Australian share market soars to fresh high
The benchmark S&P/ASX200 was up 34.2 points, or 0.40 per cent to 8,621.4 by midday on Wednesday, topping the Valentine's Day record of 8,615.2 points and building on the previous day's record close.
The broader All Ordinaries was up 34.9 points, or 0.40 per cent, to 8,847.4, just 35 points shy of its intraday record of 8,882 points, also set on February 14.
The uptick followed a positive session on Wall Street and came after officials from the US and China agreed on an in-principle framework to resolve export restrictions on rare earths and magnets.
Details on the agreement remained light, and it still required approval from US President Donald Trump and China's President Xi Jingping, IG Markets analyst Tony Sycamore said.
"If the two presidents review and approve the outcome of today's trade talks, it will likely include maintaining the reduction in US tariffs on Chinese goods at 30 per cent (down from 145 per cent) and Chinese tariffs on US goods at 10 per cent (down from 125 per cent)," he said.
The de-escalation in US-China tensions helped lift large cap miners Fortescue (up two per cent) and BHP (up 1.8 per cent), but Rio Tinto continued to be the laggard of the iron ore giants, grinding 0.3 per cent higher.
Materials stocks were among the best performing sectors, up 0.7 per cent, as energy stocks pushed 0.8 per cent higher and real estate lifted one per cent.
Only two of 11 local sectors - IT and utilities stocks - were in the red by midday.
Gold miners were down again as the precious metal continued to consolidate at around $US3,350 ($A5,140) an ounce.
The US-China rare earths "agreement" weighed on local miners of the minerals, with Lynas Rare Earths the top-200's worst performer and down more than six per cent in early trade.
An 0.8 per cent lift in energy stocks was helped by a more than two per cent charge from Woodside to $23.56, as oil prices rolled over after hitting seven week highs on Tuesday.
Commonwealth Bank hit a fresh record high for a second day in a row, reaching $183.19 before easing to $182.46 and taking its value to $305 billion.
CBA's big three competitors traded either side of flat as investors tempered their appetite for Australian banks' famously lofty valuations.
The financial sector is trading at record levels, up 0.2 per cent for the day and up by more than 25 per cent since early April's post-"liberation day" lows.
Buy now, pay later provider Zip Co was leading the top-200, rallying 14.4 per cent after upgrading forward guidance on the back of strong growth in its US business.
Qantas has slipped 1.2 per cent to $10.52 after announcing it will close Jetstar Asia, its Singapore-based intra-Asia airline, due to weak earnings.
The airline will redeploy 13 aircraft to Australian and NZ.
The call comes two weeks before its domestic rival Virgin Australia relists on the Australian Securities Exchange.
Local technology stocks took a breather after rallying on Tuesday, shedding 0.2 per cent, but data centre plays were still pushing higher, with Megaport and NextDC both up more than 1.7 per cent each.
The Australian Dollar is buying 65.04 US cents, up from 65.12 US cents on Tuesday at 5pm.
