Australian news and politics live: Ted O'Brien accuses Labor of tax grab as superannuation negotiations break
Scroll down for the latest news and updates.
Independent Nicolette Boele says she is 'very confident' in the outcome of the Bradfield recount, which saw her narrowly defeat Liberal candidate Gisele Kapterian by 26 votes after weeks of intense counting and scrutiny.
'I think I'm very confident with the process that's been run by the AEC and the outcome that we have here. So I'm keen to get on with the job, but I can understand you might need to ask that question to Giselle Kapterian,' Ms Boele told ABC RN Breakfast.
Boele described the Australian Electoral Commission's process as 'one of the most impressive and comprehensive' she had seen, and praised her opponent as a 'formidable candidate.'
The AEC confirmed the recount was conducted transparently and thoroughly, with scrutineers from both sides present throughout the process.
Treasurer Jim Chalmers says the government is prepared to work with the crossbench to secure passage of Labor's superannuation tax changes.
Asked whether the government was offering a 'take-it-or-leave-it' deal and if concessions had been ruled out with the Greens, Chalmers said:
'We don't have the numbers in the Senate to pass our legislation on our own. We need to engage with the crossbench, in particular, in this instance. And I intend to do that,' while speaking to ABC RN Breakfast.
He added, 'But our intention, our preference, is to legislate the plan that we announced almost two-and-a-half years ago now.'
Australian and European Union trade negotiators will spend two days thrashing out the details of a potential new agreement after a breakthrough meeting between Australia's Trade Minister and his EU counterpart in Paris.
The trade talks collapsed in 2023 over the EU's refusal to allow more Australian beef into the single market.
But as a result of US President Donald Trump imposing tariffs on the EU and Australia, and most recently increasing duties on steel to 50 per cent, both sides want to see if they can try again.
The Nightly
revealed that during the election campaign
, Senator Farrell held a virtual call with his new EU counterpart, the Trade and Economic Security Commissioner Maroš Šefčovič, for a preliminary meeting. That meeting made progress.
And in a positive sign, both sides cleared their diaries for their top trade negotiators to meet in Brussels as soon as this week for two days.
Senator Farrell told The Nightly that Mr Secovic was 'warm and engaging'.
'We had a good meeting and discussed how we can strike while the iron is hot,' he said in an interview by phone from Paris.
Read the full story here.
Australia's economy recorded just 0.2 per cent growth in the March quarter, sparking questions about the nation's resilience. Despite the modest figure, Treasurer Jim Chalmers insists the economy is holding up well, citing improvements in inflation, wages, and interest rates.
'The Australian economic story is a very compelling one. The economy continues to grow, we've got inflation lower, real wages and incomes are growing, interest rates have started to come down, we've got the debt down in the budget. And so, overwhelmingly, Australia's economy is performing relatively well compared with the rest of the world,' Dr Chalmers told RN Breakfast on Thursday morning.
'Even modest growth in these global circumstances is welcome. We do have a global economy which is characterised by uncertainty and volatility and unpredictability,' he said.
Ted O'Brien expressed his disappointment after the Liberal Party lost the traditionally safe seat of Bradfield to independent candidate Nicolette Boele following a recount.
The Australian Electoral Commission confirmed on Wednesday that Boele won by a narrow margin of 26 votes after a full recount. The contest had been closely fought for weeks, with Liberal candidate Gisele Kapterian and Boele exchanging leads.
'I'm sad to see those results,' O'Brien told ABC News Breakfast.
'Of course, the party at the level of New South Wales, the division, will be reviewing those results as will Giselle who is the candidate there. So let's wait to see how that review goes but I was sad and it does hurt to see that.'
The loss ends the Liberal Party's 76-year hold on the Sydney North Shore seat. The recount process included a thorough review of all votes, with the AEC finding two instances of inadvertent double voting but no deliberate fraud.
Ms Kapterian has thanked the AEC for their work and said she will carefully review the two counts. The result does not affect the overall balance of power, with Labor holding 94 seats and the Coalition 43.
