environmental approval including cultural heritage management and air quality," the company said in a statement. Australian Conservation Foundation climate campaigner Piper Rollins said the public had a right to see the conditions proposed by the minister. "Australians who are worried about the protection of the ancient Murujuga rock art, which has been nominated for World Heritage listing and is right next door to Woodside's gas hub, deserve to see what Woodside is being allowed to negotiate behind closed doors," Ms Rollins said. "In addition to the damage to the rock art, extending the NW Shelf gas hub until 2070 locks in decades more climate pollution and will drive demand to open new gas fields." A final call on Woodside's massive gas project has been delayed with the energy giant granted more time to consider federal conditions on cultural heritage and air quality. Woodside had 10 days to respond to Environment Minister Murray Watt's provisional approval to push out the life of its North West Shelf project in Western Australia but an unspecified extension has since been granted. Under the proposal, the project - which hosts Australia's biggest gas export plant - will be able to keep operating until 2070. The tentative approval has angered Indigenous groups fearful it will damage nearby ancient rock art, as well as environmentalists concerned it will hasten climate change. Protesters took the campaign to the offices of five federal Labor MPs in Perth on Friday where they handed over an open letter opposing the project signed by more than 60 scientists and experts. The North West Shelf's go-ahead is subject to strict conditions about the impact of air emission levels, provisions the environment minister says will ensure the 60,000-year-old Murujuga Indigenous rock art is not destroyed. Senator Watt said discussions with Woodside had been constructive and it was not uncommon for proponents in this situation to take a bit longer to respond. "I can't predict exactly when it will be that Woodside will provide those comments," he told ABC radio on Thursday. The energy giant confirmed the extended consultation period on Friday. "Woodside recognises the importance of the matters being addressed by the proposed conditions of the environmental approval including cultural heritage management and air quality," the company said in a statement. Australian Conservation Foundation climate campaigner Piper Rollins said the public had a right to see the conditions proposed by the minister. "Australians who are worried about the protection of the ancient Murujuga rock art, which has been nominated for World Heritage listing and is right next door to Woodside's gas hub, deserve to see what Woodside is being allowed to negotiate behind closed doors," Ms Rollins said. "In addition to the damage to the rock art, extending the NW Shelf gas hub until 2070 locks in decades more climate pollution and will drive demand to open new gas fields." A final call on Woodside's massive gas project has been delayed with the energy giant granted more time to consider federal conditions on cultural heritage and air quality. Woodside had 10 days to respond to Environment Minister Murray Watt's provisional approval to push out the life of its North West Shelf project in Western Australia but an unspecified extension has since been granted. Under the proposal, the project - which hosts Australia's biggest gas export plant - will be able to keep operating until 2070. The tentative approval has angered Indigenous groups fearful it will damage nearby ancient rock art, as well as environmentalists concerned it will hasten climate change. Protesters took the campaign to the offices of five federal Labor MPs in Perth on Friday where they handed over an open letter opposing the project signed by more than 60 scientists and experts. The North West Shelf's go-ahead is subject to strict conditions about the impact of air emission levels, provisions the environment minister says will ensure the 60,000-year-old Murujuga Indigenous rock art is not destroyed. Senator Watt said discussions with Woodside had been constructive and it was not uncommon for proponents in this situation to take a bit longer to respond. "I can't predict exactly when it will be that Woodside will provide those comments," he told ABC radio on Thursday. The energy giant confirmed the extended consultation period on Friday. "Woodside recognises the importance of the matters being addressed by the proposed conditions of the environmental approval including cultural heritage management and air quality," the company said in a statement. Australian Conservation Foundation climate campaigner Piper Rollins said the public had a right to see the conditions proposed by the minister. "Australians who are worried about the protection of the ancient Murujuga rock art, which has been nominated for World Heritage listing and is right next door to Woodside's gas hub, deserve to see what Woodside is being allowed to negotiate behind closed doors," Ms Rollins said. "In addition to the damage to the rock art, extending the NW Shelf gas hub until 2070 locks in decades more climate pollution and will drive demand to open new gas fields." A final call on Woodside's massive gas project has been delayed with the energy giant granted more time to consider federal conditions on cultural heritage and air quality. Woodside had 10 days to respond to Environment Minister Murray Watt's provisional approval to push out the life of its North West Shelf project in Western Australia but an unspecified extension has since been granted. Under the proposal, the project - which hosts Australia's biggest gas export plant - will be able to keep operating until 2070. The tentative approval has angered Indigenous groups fearful it will damage nearby ancient rock art, as well as environmentalists concerned it will hasten climate change. Protesters took the campaign to the offices of five federal Labor MPs in Perth on Friday where they handed over an open letter opposing the project signed by more than 60 scientists and experts. The North West Shelf's go-ahead is subject to strict conditions about the impact of air emission levels, provisions the environment minister says will ensure the 60,000-year-old Murujuga Indigenous rock art is not destroyed. Senator Watt said discussions with Woodside had been constructive and it was not uncommon for proponents in this situation to take a bit longer to respond. "I can't predict exactly when it will be that Woodside will provide those comments," he told ABC radio on Thursday. The energy giant confirmed the extended consultation period on Friday. "Woodside recognises the importance of the matters being addressed by the proposed conditions of the environmental approval including cultural heritage management and air quality," the company said in a statement. Australian Conservation Foundation climate campaigner Piper Rollins said the public had a right to see the conditions proposed by the minister. "Australians who are worried about the protection of the ancient Murujuga rock art, which has been nominated for World Heritage listing and is right next door to Woodside's gas hub, deserve to see what Woodside is being allowed to negotiate behind closed doors," Ms Rollins said. "In addition to the damage to the rock art, extending the NW Shelf gas hub until 2070 locks in decades more climate pollution and will drive demand to open new gas fields."
