$A emerges as unlikely Trump turmoil safe haven
The Australian dollar is emerging as an unexpected winner of US President Donald Trump's aggressive trade policies with investors increasingly turning to the currency as a haven amid the turmoil.
Since early April, when Trump's plans for hefty tariffs sent ripples through financial markets, the dollar has climbed nearly 8 per cent against its US counterpart. It has also risen against traditional haven currencies such as the Japanese yen and the Swiss franc.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Advertiser
an hour ago
- The Advertiser
Carbon tariff on the table for overseas businesses
Labor has left the door open to a tax on cement and steel coming in from places not taking sufficient climate action. Energy Minister Chris Bowen said Australia remained on-track to meet its legislated 43 per cent by 2030 emissions reduction target but that the nation needed to do more to achieve it. Asked if a carbon tariff - a tax charged on imports - was still a prospect, Mr Bowen flagged particular sectors were being considered. But consultation with Australian industry was still underway, he added. "I've had lots of meetings with steel makers and cement makers about these things over the past 12 months ... getting their feedback, and we'll have more to say during the course of this term," he told the ABC on Sunday. Mr Bowen said gas giant Woodside will be required to ensure the North West Shelf project meets net-zero emissions by 2050. Woodside hosts Australia's biggest gas export plant, and last week was given approval by the Albanese government to keep operating until 2070. The move has been slammed by environmental groups. "In effect, all the facilities covered, the more than 200 facilities covered by the safeguard mechanism are obliged to have a pathway to net-zero," the minister said. The mechanism is a policy designed to limit emissions at Australia's largest industrial facilities in line with the nation's climate targets. Religious leaders in Western Australia have expressed their disappointment at the 40-year expansion given to the energy giant. Reverend Ken Devereux, from the Australian Religious Response to Climate Change, said the next test for the government was to make sure the Browse project does not go ahead. Woodside has been trying to get environmental approvals for the $30 billion Browse gas project off the Kimberley coast since 2018. "We believe that moral and ethical choices for the greater good for humanity and creation need to take precedence over the benefits to fossil fuel corporations and the short-term economy," Rev Devereux said. Asked if approving gas projects would make it harder for Australia to win a global climate summit it is bidding to co-host with Pacific Island nations next year, Mr Bowen said these decisions would always be controversial. "I don't deny that, but we'll always set Australia's domestic policy in Australia's domestic best interest," he said. "There's a great opportunity for our country, (it) restores Australia's leadership in climate against the bad years of the decade of denial and delay, (and) shows we're back in a very meaningful way". Turkey is also bidding for the climate talks, with the energy minister hopeful the issue is resolved soon. Mr Bowen said Australia remains on track to reduce emissions by 43 per cent by 2030, despite a small increase in emissions last year. He also ruled out a retrospective domestic gas reservation policy to existing fields. Labor has left the door open to a tax on cement and steel coming in from places not taking sufficient climate action. Energy Minister Chris Bowen said Australia remained on-track to meet its legislated 43 per cent by 2030 emissions reduction target but that the nation needed to do more to achieve it. Asked if a carbon tariff - a tax charged on imports - was still a prospect, Mr Bowen flagged particular sectors were being considered. But consultation with Australian industry was still underway, he added. "I've had lots of meetings with steel makers and cement makers about these things over the past 12 months ... getting their feedback, and we'll have more to say during the course of this term," he told the ABC on Sunday. Mr Bowen said gas giant Woodside will be required to ensure the North West Shelf project meets net-zero emissions by 2050. Woodside hosts Australia's biggest gas export plant, and last week was given approval by the Albanese government to keep operating until 2070. The move has been slammed by environmental groups. "In effect, all the facilities covered, the more than 200 facilities covered by the safeguard mechanism are obliged to have a pathway to net-zero," the minister said. The mechanism is a policy designed to limit emissions at Australia's largest industrial facilities in line with the nation's climate targets. Religious leaders in Western Australia have expressed their disappointment at the 40-year expansion given to the energy giant. Reverend Ken Devereux, from the Australian Religious Response to Climate Change, said the next test for the government was to make sure the Browse project does not go ahead. Woodside has been trying to get environmental approvals for the $30 billion Browse gas project off the Kimberley coast since 2018. "We believe that moral and ethical choices for the greater good for humanity and creation need to take precedence over the benefits to fossil fuel corporations and the short-term economy," Rev Devereux said. Asked if approving gas projects would make it harder for Australia to win a global climate summit it is bidding to co-host with Pacific Island nations next year, Mr Bowen said these decisions would always be controversial. "I don't deny that, but we'll always set Australia's domestic policy in Australia's domestic best interest," he said. "There's a great opportunity for our country, (it) restores Australia's leadership in climate against the bad years of the decade of denial and delay, (and) shows we're back in a very meaningful