Any chance of a deal between the Coalition and the Government on superannuation reforms appears to have collapsed, after Treasurer Jim Chalmers accused the opposition of not being 'fair dinkum' in negotiations.
But Shadow Treasurer Ted O'Brien has pushed back on ABC News Breakfast, blaming Labor for the standoff.
'Well, I have already outlined our concerns and the Treasurer is saying he's proceeding anyway and he's running to the warm embrace of the Greens in the hope of just jacking up taxes,' Mr O'Brien said.
'So we're clear with our principles. Lower taxes, simpler taxes, fairer taxes, and so that's where we stand on it. And clearly what the Treasurer is saying is he's not interested in lower taxes, simpler or fairer ones and that's for him to make that decision.
'If he wants to hurt Australians with higher taxes at this stage, well, that's on him.'
The standoff comes as the government prepares to lift the Superannuation Guarantee rate from 11.5 per cent to 12 per cent from July 2025, and to introduce a higher 30 per cent tax rate on super balances above $3 million, changes the Coalition has strongly opposed.
A Liberal state minority government is in political turmoil with a premier set to be dumped by parliament and a snap election looming.
Tasmanian Premier Jeremy Rockliff faced a no-confidence motion on Wednesday, with a marathon debate expected to continue when sittings resume on Thursday morning.
The motion, put forward by the Labor opposition, appears all but certain to pass with support of the Greens and three crossbench MPs.
Mr Rockliff has conceded the numbers are against him but has vowed to 'fight to his last breath' and not resign.
This stance could end up triggering an election, some 15 months after the Liberals were returned to power, governing in minority with just 14 of 35 seats in the lower house.
Labor and some of the crossbench have lashed Mr Rockliff for budget 'mismanagement' and delays and cost blowouts to the delivery of two new Bass Strait ferries.
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Sydney Morning Herald
2 hours ago
- Sydney Morning Herald
US beef might be on the table, but we don't have to eat it
If the government deals with Donald Trump's tariffs by opening our nation to beef imports, Australians' response should be quite simple – don't buy American beef (' Albanese to put beef on the table in Trump trade talks ', June 6). Australians must make a point of checking where products come from and make the decision to buy Australian. In our capitalist system, the consumer is boss. If the issue of beef imports really is a biosecurity threat, as our farmers suggest, it is also our civic duty to avoid it. I do not buy the 'grown in USA' grapes that have recently replaced the Australian ones in my local fruit barn. I also don't trust home brand products from the big two supermarkets as many of them are imported. The added bonus of telling Trump where to put his tariffs is that we support Australian jobs and reduce our carbon footprint. Lesley Maguire, Marsfield Sure, we have a beef with Trump over tariffs and presidential demands, but our biosecurity protocols are sacrosanct. Importing beef from the US may be Russian roulette for our farmers. Our agricultural industries would be devastated should they be afflicted with the diversity of pests and pathogens assailing the natural environment. One of our greatest exports is the international reputation of our quarantine and biosecurity sentinels. Steve Dillon, Thirroul On Britain's exemption from US steel tariffs, Sussan Ley said: 'We stand ready to work with the Albanese government to ensure Australia can achieve the same outcome. The Coalition wants the government to succeed because that is in the national interest.' With two sentences, the Liberal leader has hopefully begun a period of bipartisanship and a return to true Liberal principles. I congratulate her and hope she can succeed in her rebirthing of a centrist Liberal Party. Rowan Godwin, Rozelle If the US Department of Agriculture's food safety and inspection service was affected by the DOGE cuts, the prime minister should be very careful in reviewing the ban on beef from the US, or any other food products for that matter. There's too much at stake. Judith Campbell, Drummoyne The government is willing to negotiate with Trump on beef but not on pork. Clearly, surrendering their pork barrels is a bridge too far. Richard Grant, St Leonards At long last, the federal government has come to understand and appreciate the value of Australia's primary export products. For far too long, our city-centric governments have failed to value or understand that the nation's wealth has always been