Now is the perfect time to take stock and set financial goals
My inbox was flooded "Should I sell everything? Will the markets collapse?"
But my answer never changed. If you hold a well-structured share portfolio, the smart play is to stay the course. Long-term investing means riding out the inevitable turbulence.
And we sure got some turbulence. In early April 2025, global markets took a dramatic turn. On 2 April, President Trump announced sweeping tariffs, triggering what's now called the "Trump Thump": a historic two-day plunge in which the S&P 500 fell 10.5 per cent, wiping out over $3 trillion in value.
But by 9 April, the US administration had paused the tariff rollout, sparking a powerful rebound. Major indices posted their biggest gains in years, with the S&P 500 back in positive territory by 13 May. That rollercoaster reminded us how sensitive markets are to political shocks.
There's no doubt markets - especially overseas - are volatile, with wild price swings now the norm. Two key drivers are behind it.
First, traders chasing quick profits jump in and out, fuelling the noise.
Second, investor psychology kicks in: people reacting emotionally to headlines.
One great benefit of shares is their liquidity; you can sell quickly if needed. But liquidity is a double-edged sword - it makes markets more jumpy. Traders play games, while mums and dads panic and bail out - often at the worst possible time.
The start of a new financial year is the perfect time to take stock and set goals for improvement. Start by listing your assets and liabilities, because the best map is useless if you don't know where you are. That simple exercise often shows exactly where to focus.
If you've got a housing loan, ask yourself: could you shop around for a better rate? It's worth doing, especially if you have strong equity in your home. But if your equity is under 20 per cent, don't bother; lender's mortgage insurance (which isn't transferable) will most likely kill the deal.
If you're 50 or over, your goal should be to have your mortgage paid off, or at least well under control, by the time you retire.
The most effective strategy is to maximise your concessional super contributions, now capped at $30,000 a year. That includes what your employer pays, so if they're putting in $12,000, you can top up with another $18,000. It's far better than making extra mortgage repayments, because those come from after-tax dollars, whereas super contributions are pre-tax and tax-deductible.
When you retire, you can pull a lump sum out of super, tax-free, to pay your mortgage out in full.
For senior Australians, an essential question is: "Where do I want to be living in a few years?" As we age, we're likely to need some help. Is your current home suitable if your health or mobility changes?
If you love the area, you might modify the home and stay put. But for many, especially those in big older houses with rising maintenance costs, downsizing may be the smarter long-term option.
Also, make sure you have an enduring power of attorney and, if needed, an advance health directive.
Many people never get around to completing or reviewing these documents, and the consequences can be dreadful if there have been major changes since they were last done.
Another key task is estate planning. When did you last check your will? Update it to reflect any births, deaths, marriages, separations, or changes in your assets.
Question: I refer to your response regarding the transfer of superannuation upon death. As I understand it, a dependant does not need to take a tax-free lump sum - they can instead be nominated as a reversionary beneficiary and continue receiving the super pension after the spouse's death. Would this have any impact on how Centrelink assesses the asset? If you nominate your estate (rather than a non-dependant individual) as the beneficiary, I understand the estate will pay the 15% tax, but no Medicare levy applies. The funds can then be distributed to non-dependants. Is this correct?
Answer: Usually, only a spouse will be eligible to receive a death benefit super pension following the death of their partner. Centrelink will assess the super pension received by the surviving spouse under the current rules, subject to the pension type.
You are correct that where the estate is nominated as a beneficiary, the estate will pay tax of 15% on the taxable component of the lump sum death benefit. No Medicare levy is payable. It can then be distributed to beneficiaries to non-dependants as stated in the Will.
Question: We are a block of four company-share flats in St Kilda. Three of us are owner-occupiers. We often wonder if there's a viable alternative to being tied to a strata management company. More often than not, we reject the tradies and builders they recommend because the quotes are excessive - instead, we source our own people and pay directly. The sticking point is building insurance. That's tough to arrange independently, as it seems the strata managers use brokers who can access deals the rest of us can't.We'd really appreciate any suggestions for alternatives - maybe retired accountants, or different insurance avenues?
Answer: Strata expert Frank Higginson tells me plenty of small blocks feel the same. The truth is, nobody's really lining up to manage the little ones.
Doing it yourselves might sound good in theory, but it can make life harder, especially when it comes to insurance and tradies. Most insurers prefer dealing with brokers, and many tradespeople are reluctant to take on jobs with small owner-run bodies corporate - it's often more hassle than it's worth for them.
