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Australian shares edge lower as tariffs bite China, US

Australian shares edge lower as tariffs bite China, US

Perth Now01-05-2025

Australian equities are edging tentatively higher, as concerns build around the growth prospects of the world's two largest economies.
By midday, the S&P/ASX200 was up 15.6 points, or 0.19 per cent, to 8142.3, as the All Ordinaries gained 18.8 points, or 0.22 per cent, to 8359.3.
The tentative start came after a volatile Wall Street session where a late rally pushed the three major indexes slightly higher after disappointing US GDP data.
The US economy shrank for the first quarter in three years, by 0.3 per cent, which analysts attributed to a spike in imports as companies tried to front-run President Donald Trump's tariffs.
Manufacturing data from China on Wednesday showed its steepest decline since December 2023, a sign of the early impacts of US tariffs.
"This saw the price of iron ore fall 1.33 per cent to $US97.15 in Asia, a move that has been added to overnight," IG Markets analyst Tony Sycamore said.
"Combined, these moves in key commodities have resulted in BHP's (New York listing) falling 2.16 per cent overnight, indicating a tough day ahead for the big miners."
Materials stocks were weighing on the bourse early in the session, down 0.9 per cent as BHP slipped 1.4 per cent, and Rio Tinto was down 1.1 per cent as its AGM kicked off this morning.
Three of 11 local sectors were in the red, with energy the worst performer and down 1.1 per cent as demand concerns and a potential OPEC+ supply hike again kept crude futures at four-year lows.
Brent crude is trading at $61.05, while its US, West Texas Intermediate equivalent contract is fetching $US58.59.
The big four banks were mixed, with CBA up 0.6 per cent while ANZ, NAB and Westpac were down by less than one per cent as the financial sector eked a 0.1 per cent gain.
IT stocks outperformed the bourse, up more than three per cent, helped by rallies in Wisetech (+5.5 per cent) and data centre company NEXTDC, up 5.6 per cent.
Consumer staples were up one per cent, as Woolworths rose 0.8 per cent higher on mixed third-quarter results.
Its total sales rose more than three per cent on the equivalent 2024 quarter to $3.2 billion, thanks largely to a 15.7 per cent surge in eCommerce sales.
The group's Big W sales slipped 1.5 per cent, sparking a first half profit downgrade to a loss of $70 million before interest and tax.
Real estate stocks also performed well, up 1.8 per cent as easing building costs and cooling underlying inflation narrowed bets of an interest rate cut at the Reserve Bank's May meeting.
Goodman Group was up four per cent to $31.19 as Charter Hall gained 2.5 per cent.
The Australian dollar has been consolidating around the 64 US cent level since April 21 to buy 64.12 US cents, on par with 64.10 US cents, its level at Wednesday at 5pm.

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Anthony Albanese says Labor will fight ‘frustration' in government and deliver on election promises, in National Press Club address
Anthony Albanese says Labor will fight ‘frustration' in government and deliver on election promises, in National Press Club address

News.com.au

time20 minutes ago

  • News.com.au

Anthony Albanese says Labor will fight ‘frustration' in government and deliver on election promises, in National Press Club address

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Anthony Albanese says Labor will fight ‘frustration' in government and deliver on election promises, in National Press Club address
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West Australian

time20 minutes ago

  • West Australian

Anthony Albanese says Labor will fight ‘frustration' in government and deliver on election promises, in National Press Club address

