Little Aussie miner pushes back on Chinese control of critical minerals
Monday's ASX announcement of Japanese government interest in supporting Tivan, a small listed Australian would-be miner and processor of fluorite, is another minor signpost on that long road.
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Sky News AU
2 hours ago
- Sky News AU
'Big day for America': US President Donald Trump declares August 1 tariff deadline will not be extended after securing deals with Japan, EU
President Donald Trump has declared his August 1 deadline for the introduction of tariffs will not be extended after the United States secured fresh trade deals with Japan and the European Union. The President's threat of widespread tariffs first emerged in April when the US leader announced a long list of nations would be hit with levies to address perceived trade imbalances. Those measures were subsequently delayed, however, with President Trump ultimately pushing back their introduction until August 1 in order to strike "90 deals in 90 days". Despite the delay, the US is set to fall well short of that target, prompting speculation the President could again push back the deadline. On Wednesday, though, President Trump took to his Truth Social platform to dispel any doubts about when tariffs would come into force. "The August first deadline is the August first deadline - it stands strong, and will not be extended," he wrote. "A big day for America!!!" The declaration is likely to cause concern for a number of Australian businesses, with the Albanese government yet to negotiate a new deal with the Trump administration. Prime Minister Anthony Albanese and Trade Minister Don Farrell have both cited an existing free trade agreement, as well as Australia's longstanding trade deficit with the US, as reasons the nation should escape tariffs, although neither argument has appeared to resonate. President Trump had singled out Australian biosecurity restrictions on US beef, which the government loosened last week, as an example of unfair trade practices, while pharmaceutical companies are understood to have lobbied his administration over Australia's Pharmaceutical Benefits Scheme. If Australian officials are unsuccessful at allaying those concerns, and others, the nation appears set to face tariffs of at least 10 per cent - although President Trump flagged that number may rise as high as 20 per cent in future. The President's declaration comes on the heels of major new agreements struck with Indonesia, Japan and the EU. All three nations will still face tariffs as part of the deals, although at a lower level than originally threatened when President Trump first announced the measures. President Trump's moves to upend global trade have sparked chaos in world markets and prompted the International Monetary Fund to warn they could impact economic growth in the years ahead. In its July World Economic Outlook Update, the organisation's chief economist, Pierre-Olivier Gourinchas, warned: "The world economy is still hurting, and it's going to continue hurting with tariffs at that level, even though it's not as bad as it could have been". Mr Gourinchas added tariffs were beginning to impact the US economy, saying the IMF was seeing evidence consumer prices were beginning to edge higher.
AU Financial Review
3 hours ago
- AU Financial Review
How Westpac hit CBA for six in Cricket Australia sponsor deal
It was a devastating fast ball, delivered by Westpac chief executive Anthony Miller, that took out his rival Commonwealth Bank boss Matt Comyn's middle stump. Westpac, the oldest of the nation's largest banks, is now officially the flagship sponsor of Australian cricket, ending a 37-year innings by CBA in that role. The loss of the cricket sponsorship is understood to have left Comyn fuming, and means that Westpac, under the leadership of Miller, now not only sponsors the cricket but also rugby league.
