Honda cuts EV development budget by 30 per cent
According to The Nikkei, Honda has reduced its spending on EV models due by 2030 from ¥10 trillion (A$100 billion) to ¥7 trillion (A$70 billion).
This is a reaction to the slower-than-expected rate of growth of EV adoption in many markets across the world, as well as the scrapping of the US$7500 federal tax rebate for EVs passed as part of US President Donald Trump's One Big Beautiful Bill Act.
Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now.
One of the casualties from the budget cut is a three-row SUV aim primarily at the North American market, and initially envisaged as a competitor to the Kia EV9 and Hyundai Ioniq 9.
Other manufacturers have changed their large EV SUV plans, with Ford cancelling its large electric crossover, and Toyota USA delaying a similar model from 2026 to 2028. Nissan has also delayed its US-focussed Xterra electric SUV, and its Infiniti sibling by a few years.
Despite trimming the EV budget by a third, there are still a number of EVs on Honda's horizon. These include the radically-styled 0 SUV and 0 Saloon (above) unveiled at this year's Consumer Electronics Show in Las Vegas.
Honda is also jointly developing the Afeela 1 electric sedan with Sony. With a starting price just below US$90,000 (A$138,000), the Afeela 1 will be a competitor to the Lucid Air, and will likely sell in small numbers.
There's a city-friendly hatchback based on the Super EV Concept that will debut at this year's Goodwood Festival of Speed. Around the size of a kei car, the Super EV looks to be a successor of sorts to the retro E hatch.
Earlier this month Honda officially ditched its goal of EVs accounting for 30 per cent of global sales by 2030, and instead wants to the hybrid wave. To that end the automaker has committed to launch 13 new hybrid models by 2027, including the upcoming Civic-based Prelude coupe.
By 2030, Honda expects to sell around 2.2 million hybrid models every year. For reference, the automaker sold 3.7 million cars of all stripes across the world last year.
For China Honda has developed its own dedicated EV platform that's currently used for a pair of SUVs, and the rather attractive Ye GT fastback (above). These are sold in addition to a clutch of HR-V based electric models.
Outside of China, though, Honda's EV offerings are slim. There are no Honda EVs for sale in Australia, and in Europe just one model is available: the HR-V-based e:Ny1. While in the States the company offers the GM-built and engineered Honda Prologue and Acura ZDX.
MORE: Everything Honda
Content originally sourced from: CarExpert.com.au
Honda is the latest automaker to scale back its electric vehicle plans, with some of the money saved going to hybrid drivetrain development instead.
According to The Nikkei, Honda has reduced its spending on EV models due by 2030 from ¥10 trillion (A$100 billion) to ¥7 trillion (A$70 billion).
This is a reaction to the slower-than-expected rate of growth of EV adoption in many markets across the world, as well as the scrapping of the US$7500 federal tax rebate for EVs passed as part of US President Donald Trump's One Big Beautiful Bill Act.
Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now.
One of the casualties from the budget cut is a three-row SUV aim primarily at the North American market, and initially envisaged as a competitor to the Kia EV9 and Hyundai Ioniq 9.
Other manufacturers have changed their large EV SUV plans, with Ford cancelling its large electric crossover, and Toyota USA delaying a similar model from 2026 to 2028. Nissan has also delayed its US-focussed Xterra electric SUV, and its Infiniti sibling by a few years.
Despite trimming the EV budget by a third, there are still a number of EVs on Honda's horizon. These include the radically-styled 0 SUV and 0 Saloon (above) unveiled at this year's Consumer Electronics Show in Las Vegas.
Honda is also jointly developing the Afeela 1 electric sedan with Sony. With a starting price just below US$90,000 (A$138,000), the Afeela 1 will be a competitor to the Lucid Air, and will likely sell in small numbers.
There's a city-friendly hatchback based on the Super EV Concept that will debut at this year's Goodwood Festival of Speed. Around the size of a kei car, the Super EV looks to be a successor of sorts to the retro E hatch.
Earlier this month Honda officially ditched its goal of EVs accounting for 30 per cent of global sales by 2030, and instead wants to the hybrid wave. To that end the automaker has committed to launch 13 new hybrid models by 2027, including the upcoming Civic-based Prelude coupe.
By 2030, Honda expects to sell around 2.2 million hybrid models every year. For reference, the automaker sold 3.7 million cars of all stripes across the world last year.