And if it's true company title (rather than strata), that adds another layer of complexity - the compliance is usually even tougher. In short, no easy answers here. You can go it alone, but make sure everyone's ready to carry their share of the load - and the risks.
Question: I'm 57, mortgage-free, and have been a full-time carer for many years, living mainly on the Carer Pension. My super is modest - mostly built up in the early 90s before I had a family, with a few part-time jobs during school years adding to it. I now want to improve my dental health and am exploring ways to fund dental implants. Can I access my super to help pay for it? My husband isn't working - he's been building our home - and his super is minimal, as he's only been in Australia since 2004.
Answer: Yes, it's possible - but only under strict rules. The ATO allows early access to super on compassionate grounds to pay for certain medical treatments, including dental work - but only if it's to treat a serious or chronic condition or relieve significant pain.
You'll need two medical reports (one can be from your dentist), a treatment plan, and a detailed quote. The application goes through the ATO via your myGov account. If approved, the ATO notifies your super fund and you arrange the release from there.
Just be aware - the payment is taxed like a normal withdrawal. So if you're approved to receive $10,000, you'll get that in your hand, but more is taken from your fund to cover the tax.
It's a good option for the right situation - just be sure you meet the medical criteria and have all your paperwork ready.
Welcome to a new financial year. Once again, we've lived through an eventful stretch, full of bold predictions about what might happen if Donald Trump returned to the White House.
My inbox was flooded "Should I sell everything? Will the markets collapse?"
But my answer never changed. If you hold a well-structured share portfolio, the smart play is to stay the course. Long-term investing means riding out the inevitable turbulence.
And we sure got some turbulence. In early April 2025, global markets took a dramatic turn. On 2 April, President Trump announced sweeping tariffs, triggering what's now called the "Trump Thump": a historic two-day plunge in which the S&P 500 fell 10.5 per cent, wiping out over $3 trillion in value.
But by 9 April, the US administration had paused the tariff rollout, sparking a powerful rebound. Major indices posted their biggest gains in years, with the S&P 500 back in positive territory by 13 May. That rollercoaster reminded us how sensitive markets are to political shocks.
There's no doubt markets - especially overseas - are volatile, with wild price swings now the norm. Two key drivers are behind it.
First, traders chasing quick profits jump in and out, fuelling the noise.
Second, investor psychology kicks in: people reacting emotionally to headlines.
One great benefit of shares is their liquidity; you can sell quickly if needed. But liquidity is a double-edged sword - it makes markets more jumpy. Traders play games, while mums and dads panic and bail out - often at the worst possible time.
The start of a new financial year is the perfect time to take stock and set goals for improvement. Start by listing your assets and liabilities, because the best map is useless if you don't know where you are. That simple exercise often shows exactly where to focus.
If you've got a housing loan, ask yourself: could you shop around for a better rate? It's worth doing, especially if you have strong equity in your home. But if your equity is under 20 per cent, don't bother; lender's mortgage insurance (which isn't transferable) will most likely kill the deal.
If you're 50 or over, your goal should be to have your mortgage paid off, or at least well under control, by the time you retire.
The most effective strategy is to maximise your concessional super contributions, now capped at $30,000 a year. That includes what your employer pays, so if they're putting in $12,000, you can top up with another $18,000. It's far better than making extra mortgage repayments, because those come from after-tax dollars, whereas super contributions are pre-tax and tax-deductible.
When you retire, you can pull a lump sum out of super, tax-free, to pay your mortgage out in full.
For senior Australians, an essential question is: "Where do I want to be living in a few years?" As we age, we're likely to need some help. Is your current home suitable if your health or mobility changes?
If you love the area, you might modify the home and stay put. But for many, especially those in big older houses with rising maintenance costs, downsizing may be the smarter long-term option.
Also, make sure you have an enduring power of attorney and, if needed, an advance health directive.
Many people never get around to completing or reviewing these documents, and the consequences can be dreadful if there have been major changes since they were last done.
Another key task is estate planning. When did you last check your will? Update it to reflect any births, deaths, marriages, separations, or changes in your assets.
