Play School staffer takes ABC to court in test case
Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max's journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason
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Perth Now
12 hours ago
- Perth Now
ASX slips after Trump/Musk stoush
Cautious investors sold down the ASX on a quiet day of trading on Friday, despite the US and China resuming trade talks, as markets await critical jobs data out of the US. The benchmark ASX 200 index slipped for the second consecutive day of trading falling by 23.20 points or 0.27 per cent to 8,515.70. The ASX200 has now recorded four consecutive weekly gains. The broader All Ordinaries fell during Friday's trading, down 26.70 points or 0.30 power cent to 8,741.90. The Australian dollar also is down 0.21 per cent and is now buying 64.95 US cents. Nine of the 11 sectors fell during Friday's trading NewsWire / Max Mason-Hubers Credit: News Corp Australia On an overall bleak day on the market, nine of the 11 sectors finished in the red with just energy, industrials and utilities gaining ground. Woodside Energy gained 0.97 per cent to $22.94, while Santos is up 0.61 per cent to $6.58 as the price of Brent crude oil continues to recover over the week's trading. Industrials also had a strong day led by Qantas Airways which jumped 3.46 per cent to $10.76 despite the news Virgin Australia is looking to re-list. Transurban shares also rose 0.63 per cent to $14.38, and Computershares Limited rose 0.83 per cent to $41.08. CBA shares slipped from its record highs down 0.79 per cent to $179.90, Westpac fell 0.24 per cent to $33.18 and ANZ traded 0.44 per cent lower to $29.50. NAB was the only big four bank to finish in the eking out a 0.18 per cent gain and to close Friday's trading at $38.58. eToro market analyst Josh Gilbert said initially there was optimism on the markets following 'very good' trade talks between Washington and Beijing. But this quickly changed after a public spat between former friends President Donald Trump and Tesla chief executive Elon Musk. 'This will provide a hit to overall market sentiment, particularly tech, but may not be long-lasting for anyone other than Tesla,' Mr Gilbert said. Australia's sharemarket has now risen four consecutive weeks in a row. NewsWire / Max Mason-Hubers Credit: News Corp Australia The overall lower volumes on the ASX comes as investors await the latest payroll data out of the US. 'The uncertain macro backdrop continues to provide a hurdle for risk-on sentiment, and cooling US economic data is leaving investors unassured,' Mr Gilbert said. 'With the labour market heavily in focus, the print this evening will be essential for market direction.' Mr Gilbert said negative economic data released throughout the week could actually help drive the ASX 200 higher. 'The weaker-than-expected GDP data this week also drives the expectation for further rate cuts, further supporting the market optimism,' he said. In corporate news, Worley shares fell 0.46 per cent to $13.08 despite the business announcing it had won a contract with Glenfarne to help support engineering work on its Alaska LNG pipeline. Shares in gold miner West Cobar Metals soared 60 per cent to $0.024 after announcing it has completed the acquisition of the Mystique Gold Project in Fraser Range, Western Australia.
AU Financial Review
a day ago
- AU Financial Review
Pratts throw bomb into Waislitz's fight with future sister-in-law
Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max's journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal
Herald Sun
a day ago
- Herald Sun
Number of high net worth Australians outpaces economic growth
Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. The wealth of Australia's millionaires and billionaires significantly outpaced economic growth in 2024, new analysis shows. Research from French multinational business consultancy firm, Capgemini, shows 334,800 Australians are now deemed 'high net worth individuals', up 0.5 per cent last year. Just under 10 per cent of those people have investable assets between $US5m-$US30m. There are now 2450 Australians with investable assets over $US30m. The total wealth of high net worth Australians grew 3.3 per cent in 2024, the report shows, while the Australian economy grew just 1.3 per cent for the year. Owning a house continues to be the largest differentiator between the rich and the least wealthy 50 per cent of the population. Picture: NewsWire / Max Mason-Hubers The Capgemini report, released this week, also throws up a broad view of how the wealthy will pass on their riches, and how their children are likely to invest the funds. In the next two decades, globally some $128 trillion will change hands by inheritance, Capgemini estimates. The inheriting generation are more open to risk, Capgemini says, and advises wealth and asset managers to prepare for the change in appetite. Separate analysis released this week by Oxfam shows the number of Australian billionaires has doubled in the space of a decade to 161. The wealth of Australia's high net worth citizens grew 3.3 per cent last year, while the country's economic growth came in at 1.3 per cent. Picture: Christian Gilles / NewsWire 'This level of inequality is not just morally wrong – it's economically and socially dangerous,' Oxfam Australia acting chief executive Chrisanta Muli said. 'While millions of Australians are struggling to make ends meet, the country's richest continue to amass eye-watering fortunes, often without lifting a finger.' In the past decade, the wealth of Australia's richest 200 people has risen 160 per cent to $667bn, Oxfam says. 'It is scandalous and unjust that property continues to be one of the biggest drivers of wealth across the decade while over 99 per cent of rentals are unaffordable for people earning a full-time minimum wage,' Dr Muli said. Originally published as 'Scandalous': Number of high net worth Australians outpaces economic growth