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The Advertiser
36 minutes ago
- The Advertiser
Living in Australia is just less fair than it used to be
Labor has never been in a better position to implement its national policy platform. But will the Albanese government spend the next three years using its thumping majority to lead bold reforms or deliver damp squib solutions? Next week's productivity roundtable will reveal which path the Prime Minister intends to tread, and so far, it looks like all it's set to do is weaken environment laws and delay big tax reforms until after the next election. Between the Treasury advice leaked to the ABC and the Prime Minister ruling out any major tax reforms before the next election, the government poured a bucket of cold water on any real excitement building for the productivity roundtable. And the productivity roundtable has a big job ahead of it. Australia doesn't just have a productivity problem, it has a revenue problem. Australia is one of the lowest-taxing countries in the developed world. In fact, if Australia collected the OECD average in tax - not the highest amount, just the average - the Commonwealth would have had an extra $140 billion in revenue in 2023-24. To put that in perspective, it's equivalent to the combined cost of the aged pension, the NDIS, Jobseeker, and the child care subsidy, along with the total government spending on housing, vocational education, and both the ABC and SBS. It's clear that bold tax reforms are necessary. Despite being a low-tax country, Australia is still one of the richest countries on Earth. Yet many people's living standards have been going backwards. Why? Lots of reasons. The Coalition enacted policies that deliberately kept wages low. So, when excessive corporate profits drove inflation after the pandemic, the cost of everyday living rose faster than people's paychecks could keep up. Allowing multinational gas companies to export 80 per cent of Australia's gas tripled domestic gas prices and doubled wholesale electricity prices on the east coast of Australia. Climate change-fuelled extreme weather is driving up insurance costs and premiums. The cost of buying a house is now out of reach for most young people, and the cost of renting has skyrocketed, too. This is how most people experience an increase in inequality - your paycheck doesn't go as far as it used to. But those everyday cost-of-living increases obscure a larger truth about the Australian economy. It's just less fair than it used to be. It used to be that a rising tide lifted all boats. When the economy grew, Australians all shared the benefits. If you imagine Australian economic growth were a cake shared between 10 people, in the decades after World War II, the bottom 90 per cent of Australians used to get 9 pieces of cake, leaving one piece for the top 10 per cent. In the decade after the Global Financial Crisis, the richest person at the table ate nine pieces of cake, and the bottom 90 per cent of people shared less than one piece of cake between them. It's hugely unfair. There's not much point boosting productivity if a majority of working people don't get to share in the benefits. Treasurer Jim Chalmers is keen to have that debate. He described the game of ruling things in or out as "cancerous" and vowed to dial up Labor's ambition for bold reforms. And let's be clear, to reverse that path of Australia's growing inequality will require bold tax reforms. It's clear the Treasurer understands that, as well as several of the roundtable invitees, who want tax reform on the agenda at the productivity roundtable. The ACTU submission included several tax reforms, including to negative gearing and the CGT discount, but also reforming the broken Petroleum Resource Rent Tax (PRRT) and replacing it with a new 25 per cent export levy on gas. Negative gearing together with the CGT discount has so warped our housing market, many young Australians have given up on every owning their own home. But it looks like the PM has put off reforming those distortionary tax concessions until his next term of government. He keeps hosing down suggestions for progressive tax reforms. To hear the Prime Minister rule out any major tax reforms before the next election is not just disappointing, it's irresponsible. There are also reports that the government is considering introducing road user charges for electric vehicles only. If we're talking road user charges, it would make sense to include heavy vehicles, which do so much damage to our roads - a vehicle that's twice the weight of a regular vehicle does 16 times the damage to the road. But heavy vehicles don't pay anything extra for that damage. But will heavy vehicles be included in any new road user charges? Doesn't look like it. READ MORE EBONY BENNETT: The fact that Labor is considering slugging electric vehicle drivers with a new tax, while doing nothing to stop half of Australia's gas being exported royalty-free, tells you everything you need to know. Big tax reforms are on the table for electric vehicles, but off the table for the gas industry. Yet, according to the Treasury advice leaked to the ABC, the government will consider other major reforms. For example, it will weaken - sorry, "streamline" - our national environment laws to make development easier. And it will consider cutting "red tape" by