Question: I refer to your response regarding the transfer of superannuation upon death. As I understand it, a dependant does not need to take a tax-free lump sum - they can instead be nominated as a reversionary beneficiary and continue receiving the super pension after the spouse's death. Would this have any impact on how Centrelink assesses the asset? If you nominate your estate (rather than a non-dependant individual) as the beneficiary, I understand the estate will pay the 15% tax, but no Medicare levy applies. The funds can then be distributed to non-dependants. Is this correct?
Answer: Usually, only a spouse will be eligible to receive a death benefit super pension following the death of their partner. Centrelink will assess the super pension received by the surviving spouse under the current rules, subject to the pension type.
You are correct that where the estate is nominated as a beneficiary, the estate will pay tax of 15% on the taxable component of the lump sum death benefit. No Medicare levy is payable. It can then be distributed to beneficiaries to non-dependants as stated in the Will.
Question: We are a block of four company-share flats in St Kilda. Three of us are owner-occupiers. We often wonder if there's a viable alternative to being tied to a strata management company. More often than not, we reject the tradies and builders they recommend because the quotes are excessive - instead, we source our own people and pay directly. The sticking point is building insurance. That's tough to arrange independently, as it seems the strata managers use brokers who can access deals the rest of us can't.We'd really appreciate any suggestions for alternatives - maybe retired accountants, or different insurance avenues?
Answer: Strata expert Frank Higginson tells me plenty of small blocks feel the same. The truth is, nobody's really lining up to manage the little ones.
Doing it yourselves might sound good in theory, but it can make life harder, especially when it comes to insurance and tradies. Most insurers prefer dealing with brokers, and many tradespeople are reluctant to take on jobs with small owner-run bodies corporate - it's often more hassle than it's worth for them.
And if it's true company title (rather than strata), that adds another layer of complexity - the compliance is usually even tougher. In short, no easy answers here. You can go it alone, but make sure everyone's ready to carry their share of the load - and the risks.
Question: I'm 57, mortgage-free, and have been a full-time carer for many years, living mainly on the Carer Pension. My super is modest - mostly built up in the early 90s before I had a family, with a few part-time jobs during school years adding to it. I now want to improve my dental health and am exploring ways to fund dental implants. Can I access my super to help pay for it? My husband isn't working - he's been building our home - and his super is minimal, as he's only been in Australia since 2004.
Answer: Yes, it's possible - but only under strict rules. The ATO allows early access to super on compassionate grounds to pay for certain medical treatments, including dental work - but only if it's to treat a serious or chronic condition or relieve significant pain.
You'll need two medical reports (one can be from your dentist), a treatment plan, and a detailed quote. The application goes through the ATO via your myGov account. If approved, the ATO notifies your super fund and you arrange the release from there.
Just be aware - the payment is taxed like a normal withdrawal. So if you're approved to receive $10,000, you'll get that in your hand, but more is taken from your fund to cover the tax.
It's a good option for the right situation - just be sure you meet the medical criteria and have all your paperwork ready.
Welcome to a new financial year. Once again, we've lived through an eventful stretch, full of bold predictions about what might happen if Donald Trump returned to the White House.
My inbox was flooded "Should I sell everything? Will the markets collapse?"
But my answer never changed. If you hold a well-structured share portfolio, the smart play is to stay the course. Long-term investing means riding out the inevitable turbulence.
And we sure got some turbulence. In early April 2025, global markets took a dramatic turn. On 2 April, President Trump announced sweeping tariffs, triggering what's now called the "Trump Thump": a historic two-day plunge in which the S&P 500 fell 10.5 per cent, wiping out over $3 trillion in value.
But by 9 April, the US administration had paused the tariff rollout, sparking a powerful rebound. Major indices posted their biggest gains in years, with the S&P 500 back in positive territory by 13 May. That rollercoaster reminded us how sensitive markets are to political shocks.
There's no doubt markets - especially overseas - are volatile, with wild price swings now the norm. Two key drivers are behind it.
First, traders chasing quick profits jump in and out, fuelling the noise.
Second, investor psychology kicks in: people reacting emotionally to headlines.
One great benefit of shares is their liquidity; you can sell quickly if needed. But liquidity is a double-edged sword - it makes markets more jumpy. Traders play games, while mums and dads panic and bail out - often at the worst possible time.
The start of a new financial year is the perfect time to take stock and set goals for improvement. Start by listing your assets and liabilities, because the best map is useless if you don't know where you are. That simple exercise often shows exactly where to focus.
