‘Not the act of a friend': Trade Minister on Trump's plan to increase steel tariffs
Trade Minister Don Farrell has labelled US President Donald Trump's plan to double steel and aluminium tariffs to 50 per cent as 'unjustified' and 'not the act of a friend'.
The American leader confirmed the decision on social media to increase the tariffs on steel and aluminium imports to 50 per cent, stating the new rate would take effect on June 4.
Mr Farrell claims the tariffs are an act of 'economic self-harm' that will push up prices for American consumers and harm Australian steel and aluminium producers.
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Sky News AU
31 minutes ago
- Sky News AU
PM ‘scared' to meet Donald Trump in the White House
The Australian's Foreign Editor Greg claims Prime Minister Anthony Albanese is 'scared' to meet with Donald Trump in the White House amid the US asking Australia to lift defence spending to 3.5 per cent of GDP. 'I think Albanese is scared of meeting Trump in the White House because imagine the two of them sitting there and someone says to the president 'well, Mr Trump, do you think Australia, which spends measly 2 per cent of its GDP on defence while America spends 3.5 per cent and defends Australia do you think that is good enough?' Trump would say no, that is a disaster,' Mr Sheridan told Sky News Australia. 'Albanese would have to have a fight with him or give in and do something real in defence.'
The Advertiser
33 minutes ago
- The Advertiser
Paying more at the bowser: discover where petrol prices have spiked the most
Australians are paying more for petrol and drivers in regional areas are often worse off - some forking out 14 cents a litre more in early 2025 than they were the year before. In the first three months of 2025 the average price across 190 regional areas was 184.3 cents per litre, an increase of 4.8 cents on the previous quarter. While prices also rose in the country's five largest capital cities, the mean pump price was lower at 182.2 cents, the Australian Competition and Consumer Commission (ACCC) quarterly petrol report card found. Canberra residents were the worst off among city-dwellers, paying an average 194.7 cents per litre at the bowser, almost 11 cents higher than at the end of 2024. Prices were up in Hobart (7.6 cents) and Darwin (12.5 cents) as well. The cheapest capital city to buy petrol was Adelaide at an average 175.5 cents a litre. The value of the Australian dollar to the US dollar, which was at a 20-year low in the first three months of 2025, was largely to blame for the price pain, the ACCC said. "The AUD-USD exchange rate ... can have a significant influence on Australia's retail petrol prices because international refined petrol is bought and sold in US dollars in global markets," it said in the report, released on June 3. Petrol prices mostly rose in each of the 190 regional areas the ACCC monitors, but some were harder hit than others. In NSW, drivers in Wagga in the Riverina were slugged 11.7 cents per litre more on average in the first quarter of 2025 compared to the final three months of the previous year. In Bathurst and Coonabarabran the average price jumped 10 cents, while in Goulburn it rose 9.7 cents, and in Orange and Yass it went up 9.6 cents. Price rises were more modest in Victoria where only Leongatha recorded a jump of more than 10 cents a litre. But the biggest single increase in any location across Australia was at Sorell north-east of Hobart in Tasmania, where locals were charged 14.1 cents more a litre on average in March compared to December 2024. Sorell also had the highest average price across the Apple Isle at 194.9 cents a litre. "In some parts of Australia, retail petrol prices can be higher in regional locations than across the five largest cities," the ACCC said. This can be down to a lack of local competition, the tyranny of distance, and lower volumes of fuel sold. In Launceston petrol was also dearer in the three months to April (12.4 cents a litre), Ulverstone (12.1 cents), Queenstown (10.2 cents) and Devonport (9.9 cents). Some Queensland towns suffered more than others, too, including Biloela (up 12.2 cents), Ingham and Warwick (11.9 cents), Moranbah (11.1 cents), Cairns (10 cents), and Mackay (9 cents). In Western Australia, Bunbury, Waroona, Kalgoorlie and Boulder drivers all experienced average petrol price hikes of more than 9 cents a litre in the March quarter. The cheapest petrol of the ACCC-monitored locations could be bought in Victor Harbor in South Australia, a coastal town on the Fleurieu Peninsula south-east of Adelaide. Oberon west of the Blue Mountains had the best average petrol price in NSW (169.4 cents) in the first three months of 2025, while Moe recorded the cheapest in Victoria at 170.7 cents a litre. In Tasmania, Queenstown had the lowest price at 181.1 cents a litre over the quarter and, in Western Australia, Busselton residents were filling up their tanks at 175.6 cents. In NSW it was most expensive to