The Advertiser
4 hours ago
- The Advertiser
Global Aussie company defends 150 job cuts as Australia urged to embrace AI
The former chief executive of software giant Atlassian has defended the company's decision to fire 150 workers, urging Australia to embrace AI technology. Staff at the Australian-American tech company reportedly learnt that their jobs were axed via a prerecorded video from chief executive and co-founder Mike Cannon-Brookes. Scott Farquhar, who stepped down as joint chief executive of Atlassian in September 2024, defended the move while speaking at the National Press Club on July 30. "We just can't dig our heels in and say the jobs of today will be the jobs in 20 years," Mr Farquhar said. "Some parts of our economy will grow significantly as AI makes them more productive, and some parts of our economy will shrink as we do that," he said. The Australian billionaire said he felt "privileged and blessed" to live in a country with a strong social safety net. He said Australians had "very strong skilling opportunities" that allowed job seekers to retrain in new areas. "I also think that if we say the burden of retraining sits on the companies that are making those changes, that can put us at a comparative disadvantage to other places in the world," he said. "We're always changing the number of people we have at Atlassian on a regular basis, and so there'll always be jobs we're adding." It comes less than a fortnight after contributing writer Kelli Mara Korducki published an article on Atlassian's Work Life, warning companies against replacing staff with AI. "Leaders should approach AI as a tool to support teams, not a mechanism to replace team members," the article said. "Think about it: You wouldn't expect a hammer to do the job of a carpenter. The same logic applies to transformative tech." Atlassian was contacted for comment. The former chief executive of software giant Atlassian has defended the company's decision to fire 150 workers, urging Australia to embrace AI technology. Staff at the Australian-American tech company reportedly learnt that their jobs were axed via a prerecorded video from chief executive and co-founder Mike Cannon-Brookes. Scott Farquhar, who stepped down as joint chief executive of Atlassian in September 2024, defended the move while speaking at the National Press Club on July 30. "We just can't dig our heels in and say the jobs of today will be the jobs in 20 years," Mr Farquhar said. "Some parts of our economy will grow significantly as AI makes them more productive, and some parts of our economy will shrink as we do that," he said. The Australian billionaire said he felt "privileged and blessed" to live in a country with a strong social safety net. He said Australians had "very strong skilling opportunities" that allowed job seekers to retrain in new areas. "I also think that if we say the burden of retraining sits on the companies that are making those changes, that can put us at a comparative disadvantage to other places in the world," he said. "We're always changing the number of people we have at Atlassian on a regular basis, and so there'll always be jobs we're adding." It comes less than a fortnight after contributing writer Kelli Mara Korducki published an article on Atlassian's Work Life, warning companies against replacing staff with AI. "Leaders should approach AI as a tool to support teams, not a mechanism to replace team members," the article said. "Think about it: You wouldn't expect a hammer to do the job of a carpenter. The same logic applies to transformative tech." Atlassian was contacted for comment. The former chief executive of software giant Atlassian has defended the company's decision to fire 150 workers, urging Australia to embrace AI technology. Staff at the Australian-American tech company reportedly learnt that their jobs were axed via a prerecorded video from chief executive and co-founder Mike Cannon-Brookes. Scott Farquhar, who stepped down as joint chief executive of Atlassian in September 2024, defended the move while speaking at the National Press Club on July 30. "We just can't dig our heels in and say the jobs of today will be the jobs in 20 years," Mr Farquhar said. "Some parts of our economy will grow significantly as AI makes them more productive, and some parts of our economy will shrink as we do that," he said. The Australian billionaire said he felt "privileged and blessed" to live in a country with a strong social safety net. He said Australians had "very strong skilling opportunities" that allowed job seekers to retrain in new areas. "I also think that if we say the burden of retraining sits on the companies that are making those changes, that can put us at a comparative disadvantage to other places in the world," he said. "We're always changing the number of people we have at Atlassian on a regular basis, and so there'll always be jobs we're adding." It comes less than a fortnight after contributing writer Kelli Mara Korducki published an article on Atlassian's Work Life, warning companies against replacing staff with AI. "Leaders should approach AI as a tool to support teams, not a mechanism to replace team members," the article said. "Think about it: You wouldn't expect a hammer to do the job of a carpenter. The same logic applies to transformative tech." Atlassian was contacted for comment. The former chief executive of software giant Atlassian has defended the company's decision to fire 150 workers, urging Australia to embrace AI technology. Staff at the Australian-American tech company reportedly learnt that their jobs were axed via a prerecorded video from chief executive and co-founder Mike Cannon-Brookes. Scott Farquhar, who stepped down as joint chief executive of Atlassian in September 2024, defended the move while speaking at the National Press Club on July 30. "We just can't dig our heels in and say the jobs of today will be the jobs in 20 years," Mr Farquhar said. "Some parts of our economy will grow significantly as AI makes them more productive, and some parts of our economy will shrink as we do that," he said. The Australian billionaire said he felt "privileged and blessed" to live in a country with a strong social safety net. He said Australians had "very strong skilling opportunities" that allowed job seekers to retrain in new areas. "I also think that if we say the burden of retraining sits on the companies that are making those changes, that can put us at a comparative disadvantage to other places in the world," he said. "We're always changing the number of people we have at Atlassian on a regular basis, and so there'll always be jobs we're adding." It comes less than a fortnight after contributing writer Kelli Mara Korducki published an article on Atlassian's Work Life, warning companies against replacing staff with AI. "Leaders should approach AI as a tool to support teams, not a mechanism to replace team members," the article said. "Think about it: You wouldn't expect a hammer to do the job of a carpenter. The same logic applies to transformative tech." Atlassian was contacted for comment.