If you've got a housing loan, ask yourself: could you shop around for a better rate? It's worth doing, especially if you have strong equity in your home. But if your equity is under 20 per cent, don't bother; lender's mortgage insurance (which isn't transferable) will most likely kill the deal.
If you're 50 or over, your goal should be to have your mortgage paid off, or at least well under control, by the time you retire.
The most effective strategy is to maximise your concessional super contributions, now capped at $30,000 a year. That includes what your employer pays, so if they're putting in $12,000, you can top up with another $18,000. It's far better than making extra mortgage repayments, because those come from after-tax dollars, whereas super contributions are pre-tax and tax-deductible.
When you retire, you can pull a lump sum out of super, tax-free, to pay your mortgage out in full.
For senior Australians, an essential question is: "Where do I want to be living in a few years?" As we age, we're likely to need some help. Is your current home suitable if your health or mobility changes?
If you love the area, you might modify the home and stay put. But for many, especially those in big older houses with rising maintenance costs, downsizing may be the smarter long-term option.
Also, make sure you have an enduring power of attorney and, if needed, an advance health directive.
Many people never get around to completing or reviewing these documents, and the consequences can be dreadful if there have been major changes since they were last done.
Another key task is estate planning. When did you last check your will? Update it to reflect any births, deaths, marriages, separations, or changes in your assets.
Question: I refer to your response regarding the transfer of superannuation upon death. As I understand it, a dependant does not need to take a tax-free lump sum - they can instead be nominated as a reversionary beneficiary and continue receiving the super pension after the spouse's death. Would this have any impact on how Centrelink assesses the asset? If you nominate your estate (rather than a non-dependant individual) as the beneficiary, I understand the estate will pay the 15% tax, but no Medicare levy applies. The funds can then be distributed to non-dependants. Is this correct?
Answer: Usually, only a spouse will be eligible to receive a death benefit super pension following the death of their partner. Centrelink will assess the super pension received by the surviving spouse under the current rules, subject to the pension type.
You are correct that where the estate is nominated as a beneficiary, the estate will pay tax of 15% on the taxable component of the lump sum death benefit. No Medicare levy is payable. It can then be distributed to beneficiaries to non-dependants as stated in the Will.
Question: We are a block of four company-share flats in St Kilda. Three of us are owner-occupiers. We often wonder if there's a viable alternative to being tied to a strata management company. More often than not, we reject the tradies and builders they recommend because the quotes are excessive - instead, we source our own people and pay directly. The sticking point is building insurance. That's tough to arrange independently, as it seems the strata managers use brokers who can access deals the rest of us can't.We'd really appreciate any suggestions for alternatives - maybe retired accountants, or different insurance avenues?
Answer: Strata expert Frank Higginson tells me plenty of small blocks feel the same. The truth is, nobody's really lining up to manage the little ones.
Doing it yourselves might sound good in theory, but it can make life harder, especially when it comes to insurance and tradies. Most insurers prefer dealing with brokers, and many tradespeople are reluctant to take on jobs with small owner-run bodies corporate - it's often more hassle than it's worth for them.
And if it's true company title (rather than strata), that adds another layer of complexity - the compliance is usually even tougher. In short, no easy answers here. You can go it alone, but make sure everyone's ready to carry their share of the load - and the risks.
Question: I'm 57, mortgage-free, and have been a full-time carer for many years, living mainly on the Carer Pension. My super is modest - mostly built up in the early 90s before I had a family, with a few part-time jobs during school years adding to it. I now want to improve my dental health and am exploring ways to fund dental implants. Can I access my super to help pay for it? My husband isn't working - he's been building our home - and his super is minimal, as he's only been in Australia since 2004.
Answer: Yes, it's possible - but only under strict rules. The ATO allows early access to super on compassionate grounds to pay for certain medical treatments, including dental work - but only if it's to treat a serious or chronic condition or relieve significant pain.
You'll need two medical reports (one can be from your dentist), a treatment plan, and a detailed quote. The application goes through the ATO via your myGov account. If approved, the ATO notifies your super fund and you arrange the release from there.
Just be aware - the payment is taxed like a normal withdrawal. So if you're approved to receive $10,000, you'll get that in your hand, but more is taken from your fund to cover the tax.
It's a good option for the right situation - just be sure you meet the medical criteria and have all your paperwork ready.
Welcome to a new financial year. Once again, we've lived through an eventful stretch, full of bold predictions about what might happen if Donald Trump returned to the White House.