For China Honda has developed its own dedicated EV platform that's currently used for a pair of SUVs, and the rather attractive Ye GT fastback (above). These are sold in addition to a clutch of HR-V based electric models.
Outside of China, though, Honda's EV offerings are slim. There are no Honda EVs for sale in Australia, and in Europe just one model is available: the HR-V-based e:Ny1. While in the States the company offers the GM-built and engineered Honda Prologue and Acura ZDX.
MORE: Everything Honda
Content originally sourced from: CarExpert.com.au
Honda is the latest automaker to scale back its electric vehicle plans, with some of the money saved going to hybrid drivetrain development instead.
According to The Nikkei, Honda has reduced its spending on EV models due by 2030 from ¥10 trillion (A$100 billion) to ¥7 trillion (A$70 billion).
This is a reaction to the slower-than-expected rate of growth of EV adoption in many markets across the world, as well as the scrapping of the US$7500 federal tax rebate for EVs passed as part of US President Donald Trump's One Big Beautiful Bill Act.
Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now.
One of the casualties from the budget cut is a three-row SUV aim primarily at the North American market, and initially envisaged as a competitor to the Kia EV9 and Hyundai Ioniq 9.
Other manufacturers have changed their large EV SUV plans, with Ford cancelling its large electric crossover, and Toyota USA delaying a similar model from 2026 to 2028. Nissan has also delayed its US-focussed Xterra electric SUV, and its Infiniti sibling by a few years.
Despite trimming the EV budget by a third, there are still a number of EVs on Honda's horizon. These include the radically-styled 0 SUV and 0 Saloon (above) unveiled at this year's Consumer Electronics Show in Las Vegas.
Honda is also jointly developing the Afeela 1 electric sedan with Sony. With a starting price just below US$90,000 (A$138,000), the Afeela 1 will be a competitor to the Lucid Air, and will likely sell in small numbers.
There's a city-friendly hatchback based on the Super EV Concept that will debut at this year's Goodwood Festival of Speed. Around the size of a kei car, the Super EV looks to be a successor of sorts to the retro E hatch.
Earlier this month Honda officially ditched its goal of EVs accounting for 30 per cent of global sales by 2030, and instead wants to the hybrid wave. To that end the automaker has committed to launch 13 new hybrid models by 2027, including the upcoming Civic-based Prelude coupe.
By 2030, Honda expects to sell around 2.2 million hybrid models every year. For reference, the automaker sold 3.7 million cars of all stripes across the world last year.
For China Honda has developed its own dedicated EV platform that's currently used for a pair of SUVs, and the rather attractive Ye GT fastback (above). These are sold in addition to a clutch of HR-V based electric models.
Outside of China, though, Honda's EV offerings are slim. There are no Honda EVs for sale in Australia, and in Europe just one model is available: the HR-V-based e:Ny1. While in the States the company offers the GM-built and engineered Honda Prologue and Acura ZDX.
MORE: Everything Honda
Content originally sourced from: CarExpert.com.au
Honda is the latest automaker to scale back its electric vehicle plans, with some of the money saved going to hybrid drivetrain development instead.
According to The Nikkei, Honda has reduced its spending on EV models due by 2030 from ¥10 trillion (A$100 billion) to ¥7 trillion (A$70 billion).
This is a reaction to the slower-than-expected rate of growth of EV adoption in many markets across the world, as well as the scrapping of the US$7500 federal tax rebate for EVs passed as part of US President Donald Trump's One Big Beautiful Bill Act.
Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now.
One of the casualties from the budget cut is a three-row SUV aim primarily at the North American market, and initially envisaged as a competitor to the Kia EV9 and Hyundai Ioniq 9.
Other manufacturers have changed their large EV SUV plans, with Ford cancelling its large electric crossover, and Toyota USA delaying a similar model from 2026 to 2028. Nissan has also delayed its US-focussed Xterra electric SUV, and its Infiniti sibling by a few years.
Despite trimming the EV budget by a third, there are still a number of EVs on Honda's horizon. These include the radically-styled 0 SUV and 0 Saloon (above) unveiled at this year's Consumer Electronics Show in Las Vegas.
Honda is also jointly developing the Afeela 1 electric sedan with Sony. With a starting price just below US$90,000 (A$138,000), the Afeela 1 will be a competitor to the Lucid Air, and will likely sell in small numbers.
There's a city-friendly hatchback based on the Super EV Concept that will debut at this year's Goodwood Festival of Speed. Around the size of a kei car, the Super EV looks to be a successor of sorts to the retro E hatch.