way". Turkey is also bidding for the climate talks, with the energy minister hopeful the issue is resolved soon. Mr Bowen said Australia remains on track to reduce emissions by 43 per cent by 2030, despite a small increase in emissions last year. He also ruled out a retrospective domestic gas reservation policy to existing fields. Labor has left the door open to a tax on cement and steel coming in from places not taking sufficient climate action. Energy Minister Chris Bowen said Australia remained on-track to meet its legislated 43 per cent by 2030 emissions reduction target but that the nation needed to do more to achieve it. Asked if a carbon tariff - a tax charged on imports - was still a prospect, Mr Bowen flagged particular sectors were being considered. But consultation with Australian industry was still underway, he added. "I've had lots of meetings with steel makers and cement makers about these things over the past 12 months ... getting their feedback, and we'll have more to say during the course of this term," he told the ABC on Sunday. Mr Bowen said gas giant Woodside will be required to ensure the North West Shelf project meets net-zero emissions by 2050. Woodside hosts Australia's biggest gas export plant, and last week was given approval by the Albanese government to keep operating until 2070. The move has been slammed by environmental groups. "In effect, all the facilities covered, the more than 200 facilities covered by the safeguard mechanism are obliged to have a pathway to net-zero," the minister said. The mechanism is a policy designed to limit emissions at Australia's largest industrial facilities in line with the nation's climate targets. Religious leaders in Western Australia have expressed their disappointment at the 40-year expansion given to the energy giant. Reverend Ken Devereux, from the Australian Religious Response to Climate Change, said the next test for the government was to make sure the Browse project does not go ahead. Woodside has been trying to get environmental approvals for the $30 billion Browse gas project off the Kimberley coast since 2018. "We believe that moral and ethical choices for the greater good for humanity and creation need to take precedence over the benefits to fossil fuel corporations and the short-term economy," Rev Devereux said. Asked if approving gas projects would make it harder for Australia to win a global climate summit it is bidding to co-host with Pacific Island nations next year, Mr Bowen said these decisions would always be controversial. "I don't deny that, but we'll always set Australia's domestic policy in Australia's domestic best interest," he said. "There's a great opportunity for our country, (it) restores Australia's leadership in climate against the bad years of the decade of denial and delay, (and) shows we're back in a very meaningful way". Turkey is also bidding for the climate talks, with the energy minister hopeful the issue is resolved soon. Mr Bowen said Australia remains on track to reduce emissions by 43 per cent by 2030, despite a small increase in emissions last year. He also ruled out a retrospective domestic gas reservation policy to existing fields. Labor has left the door open to a tax on cement and steel coming in from places not taking sufficient climate action. Energy Minister Chris Bowen said Australia remained on-track to meet its legislated 43 per cent by 2030 emissions reduction target but that the nation needed to do more to achieve it. Asked if a carbon tariff - a tax charged on imports - was still a prospect, Mr Bowen flagged particular sectors were being considered. But consultation with Australian industry was still underway, he added. "I've had lots of meetings with steel makers and cement makers about these things over the past 12 months ... getting their feedback, and we'll have more to say during the course of this term," he told the ABC on Sunday. Mr Bowen said gas giant Woodside will be required to ensure the North West Shelf project meets net-zero emissions by 2050. Woodside hosts Australia's biggest gas export plant, and last week was given approval by the Albanese government to keep operating until 2070. The move has been slammed by environmental groups. "In effect, all the facilities covered, the more than 200 facilities covered by the safeguard mechanism are obliged to have a pathway to net-zero," the minister said. The mechanism is a policy designed to limit emissions at Australia's largest industrial facilities in line with the nation's climate targets. Religious leaders in Western Australia have expressed their disappointment at the 40-year expansion given to the energy giant. Reverend Ken Devereux, from the Australian Religious Response to Climate Change, said the next test for the government was to make sure the Browse project does not go ahead. Woodside has been trying to get environmental approvals for the $30 billion Browse gas project off the Kimberley coast since 2018. "We believe that moral and ethical choices for the greater good for humanity and creation need to take precedence over the benefits to fossil fuel corporations and the short-term economy," Rev Devereux said. Asked if approving gas projects would make it harder for Australia to win a global climate summit it is bidding to co-host with Pacific Island nations next year, Mr Bowen said these decisions would always be controversial. "I don't deny that, but we'll always set Australia's domestic policy in Australia's domestic best interest," he said. "There's a great opportunity for our country, (it) restores Australia's leadership in climate against the bad years of the decade of denial and delay, (and) shows we're back in a very meaningful way". Turkey is also bidding for the climate talks, with the energy minister hopeful the issue is resolved soon. Mr Bowen said Australia remains on track to reduce emissions by 43 per cent by 2030, despite a small increase in emissions last year. He also ruled out a retrospective domestic gas reservation policy to existing fields.