based on our primary exports, be it minerals, livestock, wool, grains, wine or seafood. Cost of living was a big issue at the last election, the rising price of eggs a case in point. Some time soon, urban communities will finally learn to appreciate what people living in rural and regional areas have contributed to the nation's living standards, as prices increase and shortages of supply become evident. The nation's wealth is spent but not created in our cities. Bruce Clydsdale, Bathurst Bros become foes In Trump's fickle world, one thing was always certain: his chumminess with Elon Musk would end in a mudslinging fight (' Bromance is over: Musk accuses Trump of being in the Epstein files, June 6). So many times we have watched the humiliating drubbings dished out by Trump on those he deems disloyal or with whom he disagrees. This time, however, he may have met his match. Musk's bombshell post to the world that 'Trump is in the Epstein files. That is the reason they have not been made public', may prove to be Musk's leverage in the relationship. As he cynically posted: 'Have a nice day DJT.' Mary Carde, Parrearra (Qld) Trump Derangement Syndrome. Well, there it is, from his own pen, what we've been seeing for years but didn't know what to call it – and now he's named it for us. Shrinks will be studying Trump for a long time to come, but in the meantime, can we give him the honour he richly deserves – the front cover of Mad Magazine. Patrick McGrath, Potts Point Trump, the fabulist in chief versus Musk, a certifiable megalomaniac. 'Rumble in the Jungle' on steroids. Best show in town. Maureen Moss, Beecroft Peace Prize at stake The US veto of the latest UN Security Council ceasefire resolution simply reminds us that the power to bring the Gaza conflict to an end lies in the hands of one person, the president of the United States (' US vetoes Security Council call for a ceasefire', June 6). The UN itself is powerless, as Israel's ambassador Danny Danon made defiantly clear, saying that 'no resolution, no vote, no moral failure, will stand in our way'. If Donald Trump has set his sights on the Nobel Peace Prize, as often claimed, he should sign one of his famous executive orders to immediately top supplying Israel's war machine. Tom Knowles, Parkville (Vic) Stick with Israel Josh Szeps advises Jews to abandon Israel because supporting it at present conflicts with Jewish values (' It's time for Jews to abandon Israel ', June 6). But abandonment itself is an abdication of essential and core Jewish values of, among others, Chesed and Emunah, which mean loving kindness, steadfast loyalty and faith. To suggest that Israel should be abandoned because of the way its current government is prosecuting the tragic war in Gaza could not be more un-Jewish. Raymond Schwartz, Bellevue Hill Josh Szeps writes a powerful but problematic article. When he calls for Jews to abandon Israel, I presume he means diaspora Jews – that is, Jews living outside of Israel. But what about the seven million Jews living in Israel? Are we to eschew our friends, family and religious kinsmen, tarring them all with the same brush as their government? Do I know how to fix the abhorrent situation in Gaza? No. But I do know that no solution will come from turning away. It is now, more than ever, that we need to turn towards each other and find the strength to get through this latest threat to Jewish survival. Yehuda Bassin, North Bondi Josh Szeps brutally tears the scab off what the state of Israel is doing to the Palestinian people. Is there any legitimate reason why there is space in the world for a Jewish state but not for a Palestinian state? Richard Sergi, Summer Hill Smokes and ire First Chris Minns wants to increase the threat tobacco poses to public health by reducing prices, and now the police minister wants to give a boost to organised crime by excluding the police force from acting against the tobacco black market (' Police 'can't regulate' tobacconists ' June 6). Just whose interests is the government of NSW protecting? It certainly doesn't appear to be ours. John Croker, Woonona 30-year itch The opposition is attacking the government's proposal to adjust the taxation on higher superannuation balances (' Coalition shuts down deal on super tax ', June 5). A mainstay of its argument is the government's failure to index the proposed cut-in point of $3 million. The opposition says inflation will pull in ever more super-holders so that young workers in 30 years' time will have to pay this tax as soon as they start earning. Really? Even if wages do balloon like that, does anyone know of a taxation measure still in force from 30 years ago without change or