freezing changes to the National Construction Code. Labor has a thumping majority in the lower house and it can pass progressive reforms through the Senate with the support of the Greens any time it wants. Instead, the government's productivity agenda seems to be to weaken environment laws, tax clean vehicles, cut red tape for property developers and leave the difficult tax reforms until after the next election. It's a far cry from Albanese's promise in Labor's election platform, to be a government "as courageous and hardworking and caring as the Australian people are themselves." Labor has never been in a better position to implement its national policy platform. But will the Albanese government spend the next three years using its thumping majority to lead bold reforms or deliver damp squib solutions? Next week's productivity roundtable will reveal which path the Prime Minister intends to tread, and so far, it looks like all it's set to do is weaken environment laws and delay big tax reforms until after the next election. Between the Treasury advice leaked to the ABC and the Prime Minister ruling out any major tax reforms before the next election, the government poured a bucket of cold water on any real excitement building for the productivity roundtable. And the productivity roundtable has a big job ahead of it. Australia doesn't just have a productivity problem, it has a revenue problem. Australia is one of the lowest-taxing countries in the developed world. In fact, if Australia collected the OECD average in tax - not the highest amount, just the average - the Commonwealth would have had an extra $140 billion in revenue in 2023-24. To put that in perspective, it's equivalent to the combined cost of the aged pension, the NDIS, Jobseeker, and the child care subsidy, along with the total government spending on housing, vocational education, and both the ABC and SBS. It's clear that bold tax reforms are necessary. Despite being a low-tax country, Australia is still one of the richest countries on Earth. Yet many people's living standards have been going backwards. Why? Lots of reasons. The Coalition enacted policies that deliberately kept wages low. So, when excessive corporate profits drove inflation after the pandemic, the cost of everyday living rose faster than people's paychecks could keep up. Allowing multinational gas companies to export 80 per cent of Australia's gas tripled domestic gas prices and doubled wholesale electricity prices on the east coast of Australia. Climate change-fuelled extreme weather is driving up insurance costs and premiums. The cost of buying a house is now out of reach for most young people, and the cost of renting has skyrocketed, too. This is how most people experience an increase in inequality - your paycheck doesn't go as far as it used to. But those everyday cost-of-living increases obscure a larger truth about the Australian economy. It's just less fair than it used to be. It used to be that a rising tide lifted all boats. When the economy grew, Australians all shared the benefits. If you imagine Australian economic growth were a cake shared between 10 people, in the decades after World War II, the bottom 90 per cent of Australians used to get 9 pieces of cake, leaving one piece for the top 10 per cent. In the decade after the Global Financial Crisis, the richest person at the table ate nine pieces of cake, and the bottom 90 per cent of people shared less than one piece of cake between them. It's hugely unfair. There's not much point boosting productivity if a majority of working people don't get to share in the benefits. Treasurer Jim Chalmers is keen to have that debate. He described the game of ruling things in or out as "cancerous" and vowed to dial up Labor's ambition for bold reforms. And let's be clear, to reverse that path of Australia's growing inequality will require bold tax reforms. It's clear the Treasurer understands that, as well as several of the roundtable invitees, who want tax reform on the agenda at the productivity roundtable. The ACTU submission included several tax reforms, including to negative gearing and the CGT discount, but also reforming the broken Petroleum Resource Rent Tax (PRRT) and replacing it with a new 25 per cent export levy on gas. Negative gearing together with the CGT discount has so warped our housing market, many young Australians have given up on every owning their own home. But it looks like the PM has put off reforming those distortionary tax concessions until his next term of government. He keeps hosing down suggestions for progressive tax reforms. To hear the Prime Minister rule out any major tax reforms before the next election is not just disappointing, it's irresponsible. There are also reports that the government is considering introducing road user charges for electric vehicles only. If we're talking road user charges, it would make sense to include heavy vehicles, which do so much damage to our roads - a vehicle that's twice the weight of a regular vehicle does 16 times the damage to the road. But heavy vehicles don't pay anything extra for that damage. But will heavy vehicles be included in any new road user charges? Doesn't look like it. READ MORE EBONY BENNETT: The fact that Labor is considering slugging electric vehicle drivers with a new tax, while doing nothing to stop half of Australia's