Trump tariffs and rain beef up cattle prices to a two-year high
Australian cattle prices have surged to their highest level in more than two years, buoyed by favourable rainfall and heightened trade tensions between the US and China that has renewed buyer interest from Asia.
The Eastern States Young Cattle Indicator climbed to $7.12 a kilogram this week – its highest level since March 2023, according to Meat & Livestock Australia. It marks a sharp rebound from the low of $3.49 in late 2023, when drought conditions and market uncertainty dampened sentiment.
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Perth Now
15 minutes ago
- Perth Now
Albo downplays trade deal breakthrough
Anthony Albanese says he will not be afraid to walk out on renewed negotiations to secure a lucrative free trade agreement with the European Union. The Prime Minister said while he expected progress to be made, no deal would be reached at his upcoming meeting with the heads of the European Union and European Council. The push for Australia to have better access to European markets comes as Donald Trump has threatened 50 per cent reciprocal tariffs if US negotiations with the EU fall through. As it stands, the levy on EU imports is set at 10 per cent, and the EU has until July 9 to confirm a deal. However, despite renewed efforts for an EU-Australian free trade agreement, previous roadblocks around strict geographical indication rules that would prevent Australian producers from using names tied to a European region like prosecco, feta and parmesan, plus low import quotas on beef, lamb, dairy products and sugar, remain. Speaking ahead of a trilateral meeting with EU Commission President Ursula von der Leyen and European Council President Antonio Costa on Wednesday morning (AEST), Mr Albanese said that while he expected talks would 'advance the issues that Australia has put forward,' he would only green light a deal that was 'in Australia's national interest'. Anthony Albanese said there was progress on rules that would prevent Australian producers from selling feta and parmesan in European markets. NewsWire/ Nikki Short Credit: News Corp Australia Ms von der Leyen is also expected to visit Australia in the coming months in a positive sign for a successful outcome. 'One of those is about naming, and there's been some constructive discussion there. The second is access, particularly for beef and sheep meat, to the European markets. That has been something that has been an impediment previously to the finalisation of any agreement,' Mr Albanese told reporters on Monday. He added that negotiations being abandoned in 2023 due to issues around product names and import limits showed that Australia was 'serious' about protecting its national interests. 'I think that the fact that during the last term we had negotiations and then we walked away is important because what that does is confirm that we are prepared to walk away,' he said. 'Whether it's this or any other agreement, for that matter, my job is to represent Australia's national interest. 'We will do that, but I wouldn't expect that we'll finalise it here (at the G7), but that we will build on the constructive discussions that Senator (Don) Farrell, our (trade) minister had in Europe just a week ago.' Following his meetings in Paris earlier this month, Senator Farrell said there was 'a lot of goodwill' in reaching a deal. 'You know, there's 450 million people, trillions of dollars of GDP in Europe. We've got lots of things that we can sell to the Europeans. I believe now that there's an appetite to reach an agreement on both sides,' he said. 'The world has changed. Those countries that believe in free and fair trade have to work together, and I'm very confident that with a little bit of time, a little bit of hard work on our part … we can get there and we can strike an agreement.' While the Coalition has in principle supported a free-trade agreement, opposition trade spokesman Kevin Hogan urged Labor to 'play pretty hardball' on EU geographical indications. 'For our people like our prosecco producers, our feta producers, and a lot of others, this is a big deal,' Mr Hogan said. National Farmers Federation president David Jochinke has also previously backed a free-trade agreement; however, he said the settings needed to be more 'liberalised' than the deal put forward in 2023 when talks were last scuttled. 'This is a once-in-a-generation deal. It must be fair, it must be future-focused, and it must deliver for Australian agriculture,' Mr Jochinke said. 'The Albanese government has stood firm in defending the principles of free trade in recent times, and Australian agriculture stands firmly with them.' Trade Minister Don Farrell appeared positive that Australia could achieve a free-trade agreement. NewsWire/ Martin Ollman Credit: News Corp Australia Business Council of Australia chief executive Bran Black said a silver lining from Mr Trump's tariff policies was the global push for bilateral relationships to boost economic opportunities. However he added that while a deal with the EU was a 'real possibility,' the settings needed to be right. 'There is a strong push now for stronger relationships and better bilateral arrangements between Australia and the EU in the same way that there is a strong push for a stronger relationship and better economic opportunity between Australia and India,' he told NewsWire. 'These are all good examples of how we should be looking to engage more to secure greater access for Australian exporters.'