The Advertiser
2 hours ago
- The Advertiser
New Middle East conflict sends jitters through market
Australia's share market has lost much of the week's gains, after Israel's attack on Iran proved a brutal reality check for risk sentiment. The S&P/ASX200 fell 17.7 points, or 0.21 per cent, to 8,547.4, as the broader All Ordinaries gave up 25.4 points, or 0.29 per cent, to 8,770.6. Wednesday's dual-record intraday peak and best-ever close for the top-200 became a distant memory as Israeli air strikes on Iranian military targets and nuclear facilities prompted retaliatory drone attacks. The escalating conflict also weighed on markets in Asia, as Hong Kong's Hang Seng index, Japan's Nikkei and South Korea's KOSPI all fell between 0.8 per cent and one per cent. Eight of 11 local sectors lost ground on Friday, while energy and utilities stocks surged after oil prices spiked to four-month highs in the wake of the attacks. Brent Crude futures had since eased, but were trading at $US72.40 a barrel at 5pm. The elevation of global risk came at an inopportune time for the ASX and its financial sector, both of which hit new highs this week and showed signs of being overbought, IG Markets analyst Tony Sycamore said. "You wouldn't want to be going home long on risk (assets) ahead of this weekend, because there's just so much uncertainty out there," he told AAP. Meanwhile, the oil price spike could stoke inflation, just as central banks were easing monetary policy after finally tempering post-pandemic price growth. "In the worst-case scenario, then potentially we see crude oil spike up towards $US100 (a barrel) and that takes inflation significantly higher," Mr Sycamore said. "That reduces the ability of central banks around the world to ease interest rates, because they're then fighting another re-acceleration in inflation." Energy stocks and utilities both surged more than four per cent, and the defensive consumer discretionary sector was the only other division in the green, up 0.25 per cent. The spike in crude prices was good news for Woodside investors, as the oil and gas giant rallied more than seven per cent to $25.21, the top-200's best performer. Financial stocks, which account for roughly half of the top-200's value, fell 0.4 per cent as three of the big four banks - excepting a flat Westpac - grinded lower. The sector is roughly flat for the week. Materials stocks fell 0.2 per cent, as rallying gold miners helped soften a sell-off in large cap miners BHP (-2.6 per cent) and Rio Tinto (-1.1 per cent), tracking with an uplift in gold and continued weakness in iron ore prices. Gold itself rose to its highest level since the beginning of May to trade at $US3,445 ($A5,320) an ounce, spiking to within roughly one per cent of its $US3,500 all-time high. Australia's tech sector took the biggest hit on Friday, down 1.2 per cent as investors fled to safety. The Australian dollar is buying 64.76 US cents, down from 64.96 US cents on Thursday at 5pm. Next week, four major central banks will set their policy rates, and while investors expect no changes, they will be looking for any pivots towards dovish rhetoric in light of escalating conflict in the Middle East. "Not rate cuts, but setting up the idea that things have now become more uncertain and there is now more risk to global growth because of what happened this morning," Mr Sycamore said. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 17.7 points lower, or down 0.21 per cent, to 8,547.4 * The broader All Ordinaries lost 25.4 points, or 0.29 per cent, to 8,770.6 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.96 US cents on Thursday at 5pm * 92.99 Japanese yen, from 93.39 Japanese yen * 56.10 Euro cents, from 56.39 Euro cents * 47.83 British pence, from 47.89 pence * 107.67 NZ cents, from 107.80 NZ cents Australia's share market has lost much of the week's gains, after Israel's attack on Iran proved a brutal reality check for risk sentiment. The S&P/ASX200 fell 17.7 points, or 0.21 per cent, to 8,547.4, as the broader All Ordinaries gave up 25.4 points, or 0.29 per cent, to 8,770.6. Wednesday's dual-record intraday peak and best-ever close for the top-200 became a distant memory as Israeli air strikes on Iranian military targets and nuclear facilities prompted retaliatory drone attacks. The escalating conflict also weighed on markets in Asia, as Hong Kong's Hang Seng index, Japan's Nikkei and South Korea's KOSPI all fell between 0.8 per cent and one per cent. Eight of 11 local sectors lost ground on Friday, while energy and utilities stocks surged after oil prices spiked to four-month highs in the wake of the attacks. Brent Crude futures had since eased, but were trading at $US72.40 a barrel at 5pm. The elevation of global risk came at an inopportune time for the ASX and its financial sector, both of which hit new highs this week and showed signs of being overbought, IG Markets analyst Tony Sycamore said. "You wouldn't want to be going home long on risk (assets) ahead of this weekend, because there's just so much uncertainty out there," he told AAP. Meanwhile, the oil price spike could stoke inflation, just as central banks were easing monetary policy after finally tempering post-pandemic price growth. "In the worst-case scenario, then potentially we see crude oil spike up towards $US100 (a barrel) and that takes inflation significantly higher," Mr Sycamore said. "That reduces the ability of central banks around the world to ease interest rates, because they're then fighting another re-acceleration in inflation." Energy stocks and utilities both surged more than four per cent, and the defensive consumer discretionary sector was the only other division in the green, up 0.25 per cent. The spike in crude prices was good news for Woodside investors, as the oil and gas giant rallied more than seven per cent to $25.21, the top-200's best performer. Financial stocks, which account for roughly half of the top-200's value, fell 0.4 per cent as three of the big four banks - excepting a flat Westpac - grinded lower. The sector is roughly flat for the week. Materials stocks fell 0.2 per cent, as rallying gold miners helped soften a sell-off in large cap miners BHP (-2.6 per cent) and Rio Tinto (-1.1 per cent), tracking with an uplift in gold and continued weakness in iron ore prices. Gold itself rose to its highest level since the beginning of May to trade at $US3,445 ($A5,320) an ounce, spiking to within roughly one per cent of its $US3,500 all-time high. Australia's tech sector took the biggest hit on Friday, down 1.2 per cent as investors fled to safety. The Australian dollar is buying 64.76 US cents, down from 64.96 US cents on Thursday at 5pm. Next week, four major central banks will set their policy rates, and while investors expect no changes, they will be looking for any pivots towards dovish rhetoric in light of escalating conflict in the Middle East. "Not rate cuts, but setting up the idea that things have now become more uncertain and there is now more risk to global growth because of what happened this morning," Mr Sycamore said. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 17.7 points lower, or down 0.21 per cent, to 8,547.4 * The broader All Ordinaries lost 25.4 points, or 0.29 per cent, to 8,770.6 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.96 US cents on Thursday at 5pm * 92.99 Japanese yen, from 93.39 Japanese yen * 56.10 Euro cents, from 56.39 Euro cents * 47.83 British pence, from 47.89 pence * 107.67 NZ cents, from 107.80 NZ cents Australia's share market has lost much of the week's gains, after Israel's attack on Iran proved a brutal reality check for risk sentiment. The S&P/ASX200 fell 17.7 points, or 0.21 per cent, to 8,547.4, as the broader All Ordinaries gave up 25.4 points, or 0.29 per cent, to 8,770.6. Wednesday's dual-record intraday peak and best-ever close for the top-200 became a distant memory as Israeli air strikes on Iranian military targets and nuclear facilities prompted retaliatory drone attacks. The escalating conflict also weighed on markets in Asia, as Hong Kong's Hang Seng index, Japan's Nikkei and South Korea's KOSPI all fell between 0.8 per cent and one per cent. Eight of 11 local sectors lost ground on Friday, while energy and utilities stocks surged after oil prices spiked to four-month highs in the wake of the attacks. Brent Crude futures had since eased, but were trading at $US72.40 a barrel at 5pm. The elevation of global risk came at an inopportune time for the ASX and its financial sector, both of which hit new highs this week and showed signs of being overbought, IG Markets analyst Tony Sycamore said. "You wouldn't want to be going home long on risk (assets) ahead of this weekend, because there's just so much uncertainty out there," he told AAP. Meanwhile, the oil price spike could stoke inflation, just as central banks were easing monetary policy after finally tempering post-pandemic price growth. "In the worst-case scenario, then potentially we see crude oil spike up towards $US100 (a barrel) and that takes inflation significantly higher," Mr Sycamore said. "That reduces the ability of central banks around the world to ease interest rates, because they're then fighting another re-acceleration in inflation." Energy stocks and utilities both surged more than four per cent, and the defensive consumer discretionary sector was the only other division in the green, up 0.25 per cent. The spike in crude prices was good news for Woodside investors, as the oil and gas giant rallied more than seven per cent to $25.21, the top-200's best performer. Financial stocks, which account for roughly half of the top-200's value, fell 0.4 per cent as three of the big four banks - excepting a flat Westpac - grinded lower. The sector is roughly flat for the week. Materials stocks fell 0.2 per cent, as rallying gold miners helped soften a sell-off in large cap miners BHP (-2.6 per cent) and Rio Tinto (-1.1 per cent), tracking