Markets live updates: US shares gain on trade talk progress, ASX set to follow
US shares close higher as the commerce secretary indicates trade talks with China are going "really, really well".
The ASX is poised to follow higher, with the Australian dollar also holding above 65 US cents.
Follow the day's financial news and insights from our specialist business reporters on our live blog.
Disclaimer: this blog is not intended as investment advice.
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News.com.au
42 minutes ago
- News.com.au
Melbourne buyers warned as auction market heats up
Melbourne's winter auction market is bucking the seasonal trend, with fresh data and renewed buyer confidence pointing to a heatwave beneath the surface of a cooling calendar. There are 952 homes set to go under the hammer across the city this weekend, a 14 per cent drop from the same time last year. Another 941 auctions are already scheduled for next week, down just 9 per cent, in what experts say is a far softer seasonal dip than usual. Bachelor couple eyeing $6m+ payday REA Group senior economist Eleanor Creagh said while the auction volume is lower, market conditions have flipped — and buyers are back in force. 'Melbourne led the country for monthly price growth in May,' Ms Creagh said. 'It's clear confidence has returned, and interest rate cuts in February and May have lifted borrowing capacity and encouraged buyers to move quickly.' Home prices rose 0.79 per cent in May according to PropTrack, the strongest monthly gain of any capital city. Melbourne's dwelling values are still 2.85 per cent below their previous peak, but Ms Creagh said the city's underperformance over the past five years, just 17.6 per cent growth since March 2020 compared to 60 per cent nationally, now gave it a competitive edge. 'Relative affordability is drawing buyers back in,' she said. 'That's why activity is holding firm even during what's typically a slower time of year.' Suburbs with the most auctions this weekend include Reservoir, 24 auctions, Mount Waverley, 19, Richmond, 15, Craigieburn, 14, and Wollert, 13. Ni Advocacy director and buyers advocate Kevin Ni said savvy buyers were shifting focus away from cookie-cutter stock and honing in on quality, character, and long-term liveability. 'Buyers are far more educated now,' Mr Ni said. 'They're looking for liveability, not oversupplied towers.' 'We've seen people spend six months stuck in limbo because they wouldn't budge on their dream suburb. 'The advice is: be realistic and flexible.' That mindset is driving strong interest across a range of listings this weekend, including a three-bedroom home at 14 Emery Court, Altona, where buyers are lining up for a slice of quiet, beachside living. The peaceful court location, vaulted ceiling, home office and landscaped yard have drawn attention from families and investors alike. The guide is $990,000-$1.08m. In Rowville, more than 100 groups have inspected 2 Moama Place, a renovated home backing onto Waterford Valley Golf Course. The three-bedder features American Oak floors, Bosch appliances, underfloor heating, and even a shed with a kitchenette — and is tipped to fetch $1m –$1.1m. Over in Preston, buyers priced out of Brunswick and Northcote are flocking to 9/26 Tyler Street, a rear townhouse in a boutique complex guided at $600,000 –$650,000. The mix of downsizers and first-home hopefuls has added a competitive edge. At the prestige end of the market, a five-bedroom architectural home at 14 Hunter Street, Kew, is drawing serious interest from families looking to secure a foothold in the private school belt. Behind its striking modern facade are polished concrete floors, a sparkling pool, butler's pantry, Miele appliances and EV charger, with a guide of $3.8m-$4.1m.