9 News
an hour ago
- 9 News
ASX accused of 'repeated and serious failures' by corporate watchdog
Your web browser is no longer supported. To improve your experience update it here Australian Securities and Investments Commission (ASIC) announced today it will investigate the ASX's risk management, capability and governance standards amid ongoing concerns over its ability to uphold a "stable, secure and resilient critical market infrastructure". ASIC's inquiry will probe a series of technical failures which the regulator believes may have been caused by broader governance issues. ASIC has launched an inquiry into the Australian Securities Exchange (ASX). Pictured: ASX headquarters in Sydney. (Shutterstock) This will include a review of the problematic upgrade of the ASX's CHESS settlement system. CHESS, which stands for Clearing House Electronic Subregister System, is a computer model used by the ASX to record shareholding investments and manage share transactions. ASIC has discontinued its investigation into the December 2024 CHESS Batch Settlement Incident. The incident will now form part of the broader inquiry announced today. ASIC chair Joe Longo said the review is an opportunity for the ASX to "bolster market trust" following a series of "failures". "ASX operates Australia's critical markets infrastructure. Investors and market participants deserve to have absolute confidence that ASX is operating soundly, securely and effectively," Longo said. "ASIC's decision to initiate an inquiry follows repeated and serious failures at ASX. "ASX is ubiquitous, you simply cannot buy and settle on the Australian public equities and futures markets without relying on ASX and its systems." The probe will include a review into the problematic upgrade of the ASX's CHESS settlement system. (Getty) ASIC will convene an expert panel for the review and an update will be announced in the coming weeks. There is no timeframe yet for the completion of the inquiry. ASX chairman David Clarke acknowledged the ASIC inquiry in a statement to the media. "We have been working hard on a transformation strategy with several of the initiatives designed to strengthen culture and capabilities, operational risk management, business resilience and technology resilience, but we acknowledge there have been incidents that have damaged trust in ASX," Clarke said. "We welcome the opportunity for independent parties to review the work underway and advise on what more we can do." finance ASX money Australia national CONTACT US
Perth Now
2 hours ago
- Perth Now
‘Inevitable': Grim news for Aussie drivers
Australian motorists will 'inevitably' pay more when they fuel up their cars in the coming days, as energy producing stocks soar from the fallout in the Middle East. Futures markets for Brent oil have spiked in recent days and are now buying $US77 a barrel, when it was just over $US65 this time last week. It comes as tensions out of the Middle East flare up, after Israel undertook pre-emptive attacks on Iran. It said the strikes were aimed at eliminating Iran's nuclear program and ballistic missile capabilities. Iran has fired missiles back at Israel in response. Deputy Prime Minister Richard Marles said on Monday it was 'inevitable' Aussies will have to pay more at the pump. Mr Marles said the extent of the impact hostilities would have on Australia's economy 'depends a bit on how long the conflict goes and the way in which it plays out'. But he said it was 'right to focus on fuel'. Motorists could soon be paying more for fuel. NewsWire / John Gass Credit: News Corp Australia Inevitable price rise set to hit motorists: NewsWire / John Gass Credit: News Corp Australia 'Already we have seen over the course of the last few days the global oil price go up and it's the inevitable consequence of any conflict,' Mr Marles said. AMP chief economist Shane Oliver wrote in his latest economic note fuel prices could be on the rise for motorists, but how much they pay will depend on how long oil prices remain higher. 'Oil prices were already rising this month on signs of increasing risks and have spiked further – with the rise so far this month threatening a flow of around 12 cents a litre for Australian petrol prices if sustained at these levels,' he said. While motorists could be paying more to fuel up their car compared with the start of May when oil was at $US65 a barrel, Janus Henderson investment portfolio manager Oliver Blackbourn said the recent spike is still within the usual range for oil. 'The price of a barrel of oil had ranged between $70 and $90 through 2024, to put the recent moves in context,' he said. 'This period includes prior exchanges of strikes between Israel and Iran, and is still far below the levels above $100 per barrel in the wake of the Russian invasion of Ukraine in early 2022.' Despite the price rises it is important motorists keep the price rises in context: NewsWire John Gass Credit: News Corp Australia Mr Blackbourn said any further moves in the price of crude oil will be dependent on what happens next in the Israel-Iran conflict. On the ASX, the energy sector was up 5.7 per cent amid the higher oil prices and a takeover bid from Abu Dhabi state owned company logging a $30bn bid for Santos. Shares in Santos soared 11.87 per cent to $7.78 after the takeover announcement. Oil and gas giant Woodside jumped after the opening bell and is up more than 3.3 per cent to $26.05 at the time of writing due to the increase in oil prices. Petrol and diesel producer Ampol also climbed 1.70 per cent to 426.25 while Woodside was also rallying on Monday, up 3.1 per cent, petrol and diesel producer Ampol climbed 1.9 per cent and Beach energy shares are up 2.69 per cent to $1.33.