gas being exported royalty-free, tells you everything you need to know. Big tax reforms are on the table for electric vehicles, but off the table for the gas industry. Yet, according to the Treasury advice leaked to the ABC, the government will consider other major reforms. For example, it will weaken - sorry, "streamline" - our national environment laws to make development easier. And it will consider cutting "red tape" by freezing changes to the National Construction Code. Labor has a thumping majority in the lower house and it can pass progressive reforms through the Senate with the support of the Greens any time it wants. Instead, the government's productivity agenda seems to be to weaken environment laws, tax clean vehicles, cut red tape for property developers and leave the difficult tax reforms until after the next election. It's a far cry from Albanese's promise in Labor's election platform, to be a government "as courageous and hardworking and caring as the Australian people are themselves." Labor has never been in a better position to implement its national policy platform. But will the Albanese government spend the next three years using its thumping majority to lead bold reforms or deliver damp squib solutions? Next week's productivity roundtable will reveal which path the Prime Minister intends to tread, and so far, it looks like all it's set to do is weaken environment laws and delay big tax reforms until after the next election. Between the Treasury advice leaked to the ABC and the Prime Minister ruling out any major tax reforms before the next election, the government poured a bucket of cold water on any real excitement building for the productivity roundtable. And the productivity roundtable has a big job ahead of it. Australia doesn't just have a productivity problem, it has a revenue problem. Australia is one of the lowest-taxing countries in the developed world. In fact, if Australia collected the OECD average in tax - not the highest amount, just the average - the Commonwealth would have had an extra $140 billion in revenue in 2023-24. To put that in perspective, it's equivalent to the combined cost of the aged pension, the NDIS, Jobseeker, and the child care subsidy, along with the total government spending on housing, vocational education, and both the ABC and SBS. It's clear that bold tax reforms are necessary. Despite being a low-tax country, Australia is still one of the richest countries on Earth. Yet many people's living standards have been going backwards. Why? Lots of reasons. The Coalition enacted policies that deliberately kept wages low. So, when excessive corporate profits drove inflation after the pandemic, the cost of everyday living rose faster than people's paychecks could keep up. Allowing multinational gas companies to export 80 per cent of Australia's gas tripled domestic gas prices and doubled wholesale electricity prices on the east coast of Australia. Climate change-fuelled extreme weather is driving up insurance costs and premiums. The cost of buying a house is now out of reach for most young people, and the cost of renting has skyrocketed, too. This is how most people experience an increase in inequality - your paycheck doesn't go as far as it used to. But those everyday cost-of-living increases obscure a larger truth about the Australian economy. It's just less fair than it used to be. It used to be that a rising tide lifted all boats. When the economy grew, Australians all shared the benefits. If you imagine Australian economic growth were a cake shared between 10 people, in the decades after World War II, the bottom 90 per cent of Australians used to get 9 pieces of cake, leaving one piece for the top 10 per cent. In the decade after the Global Financial Crisis, the richest person at the table ate nine pieces of cake, and the bottom 90 per cent of people shared less than one piece of cake between them. It's hugely unfair. There's not much point boosting productivity if a majority of working people don't get to share in the benefits. Treasurer Jim Chalmers is keen to have that debate. He described the game of ruling things in or out as "cancerous" and vowed to dial up Labor's ambition for bold reforms. And let's be clear, to reverse that path of Australia's growing inequality will require bold tax reforms. It's clear the Treasurer understands that, as well as several of the roundtable invitees, who want tax reform on the agenda at the productivity roundtable. The ACTU submission included several tax reforms, including to negative gearing and the CGT discount, but also reforming the broken Petroleum Resource Rent Tax (PRRT) and replacing it with a new 25 per cent export levy on gas. Negative gearing together with the CGT discount has so warped our housing market, many young Australians have given up on every owning their own home. But it looks like the PM has put off reforming those distortionary tax concessions until his next term of government. He keeps hosing down suggestions for progressive tax reforms. To hear the Prime Minister rule out any major tax reforms before the next election is not just disappointing, it's irresponsible. There are also reports that the government is considering introducing road user charges for electric vehicles only. If we're talking road user charges, it would make sense to include heavy vehicles, which