with an uplift in gold and continued weakness in iron ore prices. Gold itself rose to its highest level since the beginning of May to trade at $US3,445 ($A5,320) an ounce, spiking to within roughly one per cent of its $US3,500 all-time high. Australia's tech sector took the biggest hit on Friday, down 1.2 per cent as investors fled to safety. The Australian dollar is buying 64.76 US cents, down from 64.96 US cents on Thursday at 5pm. Next week, four major central banks will set their policy rates, and while investors expect no changes, they will be looking for any pivots towards dovish rhetoric in light of escalating conflict in the Middle East. "Not rate cuts, but setting up the idea that things have now become more uncertain and there is now more risk to global growth because of what happened this morning," Mr Sycamore said. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 17.7 points lower, or down 0.21 per cent, to 8,547.4 * The broader All Ordinaries lost 25.4 points, or 0.29 per cent, to 8,770.6 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.96 US cents on Thursday at 5pm * 92.99 Japanese yen, from 93.39 Japanese yen * 56.10 Euro cents, from 56.39 Euro cents * 47.83 British pence, from 47.89 pence * 107.67 NZ cents, from 107.80 NZ cents Australia's share market has lost much of the week's gains, after Israel's attack on Iran proved a brutal reality check for risk sentiment. The S&P/ASX200 fell 17.7 points, or 0.21 per cent, to 8,547.4, as the broader All Ordinaries gave up 25.4 points, or 0.29 per cent, to 8,770.6. Wednesday's dual-record intraday peak and best-ever close for the top-200 became a distant memory as Israeli air strikes on Iranian military targets and nuclear facilities prompted retaliatory drone attacks. The escalating conflict also weighed on markets in Asia, as Hong Kong's Hang Seng index, Japan's Nikkei and South Korea's KOSPI all fell between 0.8 per cent and one per cent. Eight of 11 local sectors lost ground on Friday, while energy and utilities stocks surged after oil prices spiked to four-month highs in the wake of the attacks. Brent Crude futures had since eased, but were trading at $US72.40 a barrel at 5pm. The elevation of global risk came at an inopportune time for the ASX and its financial sector, both of which hit new highs this week and showed signs of being overbought, IG Markets analyst Tony Sycamore said. "You wouldn't want to be going home long on risk (assets) ahead of this weekend, because there's just so much uncertainty out there," he told AAP. Meanwhile, the oil price spike could stoke inflation, just as central banks were easing monetary policy after finally tempering post-pandemic price growth. "In the worst-case scenario, then potentially we see crude oil spike up towards $US100 (a barrel) and that takes inflation significantly higher," Mr Sycamore said. "That reduces the ability of central banks around the world to ease interest rates, because they're then fighting another re-acceleration in inflation." Energy stocks and utilities both surged more than four per cent, and the defensive consumer discretionary sector was the only other division in the green, up 0.25 per cent. The spike in crude prices was good news for Woodside investors, as the oil and gas giant rallied more than seven per cent to $25.21, the top-200's best performer. Financial stocks, which account for roughly half of the top-200's value, fell 0.4 per cent as three of the big four banks - excepting a flat Westpac - grinded lower. The sector is roughly flat for the week. Materials stocks fell 0.2 per cent, as rallying gold miners helped soften a sell-off in large cap miners BHP (-2.6 per cent) and Rio Tinto (-1.1 per cent), tracking with an uplift in gold and continued weakness in iron ore prices. Gold itself rose to its highest level since the beginning of May to trade at $US3,445 ($A5,320) an ounce, spiking to within roughly one per cent of its $US3,500 all-time high. Australia's tech sector took the biggest hit on Friday, down 1.2 per cent as investors fled to safety. The Australian dollar is buying 64.76 US cents, down from 64.96 US cents on Thursday at 5pm. Next week, four major central banks will set their policy rates, and while investors expect no changes, they will be looking for any pivots towards dovish rhetoric in light of escalating conflict in the Middle East. "Not rate cuts, but setting up the idea that things have now become more uncertain and there is now more risk to global growth because of what happened this morning," Mr Sycamore said. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 17.7 points lower, or down 0.21 per cent, to 8,547.4 * The broader All Ordinaries lost 25.4 points, or 0.29 per cent, to 8,770.6 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.96 US cents on Thursday at 5pm * 92.99 Japanese yen, from 93.39 Japanese yen * 56.10 Euro cents, from 56.39 Euro cents * 47.83 British pence, from 47.89 pence * 107.67 NZ cents, from 107.80 NZ cents