My inbox was flooded "Should I sell everything? Will the markets collapse?"
But my answer never changed. If you hold a well-structured share portfolio, the smart play is to stay the course. Long-term investing means riding out the inevitable turbulence.
And we sure got some turbulence. In early April 2025, global markets took a dramatic turn. On 2 April, President Trump announced sweeping tariffs, triggering what's now called the "Trump Thump": a historic two-day plunge in which the S&P 500 fell 10.5 per cent, wiping out over $3 trillion in value.
But by 9 April, the US administration had paused the tariff rollout, sparking a powerful rebound. Major indices posted their biggest gains in years, with the S&P 500 back in positive territory by 13 May. That rollercoaster reminded us how sensitive markets are to political shocks.
There's no doubt markets - especially overseas - are volatile, with wild price swings now the norm. Two key drivers are behind it.
First, traders chasing quick profits jump in and out, fuelling the noise.
Second, investor psychology kicks in: people reacting emotionally to headlines.
One great benefit of shares is their liquidity; you can sell quickly if needed. But liquidity is a double-edged sword - it makes markets more jumpy. Traders play games, while mums and dads panic and bail out - often at the worst possible time.
The start of a new financial year is the perfect time to take stock and set goals for improvement. Start by listing your assets and liabilities, because the best map is useless if you don't know where you are. That simple exercise often shows exactly where to focus.
If you've got a housing loan, ask yourself: could you shop around for a better rate? It's worth doing, especially if you have strong equity in your home. But if your equity is under 20 per cent, don't bother; lender's mortgage insurance (which isn't transferable) will most likely kill the deal.
If you're 50 or over, your goal should be to have your mortgage paid off, or at least well under control, by the time you retire.
The most effective strategy is to maximise your concessional super contributions, now capped at $30,000 a year. That includes what your employer pays, so if they're putting in $12,000, you can top up with another $18,000. It's far better than making extra mortgage repayments, because those come from after-tax dollars, whereas super contributions are pre-tax and tax-deductible.
When you retire, you can pull a lump sum out of super, tax-free, to pay your mortgage out in full.
For senior Australians, an essential question is: "Where do I want to be living in a few years?" As we age, we're likely to need some help. Is your current home suitable if your health or mobility changes?
If you love the area, you might modify the home and stay put. But for many, especially those in big older houses with rising maintenance costs, downsizing may be the smarter long-term option.
Also, make sure you have an enduring power of attorney and, if needed, an advance health directive.
Many people never get around to completing or reviewing these documents, and the consequences can be dreadful if there have been major changes since they were last done.
Another key task is estate planning. When did you last check your will? Update it to reflect any births, deaths, marriages, separations, or changes in your assets.
Question: I refer to your response regarding the transfer of superannuation upon death. As I understand it, a dependant does not need to take a tax-free lump sum - they can instead be nominated as a reversionary beneficiary and continue receiving the super pension after the spouse's death. Would this have any impact on how Centrelink assesses the asset? If you nominate your estate (rather than a non-dependant individual) as the beneficiary, I understand the estate will pay the 15% tax, but no Medicare levy applies. The funds can then be distributed to non-dependants. Is this correct?
Answer: Usually, only a spouse will be eligible to receive a death benefit super pension following the death of their partner. Centrelink will assess the super pension received by the surviving spouse under the current rules, subject to the pension type.
You are correct that where the estate is nominated as a beneficiary, the estate will pay tax of 15% on the taxable component of the lump sum death benefit. No Medicare levy is payable. It can then be distributed to beneficiaries to non-dependants as stated in the Will.
Question: We are a block of four company-share flats in St Kilda. Three of us are owner-occupiers. We often wonder if there's a viable alternative to being tied to a strata management company. More often than not, we reject the tradies and builders they recommend because the quotes are excessive - instead, we source our own people and pay directly. The sticking point is building insurance. That's tough to arrange independently, as it seems the strata managers use brokers who can access deals the rest of us can't.We'd really appreciate any suggestions for alternatives - maybe retired accountants, or different insurance avenues?
Answer: Strata expert Frank Higginson tells me plenty of small blocks feel the same. The truth is, nobody's really lining up to manage the little ones.
Doing it yourselves might sound good in theory, but it can make life harder, especially when it comes to insurance and tradies. Most insurers prefer dealing with brokers, and many tradespeople are reluctant to take on jobs with small owner-run bodies corporate - it's often more hassle than it's worth for them.