do so much damage to our roads - a vehicle that's twice the weight of a regular vehicle does 16 times the damage to the road. But heavy vehicles don't pay anything extra for that damage. But will heavy vehicles be included in any new road user charges? Doesn't look like it. READ MORE EBONY BENNETT: The fact that Labor is considering slugging electric vehicle drivers with a new tax, while doing nothing to stop half of Australia's gas being exported royalty-free, tells you everything you need to know. Big tax reforms are on the table for electric vehicles, but off the table for the gas industry. Yet, according to the Treasury advice leaked to the ABC, the government will consider other major reforms. For example, it will weaken - sorry, "streamline" - our national environment laws to make development easier. And it will consider cutting "red tape" by freezing changes to the National Construction Code. Labor has a thumping majority in the lower house and it can pass progressive reforms through the Senate with the support of the Greens any time it wants. Instead, the government's productivity agenda seems to be to weaken environment laws, tax clean vehicles, cut red tape for property developers and leave the difficult tax reforms until after the next election. It's a far cry from Albanese's promise in Labor's election platform, to be a government "as courageous and hardworking and caring as the Australian people are themselves." Labor has never been in a better position to implement its national policy platform. But will the Albanese government spend the next three years using its thumping majority to lead bold reforms or deliver damp squib solutions? Next week's productivity roundtable will reveal which path the Prime Minister intends to tread, and so far, it looks like all it's set to do is weaken environment laws and delay big tax reforms until after the next election. Between the Treasury advice leaked to the ABC and the Prime Minister ruling out any major tax reforms before the next election, the government poured a bucket of cold water on any real excitement building for the productivity roundtable. And the productivity roundtable has a big job ahead of it. Australia doesn't just have a productivity problem, it has a revenue problem. Australia is one of the lowest-taxing countries in the developed world. In fact, if Australia collected the OECD average in tax - not the highest amount, just the average - the Commonwealth would have had an extra $140 billion in revenue in 2023-24. To put that in perspective, it's equivalent to the combined cost of the aged pension, the NDIS, Jobseeker, and the child care subsidy, along with the total government spending on housing, vocational education, and both the ABC and SBS. It's clear that bold tax reforms are necessary. Despite being a low-tax country, Australia is still one of the richest countries on Earth. Yet many people's living standards have been going backwards. Why? Lots of reasons. The Coalition enacted policies that deliberately kept wages low. So, when excessive corporate profits drove inflation after the pandemic, the cost of everyday living rose faster than people's paychecks could keep up. Allowing multinational gas companies to export 80 per cent of Australia's gas tripled domestic gas prices and doubled wholesale electricity prices on the east coast of Australia. Climate change-fuelled extreme weather is driving up insurance costs and premiums. The cost of buying a house is now out of reach for most young people, and the cost of renting has skyrocketed, too. This is how most people experience an increase in inequality - your paycheck doesn't go as far as it used to. But those everyday cost-of-living increases obscure a larger truth about the Australian economy. It's just less fair than it used to be. It used to be that a rising tide lifted all boats. When the economy grew, Australians all shared the benefits. If you imagine Australian economic growth were a cake shared between 10 people, in the decades after World War II, the bottom 90 per cent of Australians used to get 9 pieces of cake, leaving one piece for the top 10 per cent. In the decade after the Global Financial Crisis, the richest person at the table ate nine pieces of cake, and the bottom 90 per cent of people shared less than one piece of cake between them. It's hugely unfair. There's not much point boosting productivity if a majority of working people don't get to share in the benefits. Treasurer Jim Chalmers is keen to have that debate. He described the game of ruling things in or out as "cancerous" and vowed to dial up Labor's ambition for bold reforms. And let's be clear, to reverse that path of Australia's growing inequality will require bold tax reforms. It's clear the Treasurer understands that, as well as several of the roundtable invitees, who want tax reform on the agenda at the productivity roundtable. The ACTU submission included several tax reforms, including to negative gearing and the CGT discount, but also reforming the broken Petroleum Resource Rent Tax (PRRT) and replacing it with a new 25 per cent export levy on gas. Negative gearing together with the CGT discount has so warped our housing market, many young Australians have given up on every owning their own home. But it looks like the PM has put off reforming those distortionary tax concessions