adjustment? Perhaps the Coalition expects to remain in opposition for the next 30 years, with no opportunity to introduce any changes themselves. E. Mark Latham, Croydon Park Multi-party preferred The path to desperately needed taxation reform must involve bipartisan agreements with the conservatives (' Deal or no deal: Chalmer's mistake ', June 6). The Liberals may be weak, almost irrelevant at present, but they'll not always be so. The best way to achieve this is with the support of the conservatives, Greens and independents. Obviously, some concessions will be necessary by Jim Chalmers, but increased taxation is essential and must be set in stone. Geoff Harding, Chatswood Libs doomed by inability to learn It's hard to believe that the Liberals could sink much lower after their 'near-death' electoral defeat, but they continue to surprise (' Elder statesman has taken his party backwards ', June 6). A divorce with their whacky National partners, followed only days later by a reconciliation (of sorts); old stale, pale males (Abbott and Stockdale) sniping, undermining, and publicly putting the little ladies back in their places; and even a shadow cabinet position given to someone (Kapterian), before the vote count was completed, who didn't end up winning a seat in parliament. With their inability to learn from their past defeats, it seems that the Liberals will always be the party of greater ridicule and incompetence. Alan Marel, North Curl Curl Aside from the misogyny, may I suggest that the most prominent characteristic of a certain Mr Stockdale is his eyebrowage. Photos of him sitting beneath a portrait of Bob Menzies, also magnificently eyebrow endowed, make me wonder whether the only way for women to get ahead in the Liberal Party is to put those tweezers away. Kate Coates, Wangi Wangi It's bleeding obvious that the federal intervention into the NSW Liberal Party has always been a move to consolidate the influence of the conservative faction in NSW. Ironically, the intervention team is dominated by two right-wing fossils from Victoria, a state where the Liberal Party has long been on life support. If the present intervention team prevails, the Liberals will remain increasingly irrelevant, and Australia will be the worse for it. Bruce Spence, Balmain Anyone who follows the intrigues of Victorian state politics would know that former Labor premier Dan Andrews was able to win three elections, arguably owing to the disarray of the Liberal opposition. To send two relics from that disorder of the Victorian age (sorry, Victorian state) is quite insulting. I wonder if Alan Stockdale and former NSW Liberal leader Peter Collins caught up for a bevvy or two. Peter King, Windsor Downs Women's issue Hysteria is an old word that relates to the uterus – a 'woman thing'. I'm guessing that Mark Speakman, though the product of a uterus, has not, and probably will not, understand that his use of the word 'hysterical' has just lost him a swag of women's votes. Mine especially (' Catley slams Speakman after he calls her 'hysterical', ' June 6). Kathryn Coates, Wangi Wangi Pyrrhic victory Those who celebrated North Sydney Council's failure to implement a rate rise as a win for the community should now see the reality of this Pyrrhic victory (' Inside the fight to save famous oval that's slowly falling apart ', June 6). A much-loved iconic oval is in disrepair, council buildings leak when it rains, community services will need to be curtailed and there may have to be a fire sale of income-generating assets. All of this when current residential rates are lower than those of neighbouring councils and the ill-conceived pool continues to drain council finances at an alarming rate. Catherine Turner, Cremorne Left in limbo Workers' rights are under constant pressure, every hour of every day. The ABC keeping staff members on revolving fixed-term contracts is just another example (' Play School staffer sues ABC ', June 6). Such staff members are not chess pieces to be moved around at the whim of management. Flexibility to quickly and easily sack staff is not conducive to loyalty or good mental health. It also erodes the ability of staff to plan their lives. It is not a moral way to improve any organisation's bottom line. Greg Baker, Fitzroy Falls A fair race The final election result for the federal seat of Bradfield has been called, with independent Nicolette Boele declared the winner by a margin of just 26 votes over the Liberal candidate Gisele Kapterian (' Teal candidate Nicolette Boele wins final Bradfield recount ', June 5). The Australian Electoral Commission should be applauded for the thorough way in which the full recount was conducted over