And if it's true company title (rather than strata), that adds another layer of complexity - the compliance is usually even tougher. In short, no easy answers here. You can go it alone, but make sure everyone's ready to carry their share of the load - and the risks.
Question: I'm 57, mortgage-free, and have been a full-time carer for many years, living mainly on the Carer Pension. My super is modest - mostly built up in the early 90s before I had a family, with a few part-time jobs during school years adding to it. I now want to improve my dental health and am exploring ways to fund dental implants. Can I access my super to help pay for it? My husband isn't working - he's been building our home - and his super is minimal, as he's only been in Australia since 2004.
Answer: Yes, it's possible - but only under strict rules. The ATO allows early access to super on compassionate grounds to pay for certain medical treatments, including dental work - but only if it's to treat a serious or chronic condition or relieve significant pain.
You'll need two medical reports (one can be from your dentist), a treatment plan, and a detailed quote. The application goes through the ATO via your myGov account. If approved, the ATO notifies your super fund and you arrange the release from there.
Just be aware - the payment is taxed like a normal withdrawal. So if you're approved to receive $10,000, you'll get that in your hand, but more is taken from your fund to cover the tax.
It's a good option for the right situation - just be sure you meet the medical criteria and have all your paperwork ready.
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Zelenskiy on Monday asked First Deputy Prime Minister Yulia Svyrydenko to lead a new government, setting the stage for a political reshuffle in Ukraine. The nomination, which requires parliamentary approval, comes as diplomatic efforts to end the war, now in its fourth year, have stalled and as Ukraine seeks to revive its cash-strapped economy and build up a domestic arms industry. "We ... discussed concrete measures to boost Ukraine's economic potential, expand support programs for Ukrainians, and scale up our domestic weapons production," Zelenskiy wrote on X. "In pursuit of this goal, we are initiating a transformation of the executive branch in Ukraine," he said, adding that he had proposed that Svyrydenko lead the government and "significantly renew its work". Svyrydenko, 39, is an economist by training and has served as first deputy prime minister since 2021. US President Donald Trump has announced a toughened stance against Russia for its war in Ukraine, promising a fresh wave of missiles and other weaponry for Ukraine and giving the Kremlin 50 days to reach a ceasefire or face sanctions. In the Oval Office at an announcement with NATO Secretary General Mark Rutte, Trump told reporters he had become deeply frustrated with Russian President Vladimir Putin. He said Putin is pleasant to speak with on the phone but then turns around and unleashes withering bombing raids on Ukraine. "I don't want to say he's an assassin but he's a tough guy," Trump said, noting that several of his predecessors had also become disillusioned with Putin. The decision by Trump to send arms to Ukraine represented a turning point for the Republican president, who has spent the early months of his term trying to coax Putin into a ceasefire agreement only to be turned down every time. Under the deal, Trump said the United States will supply weapons that will be paid for by NATO countries. Rutte said massive numbers of weapons would be sent, including missiles, as part of a first wave of equipment. Trump said the "top of the line" equipment, including Patriot missile systems and batteries, would be arriving very soon. "We're going to have some come very soon, within days ... a couple of the countries that have Patriots are going to swap over and will replace the Patriots with the ones they have," he said. Ukraine President Volodymyr Zelenskiy has made regular appeals to the US and its NATO military alliance allies for weapons to help defend itself in the grinding war. Trump coupled his arms announcement with a vow to impose tariffs and sanctions on Russia if it will not make a ceasefire agreement within 50 days. US Congressional leaders have been working on a Russia sanctions package. A White House official said Trump's intent is to impose "100 per cent tariffs on Russia" and secondary sanctions on other countries that buy oil from Russia if a deal is not struck in 50 days. "If I was Vladimir Putin today, and you're speaking about what you are planning to do in 50 days ... I would reconsider whether I should not take negotiations about Ukraine more seriously," Rutte said. Rutte said Germany, Finland, Denmark, Sweden, Norway, the Netherlands and Canada all want to be a part of rearming Ukraine. "They all want to be part of this. And this is only the first wave. There will be more. So what we will do is work through the NATO systems to make sure that we know what Ukrainians need to make packages," he said. Trump's promise that NATO would pay for the weapons satisfies his demand that the US not continue bankrolling the war and puts the financial burden on US allies in Europe. Zelenskiy on Monday asked First Deputy Prime Minister Yulia Svyrydenko to lead a new government, setting the stage for a political reshuffle in Ukraine. The nomination, which requires parliamentary approval, comes as diplomatic efforts to end the war, now in its fourth year, have stalled and as Ukraine seeks to revive its cash-strapped economy and build up a domestic arms industry. "We ... discussed concrete measures to boost Ukraine's economic potential, expand support programs for Ukrainians, and scale up our domestic weapons production," Zelenskiy wrote on X. "In pursuit of this goal, we are initiating a transformation of the executive branch in Ukraine," he said, adding that he had proposed that Svyrydenko lead the government and "significantly renew its work". Svyrydenko, 39, is an economist by training and has served as first deputy prime minister since 2021. US President Donald Trump has announced a toughened stance against Russia for its war in Ukraine, promising a fresh wave of missiles and other weaponry for Ukraine and giving the Kremlin 50 days to reach a ceasefire or face sanctions. In