Sky News AU
an hour ago
- Sky News AU
‘Absolute lunacy': Claims Labor has put Australia at risk with net zero
Former deputy prime minister Barnaby Joyce claims Labor has put Australia at risk over its push to net zero. 'Absolute lunacy but what happens at the end? The pensioner, poor old Australian, they pay through the teeth,' Mr Joyce said. 'We have put our nation at risk.'
Perth Now
3 hours ago
- Perth Now
Bowen accused of hiding carbon tariff
Chris Bowen has been accused of following 'Donald Trump's lead' over comments suggesting Australia could force carbon tariffs on emission-heavy imports. Mr Bowen didn't rule out enacting a carbon tariff on carbon-heavy sectors like cement and lime, stating that 'we'll have more to say during the course of this term'. He said decisions would be made to 'ensure Australian industry is best placed to complete in a decarbonising world'. 'I'd urge against sweeping generalisations about policy settings,' he told the ABC on Sunday. 'What could be the case is obviously we look at particular sectors first, around cement and lime are places that we've looked at in particular, but again, I'm not going to get in front of the process.' Energy Minister Chris Bowen didn't rule out the potential for Labor to enact a carbon tariff in its second term of government. NewsWire/ Martin Ollman Credit: News Corp Australia Mr Bowen also referred to the Carbon Leakage Review which was conducted by Professor Frank Jotzo. Initial findings backed a border carbon adjustment mechanism that would make importers pay for the carbon created during production, identifying at-risk commodities like cement, lime and clinker, and moderate risk products like steel, glass and ammonia. 'We asked Professor Jotzo to look at this, he's been doing excellent work consulting Australian industry very heavily,' he said. 'I've had lots of meetings with steel makers and cement makers about these things over the past 12 months, for example, getting their feedback, and we'll have more to say during the course of this term.' Newly installed Coalition energy and emissions reduction spokesman Dan Tehan seized on Mr Bowen's comments. 'Now before the election, Chris Bowen, this arrogant minister, said nothing about carbon tariffs, and yet, here he is immediately after the election, talking about putting them in place,' he said in a video shared on social media. 'Now let's have a look at what this minister has presided over. He's put our energy security at risk. He's put electricity prices up, he's put gas prices up, and he's put emissions up, and now he wants to follow Donald Trump's lead and put in place tariffs. What a mess.' The Coalition's new energy and emissions reduction spokesman Dan Tehan accused Labor of springing the tariffs without seeking a mandate. NewsWire/ Martin Ollman Credit: News Corp Australia Appearing on Insiders, Mr Bowen also maintained that Australia is 'by and large on track' to meet our 43 per cent 2030 emission reduction targets, despite figures released on Friday revealing that emissions had increased year-on-year by 0.05 per cent. While Mr Bowen conceded Australia needed to 'do more' to reach net zero by 2050, he said output from renewables were 'very encouraging,' while transport remained an issue. 'Now our new vehicle efficiency standards only came into force on 1 January, for example. I wouldn't pretend that they've yet had an impact,' he said. 'These are the sorts of things that we need to keep going on to ensure that we can achieve and will achieve a 43 per cent emissions reduction, which I'm very confident we can and will.'