the past week and a half. The genuine commitment to democracy was evident at every stage and the staff were consistently polite and obliging. My respect for our democratic processes was constantly reinforced as I watched the process unfold. Each vote was treated with the respect it deserved and the intention of the voter was paramount. I feel nothing but gratitude for our amazing AEC and our democratic processes. Robyn Thomas, Wahroonga Waste costs schools I have been following reports in the Herald of the ICAC hearings into allegations about improper spending at the public schools building unit (' Unravelling top schools unit's network of consultants ', June 6). As a lifelong advocate for public schooling (I attended public schools, my children and grandchildren attended public schools and I taught in public schools), I am alarmed at the reported amounts of money that were spent on consultants and the awarding of contracts to friends. Public schools are crying out for money for building maintenance, extra resources, specialist staff, heating and cooling for classrooms, and proper classrooms for additional enrolments. Now we are learning where the money was being spent. Shame on those responsible, shame, shame, shame. Helen Russell, Leichhardt Rare birds It seems calling someone a 'bird brain' is no longer an insult (' Smart cockies crack the water fountain test ', June 6). Mexican sparrows have even found a way to make tobacco into a health aid – they put cigarette butts in their nests to repel parasites. Paul Doyle, Glenbrook It's good to know my visiting cockatoos might come in handy when I have a jar I can't open. Lisa Clarke, Watsons Bay Hard to swallow Jeremy Brender (Letters, June 6), why would anybody consider paying an exorbitant price for an egg and lettuce sandwich at Sydney airport when they could buy a $10.30 meat pie instead? Robert Peters, Maitland Name brand Maiden name? A woman's 'maiden' name is really her father's name. Patriarchy still rules (Letters, June 6). Betsy Brennan, Wahroonga Ruff and ready While I'm in full agreement with correspondent Alison Stewart's views on misogyny in the Liberal Party (Letters, June 6), I must, in defence of old dogs, take issue with her last sentence. You can, actually, teach them new tricks. It just takes a little longer. Jo Bond, South Melbourne (Vic) Postscript Who can trust a politician? We all know the answer to that one, yet Australians trusted Anthony Albanese enough to vote for him in record numbers only a month ago. Buyer's remorse seems to be creeping up fast, as it does in politics, not least among readers who had hoped for a meaningful shift away from fossil fuels. Labor's approval of Woodside's North West Shelf gas project until 2070 was viewed by many, including Herald columnist Ross Gittins, as an inexcusable breach of trust. 'Why, Albo, why? Make it make sense,' pleaded reader Ross Hudson. In bringing Labor back for a second term, Australians had also hoped for tax reform, but the prime minister's unwillingness to slap mining companies with a resources rent tax further undermined public faith. 'Albanese has lost his spine,' lamented Peter Nash. 'Labor has been intimidated by mining companies and by business opposition to changing negative gearing and capital gains tax.' People with fat super balances are also having trust issues after Labor announced its plan to raise earnings tax on accounts above $3 million. The government's extravagant tobacco tax seems to have backfired too, leading to a proliferation of illegal imported cigarettes and vapes. 'Labor's disastrous tobacco taxes are a timely warning about their proposed super taxes,' wrote William Lloyd. Albanese's rejection of American demands for Australia to jack up defence spending didn't inspire confidence among defence hawks. David Sinclair didn't mince words. On the matter of public security 'our PM either has his head stuck firmly in the sand, or in another part of his anatomy entirely.' The defection of Greens senator Dorinda Cox to Labor this week only created more suspicion. 'Albanese's welcoming of that political turncoat adds insult to injury,' said James Fliece. A cynical Sue Dyer added: 'The prime minister and Cox should come clean about when she applied and how this was facilitated and approved.' Labor wasn't alone in the firing line. Liberal elder Alan Stockdale's 'light-hearted' remarks about 'assertive women' – in an address to the NSW Liberal Women's Council no less – drew howls of derision. Alison Stewart had some advice for Liberal women: 'You can't teach old dogs new tricks. Look elsewhere for representation.' That's always an option Alison, but the question is, who do you trust?