News.com.au
an hour ago
- News.com.au
Households are being warned their electricity prices are set to spike
Cash-strapped Aussies are being warned the 'cold hard truth' is electricity prices are on the rise this winter in the latest cost-of-living blow. After the Australian Energy Regulator made its final determination for the Default Market Offering back in May, millions of households will now be getting letters or emails about their new energy rates. The offer sets the maximum price caps for bill increases for customers paying for default plans. These prices are meant to protect Australian households who don't shop around as well as provide a consistent benchmark so people can find an alternative retailer. Canstar's analysis shows Sydney electricity prices are going up 8.6 per cent, meaning the average family will now pay $145 more for their power or $1830 a year. Melbourne energy prices spiked 6.2 per cent or $83 for the average household, setting families back $1421, while Brisbane prices are up 3.7 per cent or an average of $72, with the standard household now paying $2019 per year. Canberrans will get the nastiest shock with their electricity prices going up 8.5 per cent and the average household now paying a further $191 to $2436 a year, while Adelaide households will pay on average $70 more a year or $2247 in total. These figures exclude the federal government's $75 subsidy. Under the extension of the Government Energy Bill Relief Fund, every household will get two payments of $75 a quarter automatically applied to their energy bills. Canstar data insights director Sally Tindall said while it was never fun to read about price hikes, Aussies should 'grit their teeth' and see if they could find a better deal. 'The cold hard truth is that electricity price hikes are pretty much inevitable in states such as NSW, Queensland and South Australia this winter after the regulator approved hikes to the reference prices across all networks in these states,' Ms Tindall said. 'The exact costs for your daily supply charge and electricity rates are up to each provider; however, unless you're on an embedded network or in a state where there are limited options, this is one bill you can, and should, take control of.' Ms Tindall urges households to check the 'reference price' they receive in the next two weeks and compare it with other market offers. 'Electricity bills can often be ridiculously confusing, with daily supply charges, tiered electricity rates, time of day pricing and whether you've got a controlled load,' she said. 'However, if you just want to compare your options without getting into the weeds, the reference price is your friend.'
ABC News
2 hours ago
- ABC News
Small businesses shut up shop under pressure from online's 'ultra-low-cost operators'
Noels Sens has been crafting necklaces and rings his whole life, but the Bendigo jeweller is planning to call time on the family business. His father migrated to Australia in 1954 from the Netherlands and started his own jewellery and watchmaking business in central Bendigo. But now the family legacy is winding up. "You can't do things forever and there is no succession with family, which is kind of sad, but that's just how life goes." Mr Sens said the number of jewellery and watchmakers in Bendigo had plummeted while larger chain stores now dominated the market offering "cheaper stuff". "[The number of] people actually making stuff and repairing stuff is dwindling," he said. "It's a trade that's dying." In the coastal town of Warrnambool, in Victoria's south west, Rauerts Shoes is another family business that is reluctantly closing the doors. For two years owner Peter Rauerts has tried to sell the business, set up by his late father in 1946, but there was "very little interest" from prospective buyers. "We were willing to negotiate. Talk turkey, as you say. But no-one's come forward [and] made us an offer," Mr Rauerts said. He said he was ready to retire, his son had declined to take on the family business, and costs had just kept rising. Another Warrnambool institution, Dale Cleves Music Shop, closed in April after 40 years of doing business in the town. Store manager of 32 years, Ron Philp, said the current climate was tough for small retailers. "Financially it doesn't add up [to keep going]," he said. While neither of these Warrnambool businesses were closing due to financial trouble, the Australian Retailers Association [ARA] said insolvencies nationally had risen by almost 20 per cent in one year to March 2025. The Australian Retailers Association said the retail landscape had been disrupted by "ultra-low-cost operators". "Temu and Shein [global online businesses] are growing at pace in this market, operating outside the legal commitments of local homegrown retailers in areas such as tax, employment and sustainability," CEO Chris Rodwell said. According to Australia Post, Australians spent almost $69 billion shopping online in 2024, 12 per cent more than the previous year. "There's no question that online shopping is having a big effect on retail," said Bendigo trophy shop owner Glenn Fordham. Mr Fordham is another long-term Bendigo retailer retiring without selling his business. His son, Seann, plans to take the family's trophy business online without a bricks and mortar presence. The federal government will host a roundtable with experts, unions and business leader in August on how to improve productivity. In February, Small Business Ombudsman Bruce Billson said there was an "alarming trend" of Australia's small businesses declining with large corporate businesses employing more people. "We are sleepwalking into a big corporate economy," he said. That's a view shared by Steve Timmis who closed his gin distillery shop in Mildura about a year ago. Mr Timmis said he had experienced mounting licensing fees from multiples tiers of government and increased property rates before he shut up shop. "It is just becoming overwhelming now. You're seeing huge amounts of businesses close down and exiting, particularly in Victoria and, more so, in regional Victoria," he said. "I call it a death by a thousand cuts." The Victorian government did not respond to the ABC's request for comment before deadline.