until his next term of government. He keeps hosing down suggestions for progressive tax reforms. To hear the Prime Minister rule out any major tax reforms before the next election is not just disappointing, it's irresponsible. There are also reports that the government is considering introducing road user charges for electric vehicles only. If we're talking road user charges, it would make sense to include heavy vehicles, which do so much damage to our roads - a vehicle that's twice the weight of a regular vehicle does 16 times the damage to the road. But heavy vehicles don't pay anything extra for that damage. But will heavy vehicles be included in any new road user charges? Doesn't look like it. READ MORE EBONY BENNETT: The fact that Labor is considering slugging electric vehicle drivers with a new tax, while doing nothing to stop half of Australia's gas being exported royalty-free, tells you everything you need to know. Big tax reforms are on the table for electric vehicles, but off the table for the gas industry. Yet, according to the Treasury advice leaked to the ABC, the government will consider other major reforms. For example, it will weaken - sorry, "streamline" - our national environment laws to make development easier. And it will consider cutting "red tape" by freezing changes to the National Construction Code. Labor has a thumping majority in the lower house and it can pass progressive reforms through the Senate with the support of the Greens any time it wants. Instead, the government's productivity agenda seems to be to weaken environment laws, tax clean vehicles, cut red tape for property developers and leave the difficult tax reforms until after the next election. It's a far cry from Albanese's promise in Labor's election platform, to be a government "as courageous and hardworking and caring as the Australian people are themselves."
The Age
an hour ago
- The Age
Melbourne's most famous coffee is magic. But who gets to claim it?
Trampoline. Videotape. Linoleum. Windsurfer. Plenty of products started life as trademarks, from Aspirin to Zoom, slowly easing into lower-case status in the dictionary. Some brands echo the creator's name, from biro to leotard, while others explain the gadget's function, such as Philips' air fryer or Sony's memory stick. Further labels derive from serendipity. Some 20 years ago, that happened on Brunswick Street, Fitzroy, after a string of experiments between customer and barista. Zenon Misko, a Ukrainian-Australian trademark attorney, was the customer needing a double ristretto to face the day. Cate Della Bosca, owner of Newtown S.C., was the alchemist open to ideas. 'Around mid-morning,' recalls Zenon, 'I took a break from the office to grab a coffee. But in winter, I wanted something that would last a bit longer, so I'd get a double-ristretto flat white.' A mouthful to order, and a chore to drink, the cool-brown dregs lacking foam and energy by the time the cup was nearing done. 'So I said to Cate, let's try a double-ristretto-three-quarter-flat-white…' . Ten syllables this time, but the hit was a hit. Cate ensured the elixir had that delicate micro-foam layer, the ristretto pour maintained its punch, the reduced milk its temperature. Ten cups later, in that café code enjoyed among regulars, Zenon was asking for that magical coffee he liked, as Cate waved her steam wand. Voila, the magic arrived. Arrived in the Macquarie too, listed as definition #7 after the supernatural front-runners, though curiously the coffee is marked as Victorian only, as if the recipe has retained its postcode. But just like windsurfers, good ideas travel, the Zenon-Cate magic moving to Sydney, Singapore, New York, Tokyo, even to Nambour (though I hear they call the blend a grom up there). Stroll into your nearest 7-Eleven and there on the coffee-maker's screen you'll find the magic icon (a three-quarter brown blob) beside the macchiato and piccolo latte. Across the ditch in England, should you visit any of the 1000-plus Marks & Spencer outlets, you'll have the option of ordering 'the company's latest culinary adventure, this time a concept imported from Australia, known as the 'Magic Coffee'' – to quote the catalogue, inverted commas included. As for the price tag? Order the brew and – poof – you'll see £3.15 disappear from your account like magic. Loading The magic is equally big in Thailand too, where Zenon and his young family lived for several years. 'There's a café in Phra Khanong, an emerging part of Bangkok, called Karo Coffee Roasters. Karo is a Sri Lankan born and raised in the Maldives whose magic is the best I've tasted.' Seems the sorcery – or make that saucery – has reached the world's palate. Yet the art of magic, we know, is misdirection. Whether the blend and its label began on Brunswick Street, or across the Yarra, or even in Frankenstein's castle a year prior to this story, is hardly Zenon's concern. 'I'm open to others thinking they own the idea, the name, whatever. It's not 'our' coffee. Cate and I know where we were when we came up with the mix.' In a reversal of cultural cringe, one British food critic disputed the term as 'magic doesn't end with a vowel so can't be a coffee type.' At least one thing we do know: Magic Marker is the trade name – and intellectual property – of Bic. While a magic coffee, by contrast, belongs to the people.