Anthony Albanese will use his first major speech since winning a second term to promise to fight against growing cynicism and 'frustration' in government. The Prime Minister will put forward his second-term agenda in an address to the National Press Club in Canberra on Tuesday, vowing to 'make a real difference to people's lives'. That includes delivering on Labor's policies to boost bulk-billed GP appointments, decrease student debt and other cost-of-living measures. While he will acknowledge the 'significant global uncertainty' and 'economic instability' currently underpinning the world, he says Labor will be a 'practical and positive alternative' and delivers on its 'vision for a stronger, fairer Australia'. 'It is the more corrosive proposition that politics and government and democratic institutions, including a free media, are incapable of meeting the demands of this moment,' he is expected to say. 'Our responsibility is to disprove it. 'To recognise that some of this frustration is drawn from people's real experience with government – be it failures of service delivery, or falling through the cracks of a particular system. 'To counter this, we have to offer the practical and positive alternative.' Mr Albanese's comments on a volatile international environment comes as he is expected to have his first face-to-face meeting with US President Donald Trump when he travels to Canada for the G7 Leader's Summit over the weekend. Labor faces a heavy policy agenda when parliament finally sits on July 22 for the first time since the May 3 election, with Mr Albanese promising to legislate a 20 per cent discount of student debts as its first priority. Mr Albanese will also highlight Labor's election vow to ensure 90 per cent of GP visits are bulk-billed by 2030, progress on reaching net zero emissions by 2050, and its continued target to build 1.2 million new homes through the Housing Accords as other key areas for 'delivery' in Labor's second term. 'Our second term agenda has been shaped by the lives and priorities of the Australian people. And it is built on Australian values,' he will say. 'It is the mission and the measure of a Labor government to give those enduring ideals of fairness, aspiration and opportunity renewed and deeper meaning, for more Australians. 'To deliver reforms that hold no-one back – and drive progress that leaves no-one behind.' The government will also expand its First Home Guarantee scheme to all first home buyers, regardless of income caps, which allow them to purchase an eligible property with a 5 per cent deposit, while also avoiding lender's mortgage insurance. Labor has also committed to investing $10bn to build 100,000 new homes which will be earmarked for firsthome buyers. Since Labor's election landslide on May 3, it has faced attacks on its plan to bring in a 30 per cent tax on superannuation balances over $3m. While the Greens have already flagged it will work with Labor to most likely pass the tax in the Senate, the Coalition have criticised the policy as a 'grab for revenue'. However Jim Chalmers has rebuked changes to the tax, calling the changes 'modest' and 'methodical,' which will make a 'meaningful difference to the budget'.

Albo's vow to Aussies after landslide win
Albo's vow to Aussies after landslide win

Perth Now

time23 minutes ago

  • Perth Now

Albo's vow to Aussies after landslide win

Anthony Albanese will use his first major speech since winning a second term to promise to fight against growing cynicism and 'frustration' in government. The Prime Minister will put forward his second-term agenda in an address to the National Press Club in Canberra on Tuesday, vowing to 'make a real difference to people's lives'. That includes delivering on Labor's policies to boost bulk-billed GP appointments, decrease student debt and other cost-of-living measures. While he will acknowledge the 'significant global uncertainty' and 'economic instability' currently underpinning the world, he says Labor will be a 'practical and positive alternative' and delivers on its 'vision for a stronger, fairer Australia'. 'It is the more corrosive proposition that politics and government and democratic institutions, including a free media, are incapable of meeting the demands of this moment,' he is expected to say. 'Our responsibility is to disprove it. 'To recognise that some of this frustration is drawn from people's real experience with government – be it failures of service delivery, or falling through the cracks of a particular system. 'To counter this, we have to offer the practical and positive alternative.' Anthony Albanese will outline his vision for his second-term government at the National Press Club on Tuesday. NewsWire/ Martin Ollman Credit: News Corp Australia Mr Albanese's comments on a volatile international environment comes as he is expected to have his first face-to-face meeting with US President Donald Trump when he travels to Canada for the G7 Leader's Summit over the weekend. Labor faces a heavy policy agenda when parliament finally sits on July 22 for the first time since the May 3 election, with Mr Albanese promising to legislate a 20 per cent discount of student debts as its first priority. Mr Albanese will also highlight Labor's election vow to ensure 90 per cent of GP visits are bulk-billed by 2030, progress on reaching net zero emissions by 2050, and its continued target to build 1.2 million new homes through the Housing Accords as other key areas for 'delivery' in Labor's second term. 'Our second term agenda has been shaped by the lives and priorities of the Australian people. And it is built on Australian values,' he will say. 'It is the mission and the measure of a Labor government to give those enduring ideals of fairness, aspiration and opportunity renewed and deeper meaning, for more Australians. 'To deliver reforms that hold no-one back – and drive progress that leaves no-one behind.' The May 3 federal election delivered a thumbing win to Mr Albanese, with Labor securing a significant majority of 94 seats. Jason Edwards/ NewsWire Credit: News Corp Australia The government will also expand its First Home Guarantee scheme to all first home buyers, regardless of income caps, which allow them to purchase an eligible property with a 5 per cent deposit, while also avoiding lender's mortgage insurance. Labor has also committed to investing $10bn to build 100,000 new homes which will be earmarked for firsthome buyers. Since Labor's election landslide on May 3, it has faced attacks on its plan to bring in a 30 per cent tax on superannuation balances over $3m. While the Greens have already flagged it will work with Labor to most likely pass the tax in the Senate, the Coalition have criticised the policy as a 'grab for revenue'. However Jim Chalmers has rebuked changes to the tax, calling the changes 'modest' and 'methodical,' which will make a 'meaningful difference to the budget'.

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