Earlier this month Honda officially ditched its goal of EVs accounting for 30 per cent of global sales by 2030, and instead wants to the hybrid wave. To that end the automaker has committed to launch 13 new hybrid models by 2027, including the upcoming Civic-based Prelude coupe.
By 2030, Honda expects to sell around 2.2 million hybrid models every year. For reference, the automaker sold 3.7 million cars of all stripes across the world last year.
For China Honda has developed its own dedicated EV platform that's currently used for a pair of SUVs, and the rather attractive Ye GT fastback (above). These are sold in addition to a clutch of HR-V based electric models.
Outside of China, though, Honda's EV offerings are slim. There are no Honda EVs for sale in Australia, and in Europe just one model is available: the HR-V-based e:Ny1. While in the States the company offers the GM-built and engineered Honda Prologue and Acura ZDX.
MORE: Everything Honda
Content originally sourced from: CarExpert.com.au
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Perth Now
2 hours ago
- Perth Now
2025 Suzuki Swift Plus review
The Suzuki Swift is a stalwart in Australia's light car segment. 2025 Suzuki Swift Plus Credit: CarExpert It seems like everyone has had one in their family, or at least had a friend or colleague that's owned one. Suzuki has also grown its share of the light car segment over the years, but that's largely because the segment itself has been shrinking. Rewind to the first half of 2015, and Suzuki sold 6032 Swifts, giving it a 10.9 per cent share of a segment that had close to 20 offerings. In the first half of 2025, it had a 17.4 per cent share but just 1953 sales. Sales of light cars are around a fifth of what they were 10 years ago, and there are now just four vehicles in the Swift's segment including the Suzuki itself. 2025 Suzuki Swift Plus Credit: CarExpert So what's happened in the past 10 years? Increasingly smaller and more affordable SUVs have arrived, including the Hyundai Venue, Kia Stonic and more recently Suzuki's own Fronx, while the MG 3 came in and shook the light hatch segment up with its bargain basement pricing. There's a new MG 3 now that isn't selling quite as well, but it's still the segment victor by far, with the Swift, Mazda 2 and Toyota Yaris all fighting for second-place. One thing that hasn't changed all that much in the past 10 years is the Swift's styling. Oh, sure, we're up to the fourth generation of the modern Swift now, but Suzuki's designers continue to work on variations of a theme. I'd argue it's both derivative of the previous three generations and yet not as attractive as them with its heavy side creasing and tacked-on reversing camera. Suzuki designers, feel free to shake things up next time around – we know you're capable of some fresh and funky designs like the Jimny and Ignis. The mid-range Swift Plus is currently priced at $26,990 before on-road costs, and is currently being offered for $28,990 drive-away nationwide. 2025 Suzuki Swift Plus Credit: CarExpert Even the most affordable Toyota Yaris – which features a proper hybrid powertrain, not the mild-hybrid setup of the Suzuki – is more expensive at $28,990 before on-roads, as is the Mazda 2 at $27,585 plus on-roads after Mazda culled its most affordable variants. However, the MG 3 – even in its new, more expensive generation – continues to undercut the Swift. The MG 3 Hybrid+ is priced from $28,990 drive-away, while petrol-powered variants can be had for even less. To see how the Suzuki Swift lines up against the competition, check out our comparison tool Suzuki has gotten the fundamentals right in the Swift's interior, and given it some funky touches that stop it from feeling too dour. 2025 Suzuki Swift Plus Credit: CarExpert There's white contrasting plastic trim across the dash and doors, some of it featuring an unusual pattern on it. We're concerned how this trim will wear, but at least in a brand-new Swift it helps break up the sea of black plastic that's typical in a car at this price point. The comfortable seats have attractive patterned cloth upholstery. They also feature heating, but there's only one stage so unless you're driving in Antarctica, you'll probably turn them on, quickly heat up your posterior, and then turn them off. You won't find any soft trim in the cabin, except for the armrests and of course the seats themselves. This isn't unusual for this segment, and everything does feel solidly put together, even if the rather wide panel gaps of the exterior appear to tease a subpar interior. Sadly, there's no centre console bin, so there's no place to rest your arm or conceal valuables. You do get an open storage compartment, a pair of cupholders, and a small shelf on the centre console however. 