The Advertiser
2 hours ago
- The Advertiser
Australian shares retreat from highs for second time
The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open. With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said. "With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP. "But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment." Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher. Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies. Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks. CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday. Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February. Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week. The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday. Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce. Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said. "The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said. Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion. Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine. The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7 * The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.97 US cents, from 64.96 US cents on Thursday at 5pm * 93.56 Japanese yen, from 93.03 Japanese yen * 56.81 Euro cents, from 56.93 Euro cents * 47.95 British pence, from 47.95 pence * 107.58 NZ cents, from 107.70 NZ cents The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open. With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said. "With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP. "But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment." Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher. Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies. Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks. CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday. Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February. Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week. The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday. Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce. Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said. "The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said. Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion. Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine. The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7 * The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.97 US cents, from 64.96 US cents on Thursday at 5pm * 93.56 Japanese yen, from 93.03 Japanese yen * 56.81 Euro cents, from 56.93 Euro cents * 47.95 British pence, from 47.95 pence * 107.58 NZ cents, from 107.70 NZ cents The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open. With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said. "With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP. "But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment." Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher. Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies. Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks. CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday. Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February. Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week. The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday. Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce. Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said. "The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said. Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion. Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine. The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7 * The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.97 US cents, from 64.96 US cents on Thursday at 5pm * 93.56 Japanese yen, from 93.03 Japanese yen * 56.81 Euro cents, from 56.93 Euro cents * 47.95 British pence, from 47.95 pence * 107.58 NZ cents, from 107.70 NZ cents The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open. With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said. "With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP. "But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment." Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher. Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies. Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks. CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday. Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February. Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week. The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday. Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce. Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said. "The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said. Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion. Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine. The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7 * The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.97 US cents, from 64.96 US cents on Thursday at 5pm * 93.56 Japanese yen, from 93.03 Japanese yen * 56.81 Euro cents, from 56.93 Euro cents * 47.95 British pence, from 47.95 pence * 107.58 NZ cents, from 107.70 NZ cents
Sky News AU
2 hours ago
- Sky News AU
Labor defends Western Sydney Airport after shadow transport minister accuses them of targeting Liberal electorates with jet noise
Transport minister Catherine King has hit back at the Opposition after Labor was accused of concentrating jet noise over Liberal-held electorates. Ms King announced a ministerial directive for Airservices Australia to make 'Reciprocal Runway Operations' (RRO) the default at night at WSIA. RRO requires aircraft to take off and land facing the same direction—towards the southwest—but using opposite ends of the single runway. Ms King claimed the directive was to 'achieve the overall lowest possible impact on surrounding communities'. Shadow transport minister Bridget McKenzie claimed to Sky News on Thursday Labor was "attempting to concentrate nighttime aircraft noise over Liberal held electorates of Lindsay and Hume". But Ms King hit back on Friday, arguing Senator McKenzie "should be ashamed" for turning the new airport into a political dispute. "Senator McKenzie should be ashamed of herself for attempting to politicise Western Sydney International's flight paths, which are a highly technical and complex process that has taken years to get right," Ms King told "Let's not forget, it was the Coalition Government who selected the orientation of the runway and airspace design in the first place– the two most significant determinants of flight path design. "We've been working hard to fix their mess, including undertaking the most comprehensive community consultation program for any airspace development in Australian history, and we've found alternatives that could be safely implemented within the bounds of what we inherited, the biggest beneficiary of which is in fact Wallacia – which you'll find is not in a Labor electorate. "Perhaps Senator McKenzie should suggest what changes the Coalition would make and how they will impact communities across Western Sydney." Labor holds 11 of the 14 seats in the broader Western Sydney region, and Ms McKenzie said the Minister's directive would disproportionately impact the few Liberal seats in the area. 'Part of Labor's noise mitigation strategy is a risky ministerial direction to have planes fly head-on towards each other for take-offs and landings at night," she said. 'The government waited until after the election before finalising flight paths and attempted to hide the announcements behind the completion of runway construction.' Ms King's direction to Air Services Australia was to make reciprocal runway operations the "default operating mode" between 11pm and 5.30am. Western Sydney International Airport is expected to begin operations in 2026.