the Oval Office at an announcement with NATO Secretary General Mark Rutte, Trump told reporters he had become deeply frustrated with Russian President Vladimir Putin. He said Putin is pleasant to speak with on the phone but then turns around and unleashes withering bombing raids on Ukraine. "I don't want to say he's an assassin but he's a tough guy," Trump said, noting that several of his predecessors had also become disillusioned with Putin. The decision by Trump to send arms to Ukraine represented a turning point for the Republican president, who has spent the early months of his term trying to coax Putin into a ceasefire agreement only to be turned down every time. Under the deal, Trump said the United States will supply weapons that will be paid for by NATO countries. Rutte said massive numbers of weapons would be sent, including missiles, as part of a first wave of equipment. Trump said the "top of the line" equipment, including Patriot missile systems and batteries, would be arriving very soon. "We're going to have some come very soon, within days ... a couple of the countries that have Patriots are going to swap over and will replace the Patriots with the ones they have," he said. Ukraine President Volodymyr Zelenskiy has made regular appeals to the US and its NATO military alliance allies for weapons to help defend itself in the grinding war. Trump coupled his arms announcement with a vow to impose tariffs and sanctions on Russia if it will not make a ceasefire agreement within 50 days. US Congressional leaders have been working on a Russia sanctions package. A White House official said Trump's intent is to impose "100 per cent tariffs on Russia" and secondary sanctions on other countries that buy oil from Russia if a deal is not struck in 50 days. "If I was Vladimir Putin today, and you're speaking about what you are planning to do in 50 days ... I would reconsider whether I should not take negotiations about Ukraine more seriously," Rutte said. Rutte said Germany, Finland, Denmark, Sweden, Norway, the Netherlands and Canada all want to be a part of rearming Ukraine. "They all want to be part of this. And this is only the first wave. There will be more. So what we will do is work through the NATO systems to make sure that we know what Ukrainians need to make packages," he said. Trump's promise that NATO would pay for the weapons satisfies his demand that the US not continue bankrolling the war and puts the financial burden on US allies in Europe. Zelenskiy on Monday asked First Deputy Prime Minister Yulia Svyrydenko to lead a new government, setting the stage for a political reshuffle in Ukraine. The nomination, which requires parliamentary approval, comes as diplomatic efforts to end the war, now in its fourth year, have stalled and as Ukraine seeks to revive its cash-strapped economy and build up a domestic arms industry. "We ... discussed concrete measures to boost Ukraine's economic potential, expand support programs for Ukrainians, and scale up our domestic weapons production," Zelenskiy wrote on X. "In pursuit of this goal, we are initiating a transformation of the executive branch in Ukraine," he said, adding that he had proposed that Svyrydenko lead the government and "significantly renew its work". Svyrydenko, 39, is an economist by training and has served as first deputy prime minister since 2021. US President Donald Trump has announced a toughened stance against Russia for its war in Ukraine, promising a fresh wave of missiles and other weaponry for Ukraine and giving the Kremlin 50 days to reach a ceasefire or face sanctions. In the Oval Office at an announcement with NATO Secretary General Mark Rutte, Trump told reporters he had become deeply frustrated with Russian President Vladimir Putin. He said Putin is pleasant to speak with on the phone but then turns around and unleashes withering bombing raids on Ukraine. "I don't want to say he's an assassin but he's a tough guy," Trump said, noting that several of his predecessors had also become disillusioned with Putin. The decision by Trump to send arms to Ukraine represented a turning point for the Republican president, who has spent the early months of his term trying to coax Putin into a ceasefire agreement only to be turned down every time. Under the deal, Trump said the United States will supply weapons that will be paid for by NATO countries. Rutte said massive numbers of weapons would be sent, including missiles, as part of a first wave of equipment. Trump said the "top of the line" equipment, including Patriot missile systems and batteries, would be arriving very soon. "We're going to have some come very soon, within days ... a couple of the countries that have Patriots are going to swap over and will replace the Patriots with the ones they have," he said. Ukraine President Volodymyr Zelenskiy has made regular appeals to the US and its NATO military alliance allies for weapons to help defend itself in the grinding war. Trump coupled his arms announcement with a vow to impose tariffs and sanctions on Russia if it will not make a ceasefire agreement within 50 days. US Congressional leaders have been working on a Russia sanctions package. A White House official said Trump's intent is to impose "100 per cent tariffs on Russia" and secondary sanctions on other countries that buy oil from Russia if a deal is not struck in 50 days. "If I was Vladimir Putin today, and you're speaking about what you are planning to do in 50 days ... I would reconsider whether I should not take negotiations about Ukraine more seriously," Rutte said. Rutte said Germany, Finland, Denmark, Sweden, Norway, the Netherlands and Canada all want to be a part of rearming Ukraine. "They all want to be part of this. And this is only the first wave. There will be more. So what we will do is work through the NATO systems to make sure that we know what Ukrainians need to make packages," he said. Trump's promise that NATO would pay for the weapons satisfies his demand that the US not continue bankrolling the war and puts the financial burden on US allies in Europe. Zelenskiy on Monday asked First Deputy Prime Minister Yulia Svyrydenko to lead a new government, setting the stage for a political reshuffle in Ukraine. The nomination, which requires parliamentary approval, comes as diplomatic efforts to end the war, now in its fourth year, have stalled and as Ukraine seeks to revive its cash-strapped economy and build up a domestic arms industry. "We ... discussed concrete measures to boost Ukraine's economic potential, expand support programs for Ukrainians, and scale up our domestic weapons production," Zelenskiy wrote on X. "In pursuit of this goal, we are initiating a transformation of the executive branch in Ukraine," he said, adding that he had proposed that Svyrydenko lead the government and "significantly renew its work". Svyrydenko, 39, is an economist by training and has served as first deputy prime minister since 2021.
