Billionaire Fox family says RBA's push on cash powers is ‘unusual'
Peter Fox, the executive chairman of Armaguard, said the family had 'given no indication that it is slightly interested in the sale or the loss of management of the business if fair prices are achieved'.
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AU Financial Review
an hour ago
- AU Financial Review
Australia dodges bullet as Trump keeps base tariff at 10pc
Australia has dodged a bullet for now with US president Donald Trump deciding leaving unchanged the basic 10 per cent import tariff he has applied to Australian goods. To the relief of the Albanese government, there was no specific mention of Australia on Friday morning AEST when Trump issued an executive order updating the reciprocal tariffs on more than 40 countries which he announced on 'liberation day' in early April.
Sky News AU
an hour ago
- Sky News AU
Donald Trump holds tariff rate at 10 per cent for Australia
Australia has dodged a higher tariff from the US as President Donald Trump unleashed a wave of increased levies on imports from other countries on Thursday. Mr Trump signed in higher rates for many countries under a new executive order, but the tariff on Australian imports will remain at the original baseline of 10 per cent. The US leader had earlier threatened to increase tariffs on Australia to 15 or 20 per cent. In a statement from Thursday morning, the Whitehouse said President Trump had decided to 'adjust' his 'reciprocal' tariff regime, first announced on April 2, in response to trade negotiations with individual countries. 'Several countries have agreed to, or are on the verge of agreeing to, meaningful trade deals and security agreements with the United States,' the statements reads. 'Some countries, through negotiations, have offered terms that, in the President's judgment, do not sufficiently address the national emergency he declared on April 2. 'Some countries have not negotiated at all with the United States. 'Based on this additional information and recommendations from senior officials, among other things, the President has determined that it is necessary and appropriate to modify the reciprocal tariff rates for certain countries.' The Whitehouse then lists a set of countries under 'Annex 1', with individual tariff rates set out for each nation. 'Countries not listed in Annex I will be subject to a 10 per cent tariff,' the Whitehouse said. Australia is not included in Annex 1. Several countries, including ostensible US allies, now face steeper import duties. Canada has been whacked with a higher 35 per cent tariff, a move up from its original 25 per cent hit. Taiwan, a key US ally in Asia, faces a 20 per cent rate. Small nations with tiny economies have also been slammed. The Pacific country of Vanuatu, with a population of some 330,000, faces a 15 per cent tariff, while Laos has copped a 40 per cent tariff blow. A tariff is a tax placed on imports and steep tariffs can effectively cripple exports. The hold at 10 per cent is likely to engender relief in Australian business and political circles. A spokesman for Trade Minister Don Farrell confirmed no country had reciprocal tariffs lower than Australia. 'While we remain in the best possible position under the US' new tariff regime, we will continue to advocate for the removal of all tariffs in line with our free trade agreement,' the spokesman said. Australia has a free-trade agreement with the US and does not place tariffs on US exports. The hold comes one week after the Albanese government agreed to allow beef imports from North America into the domestic market. The government denied the timing of the decision had anything to do with drawn-out tariff exemption talks with the US. Cattle producers have flagged biosecurity risks to the move, but the government insists beef sourced from Canada and Mexico and processed in the US would be safe. 'It was not a trade decision … the American systems were assessed by our independent officials over the last several months and found to be up to scratch,' Health Minister Mark Butler said. IG markets analyst Tony Sycamore said the initial market reaction to news had been 'relatively subdued', but retaliatory tariffs from impacted countries could trigger volatility. 'Market reactions to the newly announced tariffs have been relatively subdued, largely due to recent trade agreements with the EU, Japan, and South Korea and others that have mitigated their impact,' he said. 'What could change this situation, is retaliatory tariffs from impacted countries which in turn could lead to higher tariffs from the US than the ones announced this morning.' More to come. Originally published as US President Donald Trump holds tariff rate for Australia at 10 per cent
7NEWS
2 hours ago
- 7NEWS
Australia to continue paying baseline 10 per cent US tariff rate
Australia will be spared from higher tariffs after the Trump administration announced new levies for dozens of countries. The White House on Friday, Australian time, revealed the US president's decision to hike import taxes for products from nations that 'failed to engage in negotiations with the United States or to take adequate steps to align sufficiently on economic and national security matters'. Australia is not included on the list and its products will continue to be subject to a baseline 10 per cent tariff rate. New Zealand imports will be subject to a greater 15 per cent tariff, while more punitive rates have been imposed on products from other nations including Canada. The Albanese government recently wound back biosecurity restrictions on US beef imports, although ministers insisted the move was a coincidence and not in response to the tariffs. Washington has complained to Australia about non-tariff trade barriers in place, including long-standing restrictions on beef following a prior outbreak of mad cow disease. The US president has struck trade agreements with major partners such as Japan and the European Union after threatening them with punitive tariffs.