fill up in Parkes in the Central West, where fuel cost 196.1 cents a litre on average. Ararat and Mansfield tied as most expensive location in Victoria, where the price was 189.9 cents. But Queensland was home to the dearest petrol in Australia at an average of 232.5 cents a litre in Weipa on the Cape York peninsula. The latest ACCC Report on the Australian petroleum market found diesel prices also rose over the quarter, while sales of fully electric vehicles fell slightly as hybrid sales increased. Australians are paying more for petrol and drivers in regional areas are often worse off - some forking out 14 cents a litre more in early 2025 than they were the year before. In the first three months of 2025 the average price across 190 regional areas was 184.3 cents per litre, an increase of 4.8 cents on the previous quarter. While prices also rose in the country's five largest capital cities, the mean pump price was lower at 182.2 cents, the Australian Competition and Consumer Commission (ACCC) quarterly petrol report card found. Canberra residents were the worst off among city-dwellers, paying an average 194.7 cents per litre at the bowser, almost 11 cents higher than at the end of 2024. Prices were up in Hobart (7.6 cents) and Darwin (12.5 cents) as well. The cheapest capital city to buy petrol was Adelaide at an average 175.5 cents a litre. The value of the Australian dollar to the US dollar, which was at a 20-year low in the first three months of 2025, was largely to blame for the price pain, the ACCC said. "The AUD-USD exchange rate ... can have a significant influence on Australia's retail petrol prices because international refined petrol is bought and sold in US dollars in global markets," it said in the report, released on June 3. Petrol prices mostly rose in each of the 190 regional areas the ACCC monitors, but some were harder hit than others. In NSW, drivers in Wagga in the Riverina were slugged 11.7 cents per litre more on average in the first quarter of 2025 compared to the final three months of the previous year. In Bathurst and Coonabarabran the average price jumped 10 cents, while in Goulburn it rose 9.7 cents, and in Orange and Yass it went up 9.6 cents. Price rises were more modest in Victoria where only Leongatha recorded a jump of more than 10 cents a litre. But the biggest single increase in any location across Australia was at Sorell north-east of Hobart in Tasmania, where locals were charged 14.1 cents more a litre on average in March compared to December 2024. Sorell also had the highest average price across the Apple Isle at 194.9 cents a litre. "In some parts of Australia, retail petrol prices can be higher in regional locations than across the five largest cities," the ACCC said. This can be down to a lack of local competition, the tyranny of distance, and lower volumes of fuel sold. In Launceston petrol was also dearer in the three months to April (12.4 cents a litre), Ulverstone (12.1 cents), Queenstown (10.2 cents) and Devonport (9.9 cents). Some Queensland towns suffered more than others, too, including Biloela (up 12.2 cents), Ingham and Warwick (11.9 cents), Moranbah (11.1 cents), Cairns (10 cents), and Mackay (9 cents). In Western Australia, Bunbury, Waroona, Kalgoorlie and Boulder drivers all experienced average petrol price hikes of more than 9 cents a litre in the March quarter. The cheapest petrol of the ACCC-monitored locations could be bought in Victor Harbor in South Australia, a coastal town on the Fleurieu Peninsula south-east of Adelaide. Oberon west of the Blue Mountains had the best average petrol price in NSW (169.4 cents) in the first three months of 2025, while Moe recorded the cheapest in Victoria at 170.7 cents a litre. In Tasmania, Queenstown had the lowest price at 181.1 cents a litre over the quarter and, in Western Australia, Busselton residents were filling up their tanks at 175.6 cents. In NSW it was most expensive to fill up in Parkes in the Central West, where fuel cost 196.1 cents a litre on average. Ararat and Mansfield tied as most expensive location in Victoria, where the price was 189.9 cents. But Queensland was home to the dearest petrol in Australia at an average of 232.5 cents a litre in Weipa on the Cape York peninsula. The latest ACCC Report on the Australian petroleum market found diesel prices also rose over the quarter, while sales of fully electric vehicles fell slightly as hybrid sales increased. Australians are paying more for petrol and drivers in regional areas are often worse off - some forking out 14 cents a litre more in early 2025 than they were the year before. In the first three months of 2025 the average price across 190 regional areas was 184.3 cents per litre, an increase of 4.8 cents on the previous quarter. While prices also rose in the country's five largest capital cities, the mean pump price was lower at 182.2 cents, the Australian Competition and Consumer Commission (ACCC) quarterly petrol report card found. Canberra residents were the worst