2025 Suzuki Swift Plus Credit: CarExpert 2025 Suzuki Swift Plus Credit: CarExpert 2025 Suzuki Swift Plus Credit: CarExpert 2025 Suzuki Swift Plus Credit: CarExpert Perched atop the dashboard is a responsive 9.0-inch touchscreen for the infotainment system, and it has a straightforward interface including shortcuts at the bottom of the screen, plus touch-capacitive switches underneath it. It has a rather thick bezel, but it's a large screen for the segment. We're glad to see physical climate controls, but they're a little odd. It's essentially the same climate control array as the Fronx, with rocker switches for fan speed and temperature adjustment. But this isn't automatic climate control, so you instead flick the temperature toggle up or down to choose between 10 different 'cold' temperatures and 10 different 'warm' ones – a traditional knob would be preferable. The instrument cluster features attractive and legible analogue dials, flanking a small screen. This displays various pieces of information, and will even display your turn-by-turn navigation instructions when you're using Google Maps via smartphone mirroring. 2025 Suzuki Swift Plus Credit: CarExpert Suzuki has largely kept up with the times – there's even a digital speed readout on the instrument cluster screen! – but there's one odd, retrograde touch. While you can use the Info button on the steering wheel to toggle between different displays on the instrument cluster screen, to do things like reset the average fuel consumption you have to use this weird black twisty knob poking out of the cluster. It's annoying to use. Some aspects of the interior we do like, however, are the large, clearly labelled buttons on the right-hand side of the steering wheel including the boot release, and the bottle holders in the front doors that will fit larger bottles. One advantage of Suzuki sticking with the same basic silhouette for two decades is it affords the Swift excellent rear headroom. At 180cm tall, my head doesn't brush the ceiling, and legroom is quite good too – I can sit behind my own seating position with no problem. There are no amenities of note here, apart from bottle holders in the doors suitable only for small bottles. 2025 Suzuki Swift Plus Credit: CarExpert Open the hatch and you'll find quite a deep storage space. There's 265 litres of space, which compares favourably with the MG 3 (293L), Mazda 2 (250L) and Toyota Yaris (270L). Under the boot floor, however, there's no spare – just a tyre repair kit. To see how the Suzuki Swift lines up against the competition, check out our comparison tool All versions of the Swift Hybrid in Australia get a 1.2-litre petrol engine with a 12V mild-hybrid system. 2025 Suzuki Swift Plus Credit: CarExpert Over a loop consisting of inner-city, suburban and highway driving, we recorded fuel consumption of 4.7L/100km. This increased to 5.7L/100km over the course of a week, albeit with a heavy urban skew. For context, across an identical loop we recorded 4.9L/100km with a base manual Swift, and 5.1L/100km over the course of a week. To see how the Suzuki Swift lines up against the competition, check out our comparison tool As an urban runabout, the Suzuki Swift works well. 2025 Suzuki Swift Plus Credit: CarExpert The CVT keeps the little three-pot in its optimal rev range, and you can dart in and out of traffic with ease. The thrummy note of the three-cylinder engine under the bonnet is also delightful, though it makes a racket – and betrays its modest outputs – when you floor it on a highway on-ramp, with a great deal of droning from the CVT. The steering should satisfy most buyers. It's light without feeling completely vacant, and the Swift is easily twirled around parking lots. Ride quality meets the standards of the segment, and the Swift is generally comfortable. Multiple successive bumps will upset its composure somewhat, but generally impacts are absorbed quite well. It's not a Cadillac, but it's comfortable. 2025 Suzuki Swift Plus Credit: CarExpert Visibility is also hard to fault, with nice, large windows all around the vehicle. Despite this, blind-spot monitoring is still standard, and it's great to see this genuinely useful safety technology in an affordable light car. The only thing that may perturb commuters is the idle stop/start system. In stop and start traffic the engine is very keen to cut out, and the system is quite smooth so you may be surprised to find all of a sudden the steering wheel essentially won't move while you're waiting at traffic lights. Cruising along the highway, there's a little wind rustle around the mirrors and a little bit of tyre noise, but it's fine by the standards of the segment – you can still easily carry a conversation with someone in the back seat, not that that they're that far away from you! The sound system also features speed-dependent volume control. 