Sydney Morning Herald
an hour ago
- Sydney Morning Herald
Melbourne's most famous coffee is magic. But who gets to claim it?
Trampoline. Videotape. Linoleum. Windsurfer. Plenty of products started life as trademarks, from Aspirin to Zoom, slowly easing into lower-case status in the dictionary. Some brands echo the creator's name, from biro to leotard, while others explain the gadget's function, such as Philips' air fryer or Sony's memory stick. Further labels derive from serendipity. Some 20 years ago, that happened on Brunswick Street, Fitzroy, after a string of experiments between customer and barista. Zenon Misko, a Ukrainian-Australian trademark attorney, was the customer needing a double ristretto to face the day. Cate Della Bosca, owner of Newtown S.C., was the alchemist open to ideas. 'Around mid-morning,' recalls Zenon, 'I took a break from the office to grab a coffee. But in winter, I wanted something that would last a bit longer, so I'd get a double-ristretto flat white.' A mouthful to order, and a chore to drink, the cool-brown dregs lacking foam and energy by the time the cup was nearing done. 'So I said to Cate, let's try a double-ristretto-three-quarter-flat-white…' . Ten syllables this time, but the hit was a hit. Cate ensured the elixir had that delicate micro-foam layer, the ristretto pour maintained its punch, the reduced milk its temperature. Ten cups later, in that café code enjoyed among regulars, Zenon was asking for that magical coffee he liked, as Cate waved her steam wand. Voila, the magic arrived. Arrived in the Macquarie too, listed as definition #7 after the supernatural front-runners, though curiously the coffee is marked as Victorian only, as if the recipe has retained its postcode. But just like windsurfers, good ideas travel, the Zenon-Cate magic moving to Sydney, Singapore, New York, Tokyo, even to Nambour (though I hear they call the blend a grom up there). Stroll into your nearest 7-Eleven and there on the coffee-maker's screen you'll find the magic icon (a three-quarter brown blob) beside the macchiato and piccolo latte. Across the ditch in England, should you visit any of the 1000-plus Marks & Spencer outlets, you'll have the option of ordering 'the company's latest culinary adventure, this time a concept imported from Australia, known as the 'Magic Coffee'' – to quote the catalogue, inverted commas included. As for the price tag? Order the brew and – poof – you'll see £3.15 disappear from your account like magic. Loading The magic is equally big in Thailand too, where Zenon and his young family lived for several years. 'There's a café in Phra Khanong, an emerging part of Bangkok, called Karo Coffee Roasters. Karo is a Sri Lankan born and raised in the Maldives whose magic is the best I've tasted.' Seems the sorcery – or make that saucery – has reached the world's palate. Yet the art of magic, we know, is misdirection. Whether the blend and its label began on Brunswick Street, or across the Yarra, or even in Frankenstein's castle a year prior to this story, is hardly Zenon's concern. 'I'm open to others thinking they own the idea, the name, whatever. It's not 'our' coffee. Cate and I know where we were when we came up with the mix.' In a reversal of cultural cringe, one British food critic disputed the term as 'magic doesn't end with a vowel so can't be a coffee type.' At least one thing we do know: Magic Marker is the trade name – and intellectual property – of Bic. While a magic coffee, by contrast, belongs to the people.