off among city-dwellers, paying an average 194.7 cents per litre at the bowser, almost 11 cents higher than at the end of 2024. Prices were up in Hobart (7.6 cents) and Darwin (12.5 cents) as well. The cheapest capital city to buy petrol was Adelaide at an average 175.5 cents a litre. The value of the Australian dollar to the US dollar, which was at a 20-year low in the first three months of 2025, was largely to blame for the price pain, the ACCC said. "The AUD-USD exchange rate ... can have a significant influence on Australia's retail petrol prices because international refined petrol is bought and sold in US dollars in global markets," it said in the report, released on June 3. Petrol prices mostly rose in each of the 190 regional areas the ACCC monitors, but some were harder hit than others. In NSW, drivers in Wagga in the Riverina were slugged 11.7 cents per litre more on average in the first quarter of 2025 compared to the final three months of the previous year. In Bathurst and Coonabarabran the average price jumped 10 cents, while in Goulburn it rose 9.7 cents, and in Orange and Yass it went up 9.6 cents. Price rises were more modest in Victoria where only Leongatha recorded a jump of more than 10 cents a litre. But the biggest single increase in any location across Australia was at Sorell north-east of Hobart in Tasmania, where locals were charged 14.1 cents more a litre on average in March compared to December 2024. Sorell also had the highest average price across the Apple Isle at 194.9 cents a litre. "In some parts of Australia, retail petrol prices can be higher in regional locations than across the five largest cities," the ACCC said. This can be down to a lack of local competition, the tyranny of distance, and lower volumes of fuel sold. In Launceston petrol was also dearer in the three months to April (12.4 cents a litre), Ulverstone (12.1 cents), Queenstown (10.2 cents) and Devonport (9.9 cents). Some Queensland towns suffered more than others, too, including Biloela (up 12.2 cents), Ingham and Warwick (11.9 cents), Moranbah (11.1 cents), Cairns (10 cents), and Mackay (9 cents). In Western Australia, Bunbury, Waroona, Kalgoorlie and Boulder drivers all experienced average petrol price hikes of more than 9 cents a litre in the March quarter. The cheapest petrol of the ACCC-monitored locations could be bought in Victor Harbor in South Australia, a coastal town on the Fleurieu Peninsula south-east of Adelaide. Oberon west of the Blue Mountains had the best average petrol price in NSW (169.4 cents) in the first three months of 2025, while Moe recorded the cheapest in Victoria at 170.7 cents a litre. In Tasmania, Queenstown had the lowest price at 181.1 cents a litre over the quarter and, in Western Australia, Busselton residents were filling up their tanks at 175.6 cents. In NSW it was most expensive to fill up in Parkes in the Central West, where fuel cost 196.1 cents a litre on average. Ararat and Mansfield tied as most expensive location in Victoria, where the price was 189.9 cents. But Queensland was home to the dearest petrol in Australia at an average of 232.5 cents a litre in Weipa on the Cape York peninsula. The latest ACCC Report on the Australian petroleum market found diesel prices also rose over the quarter, while sales of fully electric vehicles fell slightly as hybrid sales increased. Australians are paying more for petrol and drivers in regional areas are often worse off - some forking out 14 cents a litre more in early 2025 than they were the year before. In the first three months of 2025 the average price across 190 regional areas was 184.3 cents per litre, an increase of 4.8 cents on the previous quarter. While prices also rose in the country's five largest capital cities, the mean pump price was lower at 182.2 cents, the Australian Competition and Consumer Commission (ACCC) quarterly petrol report card found. Canberra residents were the worst off among city-dwellers, paying an average 194.7 cents per litre at the bowser, almost 11 cents higher than at the end of 2024. Prices were up in Hobart (7.6 cents) and Darwin (12.5 cents) as well. The cheapest capital city to buy petrol was Adelaide at an average 175.5 cents a litre. The value of the Australian dollar to the US dollar, which was at a 20-year low in the first three months of 2025, was largely to blame for the price pain, the ACCC said. "The AUD-USD exchange rate ... can have a significant influence on Australia's retail petrol prices because international refined petrol is bought and sold in US dollars in global markets," it said in the report, released on June 3. Petrol prices mostly rose in each of the 190 regional areas the ACCC monitors, but some were harder hit than others. In NSW, drivers in Wagga in the Riverina were slugged 11.7 cents per litre more on average in the first quarter of 2025 compared to the final three months of the previous year. In Bathurst and Coonabarabran the average price jumped 10 cents, while in Goulburn it rose 9.7 