2025 Suzuki Swift Plus Credit: CarExpert In other driving scenarios, the Swift is a little less desirable. It's just not as entertaining as a Mazda 2 to drive when you want to take it somewhere more challenging than the commute to work. There's more body roll in corners, a bit more understeer, and a bit less steering feel. Even an MG 3 Hybrid I recently drove was more enjoyable on a spirited mountain drive. Are most Swift buyers after a corner-carver? Probably not. If you do crave that engagement but insist on a Swift, you can either wait for a new-generation Sport – if one ever comes – or drop down to the base model and get a manual. The three-pedal option makes this little hatch somewhat more enjoyable. Shift action is good and throws aren't too long, nor does it feel too rubbery or notchy; the clutch pedal is well-weighted, too. 2025 Suzuki Swift Plus Credit: CarExpert It's still not my favourite manual but it's the only one left in this segment in Australia, unless you step up to a Hyundai i20 N. Also, surprisingly, the manual also comes with adaptive cruise control. To get blind-spot monitoring and rear cross-traffic alert in a Swift, however, you have to step up to our auto-only Plus tester, and they join a suite of active safety and driver assist technology that's generally well-calibrated. The lane-keep assist gives you a gentle nudge if you start to stray out of your lane, while there's also a lane centring function that works with the adaptive cruise control. It's not the sharpest lane-centring system we've tested – it makes the steering feel quite inconsistent – but it's great to see such a feature in a humble Swift. 2025 Suzuki Swift Plus Credit: CarExpert The adaptive cruise control lacks stop and go functionality but, again, it's a Swift with adaptive cruise – even Suzuki has kept up with the march of progress. Handily, it works with the speed sign recognition, which means you need press only one toggle on the steering wheel to change the set speed. As required by law, there's autonomous emergency braking, and while it didn't engage on us the forward collision warning did activate a few times showing it's rather more eager than in other cars. You can turn it off easily, however, via a button to the right-hand side of the steering wheel next to the lane-keep assist button. The standard LED headlights feature automatic high-beam, which works well. There's a reversing camera, as expected, and its resolution is average. To see how the Suzuki Swift lines up against the competition, check out our comparison tool The Swift is available in three trim levels: base, the featured Plus, and the top-spec GLX. 2025 Suzuki Swift Plus Credit: CarExpert 2025 Suzuki Swift Plus Credit: CarExpert 2025 Suzuki Swift Plus Credit: CarExpert 2025 Suzuki Swift Plus Credit: CarExpert 2025 Suzuki Swift equipment highlights: 15-inch steel wheels with covers Tyre repair kit LED headlights Heated power mirrors Keyless entry and start 9.0-inch touchscreen infotainment system Wireless Apple CarPlay Wired Android Auto Satellite navigation DAB digital radio 2-speaker sound system Air-conditioning Cloth upholstery The Plus adds: 16-inch alloy wheels Heated front seats Leather-wrapped steering wheel Driver's seat height adjustment 6-speaker sound system The GLX adds: Wireless phone charger Climate control air-conditioning Power-folding exterior mirrors To see how the Suzuki Swift lines up against the competition, check out our comparison tool The Suzuki Swift received a one-star rating from safety authority ANCAP in 2024, a disappointing showing given its predecessor had received five stars under admittedly older, less stringent protocols. 2025 Suzuki Swift Plus Credit: CarExpert The current model received a three-star rating from sister authority Euro NCAP, but different specification locally – including the absence of absorption bars around the radiator and on either side of the wheel arch – doomed it to just one star in ANCAP testing. Given ANCAP standards change over time, the Swift can't be directly compared with anything in its segment besides the MG 3. The Chinese hatch received three stars in ANCAP testing under the same protocols. The Yaris received five stars in 2020, but against older test protocols, while the Mazda 2 received five stars but its rating expired in 2022 because testing was conducted all the way back in 2014. Other similarly priced vehicles like the Kia Picanto and Stonic are also unrated. What does all this mean? Well, we'd argue Suzuki is giving Australian buyers the short end of the stick by not offering a version of the Swift demonstrated to be safer. 2025 Suzuki Swift Plus Credit: CarExpert We're not talking about driver assist features here, which we know many vehicle owners turn off. The Australian-market Swift received 47 per cent for adult occupant protection and 59 per cent for child occupant protection, against 72 per cent and 74 per cent respectively for the MG 3, and 67 per cent and 65 per cent in Euro NCAP testing of the European-market Swift. Could a new Swift be safer than what you're trading in for it? Quite possibly, particularly if you're coming out of an older vehicle. But a one-star rating is disappointing in a market where five stars has become the norm. On a brighter note, the Swift comes standard with plenty of safety features, particularly in the mid-spec Plus and top-spec GLX. Standard safety equipment across the Swift range includes: Adaptive cruise control Autonomous emergency braking Lane-keep assist Traffic sign recognition Reversing camera Rear parking sensors Front, front-side and curtain airbags The Plus adds: Blind-spot monitoring Rear cross-traffic alert That's plenty of safety kit, but rivals have kept up – every Mazda 2 has all of the above features, for example. The MG 3, too, has an extensive list of standard active safety and driver assist tech. To see how the Suzuki Swift lines up against the competition, check out our comparison tool Suzuki covers its range in Australia with a five-year, unlimited-kilometre warranty. 