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Wall Street slips amid new tariff turmoil
Wall Street has fallen marginally as investors ran into US President Donald Trump's latest tariff threats against the European Union and Mexico, starting a week loaded with economic data and major second-quarter earnings. Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals. The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce. The White House said talks with the EU, Canada and Mexico are still underway. Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper. Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals. "The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley. In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58. RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026. Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday. Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs. Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday. While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch. In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates. Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent. Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent. Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI. Crypto stocks ticked up after bitcoin topped $US120,000 for the first time. Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent. Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal. Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows. Wall Street has fallen marginally as investors ran into US President Donald Trump's latest tariff threats against the European Union and Mexico, starting a week loaded with economic data and major second-quarter earnings. Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals. The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce. The White House said talks with the EU, Canada and Mexico are still underway. Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper. Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals. "The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley. In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58. RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026. Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday. Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs. Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday. While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch. In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates. Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent. Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent. Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI. Crypto stocks ticked up after bitcoin topped $US120,000 for the first time. Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent. Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal. Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows. Wall Street has fallen marginally as investors ran into US President Donald Trump's latest tariff threats against the European Union and Mexico, starting a week loaded with economic data and major second-quarter earnings. Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals. The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce. The White House said talks with the EU, Canada and Mexico are still underway. Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper. Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals. "The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley. In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58. RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026. Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday. Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs. Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday. While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch. In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates. Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent. Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent. Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI. Crypto stocks ticked up after bitcoin topped $US120,000 for the first time. Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent. Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal. Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows. Wall Street has fallen marginally as investors ran into US President Donald Trump's latest tariff threats against the European Union and Mexico, starting a week loaded with economic data and major second-quarter earnings. Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals. The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce. The White House said talks with the EU, Canada and Mexico are still underway. Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper. Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals. "The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley. In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58. RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026. Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday. Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs. Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday. While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch. In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates. Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent. Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent. Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI. Crypto stocks ticked up after bitcoin topped $US120,000 for the first time. Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent. Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal. Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows.