cents, and in Orange and Yass it went up 9.6 cents. Price rises were more modest in Victoria where only Leongatha recorded a jump of more than 10 cents a litre. But the biggest single increase in any location across Australia was at Sorell north-east of Hobart in Tasmania, where locals were charged 14.1 cents more a litre on average in March compared to December 2024. Sorell also had the highest average price across the Apple Isle at 194.9 cents a litre. "In some parts of Australia, retail petrol prices can be higher in regional locations than across the five largest cities," the ACCC said. This can be down to a lack of local competition, the tyranny of distance, and lower volumes of fuel sold. In Launceston petrol was also dearer in the three months to April (12.4 cents a litre), Ulverstone (12.1 cents), Queenstown (10.2 cents) and Devonport (9.9 cents). Some Queensland towns suffered more than others, too, including Biloela (up 12.2 cents), Ingham and Warwick (11.9 cents), Moranbah (11.1 cents), Cairns (10 cents), and Mackay (9 cents). In Western Australia, Bunbury, Waroona, Kalgoorlie and Boulder drivers all experienced average petrol price hikes of more than 9 cents a litre in the March quarter. The cheapest petrol of the ACCC-monitored locations could be bought in Victor Harbor in South Australia, a coastal town on the Fleurieu Peninsula south-east of Adelaide. Oberon west of the Blue Mountains had the best average petrol price in NSW (169.4 cents) in the first three months of 2025, while Moe recorded the cheapest in Victoria at 170.7 cents a litre. In Tasmania, Queenstown had the lowest price at 181.1 cents a litre over the quarter and, in Western Australia, Busselton residents were filling up their tanks at 175.6 cents. In NSW it was most expensive to fill up in Parkes in the Central West, where fuel cost 196.1 cents a litre on average. Ararat and Mansfield tied as most expensive location in Victoria, where the price was 189.9 cents. But Queensland was home to the dearest petrol in Australia at an average of 232.5 cents a litre in Weipa on the Cape York peninsula. The latest ACCC Report on the Australian petroleum market found diesel prices also rose over the quarter, while sales of fully electric vehicles fell slightly as hybrid sales increased.
West Australian
35 minutes ago
- West Australian
Further signs Australia's GDP is set to slump
An unexpected fall in Australia's current account balance has become the latest economic indicator to suggest a sluggish national economy. While the drag was modest, Australia's current account balance rose by $1.7bn for the first three months of 2025 to an overall deficit of $14.7bn. This was larger than a forecast estimate of $12.5bn. Oxford Economics Australia lead economist Ben Udy said Tuesday's current account balance released by the Australian Bureau of Statistics was just another sign of a slowing economy. 'The modest drag from net trade along with recent downbeat GDP particles paints a sombre picture for tomorrow's GDP reading,' he said. The decline in the current account balance was largely driven by a fall in the Australian dollar, as net primary income lifted in Q1. The trade balance changed little in the quarter, as a small improvement in the balance of goods was offset by a $0.2bn fall in the goods and services surplus. ABS head of international statistics Tom Lay said there was mixed news for commodities. 'Commodity price falls, notably coal, led to Australian mining businesses seeing lower profits flow to foreign direct investors, which reduced Australia's income outflows,' he said. But the price of gold rose sharply in the first three months, leading to exports of goods to lift by 2.9 per cent following a 2.3 per cent rise in the last quarter. This was the first consecutive growth in exports since the June 2022 quarter. The March rise was led by non-monetary gold, with more gold being exported and prices continuing to rise from previous highs in the December 2024 quarter. 'The $4.8bn rise in non-monetary gold exports was the highest on record. It was led by $11bn of non-monetary gold exports to the USA, which was larger than the total combined value of non-monetary gold exports to the USA over the past four years,' Mr Lay said. Without the gold contribution, goods exports would have fallen by 1 per cent in the March quarter. Separate business indicator data also released by the ABS painted a similar picture with company gross operating profits falling 0.5 per cent for the March quarter on the back of a weaker mining sector. Company gross operating profits also fell by 6 per cent. The current account balance also showed exports of services fell 1.7 per cent this quarter, with a 2.8 per cent fall in travel services. Education-related travel exports also declined in the March quarter. 'Cost-of-living pressures and global uncertainty still appear to be weighing on households' travel plans, with both exports and imports of travel services declining in the quarter,' Mr Udy said.