2025 Suzuki Swift Plus Credit: CarExpert To see how the Suzuki Swift lines up against the competition, check out our comparison tool. There's a lot to like about the Suzuki Swift, from its thrifty, thrummy three-cylinder engine to its comfortable cabin and its user-friendly controls and infotainment system. 2025 Suzuki Swift Plus Credit: CarExpert It also undercuts the Mazda 2 and Toyota Yaris, if not the MG 3, and proves a very easy car to live with. But its disappointing safety result is a tough pill to swallow, and it isn't as enjoyable to drive as its rivals. It also requires more expensive fuel than a Mazda 2 or Toyota Yaris, and there's no spare wheel like you'll find in the Yaris or a petrol MG 3. We hope Suzuki can bring the Australian-market Swift into line with its European-market counterpart. In the meantime, it's still worth a look but we'd also suggest you check out the MG 3. 2025 Suzuki Swift Plus Credit: CarExpert CarExpert can save you thousands on a new Suzuki Swift. Click here to get a great deal. MORE: Explore the Suzuki Swift showroom Mightn't be a full hybrid, but it's still very economical Zippy powertrain Well-packaged, neatly styled interior Disappointing safety rating No spare wheel Requires premium fuel Power: 61kW Fuel Type: Unleaded Petrol/Electric Economy: 4.0L/100km CO2 Emissions: 90g/km ANCAP Safety Rating: 1
Perth Now
3 hours ago
- Perth Now
Wall Street muted as investors focus on retail earnings
Wall Street's main indexes are subdued, in a quiet start to a week packed with corporate earnings reports from major retailers and the Federal Reserve's annual symposium in Jackson Hole. Investors also remained wary ahead of a meeting between US President Donald Trump and Ukraine's Volodymyr Zelenskiy on Kyiv's conflict with Moscow. Trump has told Ukraine to give up hopes of getting back annexed Crimea or joining NATO, but will push for a peace deal with Russia. Wall Street's main indexes rallied over the past two weeks, with the blue-chip Dow hitting an intra-day record high on Friday, aided by interest rate cut expectations and a better-than-expected earnings season despite an uncertain trade environment. Investors will closely monitor reports from Walmart, Home Depot and Target, among others, which are expected this week, to determine how trade uncertainty and inflation expectations have affected US consumers. Data on Friday showed that while retail sales were increasing broadly as anticipated, consumer sentiment overall had taken a hit from mounting inflation fears. "A lot of orders were pulled forward from a lot of retailers and companies that are producing products. So from an earnings standpoint, most likely they're going to be in line and if there is a beat, it might be slight," said Michael Matousek, head trader at US Global Investors. In early trading on Monday, the Dow Jones Industrial Average fell 2.15 points to 44,943.97, the S&P 500 lost 3.83 points, or 0.06 per cent, to 6,445.97 and the Nasdaq Composite lost 28.59 points, or 0.13 per cent, to 21,594.39. Seven of the 11 S&P 500 sectors edged up, with healthcare stocks leading with a 0.5 per cent rise as UnitedHealth gained 2.3 per cent, building on its nearly 12 per cent jump in the previous session. Investors continue to price in a 25-basis-point cut from the Federal Reserve next month, although they have lowered their expectations for another rate cut this year, according to data compiled by LSEG. Recent data have also suggested that while US tariffs have not filtered into headline consumer prices yet, weakness in the jobs market could nudge the central bank to take a more dovish stance. Markets hope that the Fed's Jackson Hole, Wyoming conference between August 21 and 23, where Chair Jerome Powell is expected to speak, could offer more clarity on the economic outlook and the central bank's policy framework. On the trade front, the Trump administration widened the reach of its 50 per cent tariffs on steel and aluminium imports by adding hundreds of derivative products to the list of goods subject to the levies. Dayforce surged the most in the S&P 500 index, up 25.4 per cent after a report said PE firm Thoma Bravo is in talks to acquire the HR management software firm. Solar stocks such as SunRun jumped 7.2 per cent and First Solar gained 6.2 per cent after the US Treasury Department unveiled new federal tax subsidy rules for solar and wind projects. Advancing issues outnumbered decliners by a 1.41-to-1 ratio on the NYSE and by a 1.4-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and two new lows, while the Nasdaq Composite recorded 54 new highs and 35 new lows.
The Age
7 hours ago
- The Age
Writer boycott proves strangely selective
Just do it Reaching consensus on how to reform the Australian tax system seems unlikely. At the most basic level, there is little agreement as to what such reform even means. To some people, tax reform means finding ways to raise more tax revenue. Others argue the government would not need to raise more money if it spent what it already has more effectively. Some people say wealthy people and high-income earners should pay more. Others say they should not be penalised for their hard work and smart use of current tax arrangements. Raising and/or broadening the GST is often suggested, until the regressive effects are considered. Maybe rather than hoping to reach agreement on tax reform at a roundtable, or in the community, the government should just announce some significant changes to the tax system and be willing to face the consequences. Rod Wise, Surrey Hills Show your mettle US President Donald Trump went into his meeting with Russian President Vladimir Putin an aggressive peacemaker and came out purring like a pussy cat (' The art of the 'no deal': How the Trump-Putin meeting unfolded ', 16/8). Who would have guessed? At least the performance by Trump has bought the European countries of NATO out into the cold light of day. It is no longer possible for them to shelter under the tattered umbrella of the United States. Putin wants Ukraine, and nobody would expect Russia not to prevail – their military might is just too strong. So now it's up to the European countries in NATO. Unfortunately, issuing press releases championing the Ukrainian cause and blowing kisses to President Volodymyr Zelensky is no longer going to cut it. Either Britain, France, Germany and other European NATO countries form a coalition of the willing or they accept Russia expanding its territory in Eastern Europe at least up to the northern boundaries of Ukraine. Putin sees nothing but timidity from the European NATO countries – so the time has come either to call his bluff or be content with a dramatic expansion of Russian territory into Western Europe. Robert Dean, Hawthorn East A good start I'm amazed by the number of your correspondents who are criticising Donald Trump for not stopping the Ukraine-Russia war. I'm just pleased that for the first time in a long time, the leaders of the United States and Russia are talking (and not firing nuclear missiles at one another). The causes of this war are complex and need to be resolved before there can be a secure peace. The demand for a quick resolution is impractical and unreasonable, and is being used to pile undeserved criticism on Trump. There are plenty of things he has done wrong; opening up dialogue with Russia is not one of them. Peter Martina, Warrnambool More whistles Rarely a week goes by without decisions by AFL umpires being heavily criticised by both supporters and in the footy media. There's no doubt that AFL is by far the most difficult sport for umpires and referees to adjudicate, with the size of the field, the 36 players involved in the play, and the incredible pace of the game. The many rules such as holding the ball, push in the back, interference in marking contests are all very subjective, so it's little wonder that the match officials don't always get it right. Originally, only one field umpire controlled each game, but this increased to two in 1976, then to three in 1994, and four in 2023. Despite these increases, the overall decision-making by umpires does not appear to have improved exponentially. In fact, it is not uncommon for one umpire close to the action to award a free kick and have this overturned by another positioned further away. It is out of the question to introduce a procedure where umpiring decisions are reviewed by the AFL Review Centre, like they do in the NRL. The continuity of play in Aussie rules has always been one of the biggest appeals for spectators of the game compared with other football codes. The AFL should seriously consider giving whistles to the four boundary and two goal umpires. They are all closely engaged in the battle of play, and the extra six sets of eyes could well give us the outcomes that we all cherish, less bad decisions on the day. Will Muskens, Bardon, Qld Simple solution Michael Gleeson on the varying impact of umpiring errors (' Crow throws and the free kick that wasn't: Adelaide's luck turns ', 17/8) highlights the obvious point that the laws of Aussie rules can be 'silly'. Good luck explaining the game to a first-time spectator. If the AFL seeks to protect and recruit umpires, the rules need simplifying. This will bring clarity that can aid umpires, players and fans. Justin O'Halloran, Clifton Hill Much to play for The last few AFL games for teams unable to make the finals might not mean much to some people but I am sure they mean plenty for young players striving to make a good impression. As for the oldies like Patrick Cripps, the look on his face after a win and chance to end the year on a positive note spoke volumes. Just as during the season, there have been some lacklustre hitouts, but I bet Carlton and Essendon on Thursday night will be of great interest to supporters with a lot of young players on display giving their all to make a good impression. Dwindling crowds are to be expected, but I wouldn't be surprised if plenty of Blues and Bombers fans turn up to the MCG on Thursday night. John Rawson, Mernda Vibrant precinct I was surprised on reading ' The street's dead: Inner-city strip struggles with nighttime lull ' (17/8) as I did not recognise my local shopping strip. The implication and accompanying photo gave the impression of several empty shops sitting below tired facades which collect graffiti due to neglect. The graffiti depicted has been there for many years. While it would be good to see Yarra Council clean this up, it is no indication of neglect or apathy on the part of business owners. The end of the street near Fledgling Cafe is still a vibrant and bustling precinct, particularly at the weekend when the footpath becomes congested with shoppers and cafe-goers on both sides of Rathdowne Street. It needs to be mentioned that there is an abundance of cafes in this area, so competition is fierce. While evening dining is quieter in the winter months, the warmer months attract lively crowds indoors and out. Rathdowne Village has exactly the right mix of charm, quality shopping and an array of dining choices. I feel blessed to live in this area. Sue Lyons, Carlton North Incentivise action Ask any trader in Rathdowne or Nicholson streets why they're struggling or selling up. It's spiralling rent. You can't and don't need to ask the owners of the Victorian shopfronts blighting Nicholson Street why they're empty – some derelict for over 25 years. It's a no-brainer: their inherited capital gains mean they're cashing in effortlessly. And further largesse is guaranteed as planning regulation is captured by the property lobbies. The Henry George League, with an office in Melbourne, argues convincingly that our taxation system is over-reliant on revenue raised from productive activity (making, selling, servicing), while insufficiently taxing use of land and natural resources. Rather than despair at the prospect of the 2026 Victorian election, is it possible to mobilise support for state taxation reform, much as the teals did for climate change action? Angela Munro, Carlton North Time saver The idea that petrol cars refuel faster than EVs is a myth (Letters, 18/8). A petrol stop usually takes 10 minutes or more once you factor in driving in, waiting, pumping, paying inside, and the regular hours lost each year to servicing. An EV, on the other hand, is refuelled at home — every morning starts with a full battery and no wasted time at a servo. Given that the average person drives less than 100 kilometres a day, most owners rarely need public charging, and so-called 'range anxiety' all but disappears. One winter day, I took a trip I hadn't planned for and needed extra range. My EV directed me to a fast charger, pre-warmed the battery on the way, and five minutes of charging was all it took to return home — to be fed again overnight by my personal pump. Charging is also much cheaper than petrol, even without solar. However, if you can't charge at home, I doubt an EV is a sensible choice. And on top of all that, EVs deliver sparkling acceleration. David Milner, Port Melbourne AND ANOTHER THING Productivity Danielle Wood, chair of the Productivity Commission, said a carbon price 'is the best way to achieve a decrease in carbon emissions'. I'll say it out loud for Jim Chalmers: Australia needs a carbon tax. John Hughes, Mentone Remind me again, how well has the removal of red tape and the subsequent increase in self-regulation gone in the childcare sector for example? Phil Alexander, Eltham One can only hope that Ross Gittins is at the economic roundtable to dispense some sense ('Want better productivity? Keep wages rising strongly', 18/8). Vicki Jordan, Lower Plenty Putin and Trump Vladimir Putin is a master of the lesson 'grab 'em by their balls and their hearts and minds will follow', which he is busy teaching an obedient and compliant Donald Trump. Conversely, Volodymyr Zelensky must be a slow learner as he keeps fighting Putin. Robyn Westwood, Heidelberg Heights Loading To be clear, President Zelensky was not humiliated last time he visited the White House (as some have suggested). The humiliation should go to Trump, his thugs in the room and the people of America who watched the embarrassing spectacle of them replacing diplomacy with schoolyard bullying. Phill Goode, Southbank Is Donald Trump trying to win the Nobel 'appease' prize? Paul Miller, Albury Trump's reported statement on his negotiations with Putin that 'there's no deal until there's a deal' is a rare instance of him making a truthful, verifiable, and insightful comment on any of the major issues facing the world. Harry Zable, Campbells Creek Finally I'm fearful of venturing to the 'G without earplugs to see Cats v Tigers, not because of the crowd noise but because of AFL's 'enhanced experience'. To quietly share the intricacies of the game with six-year-old grandchildren adds the hype I need. George Reed, Wheelers Hill
