Carnegie says super funds and family offices can now pile into crypto
The partnership with Anchorage Digital will let MHC offer digital asset custody to Australia's wholesale and institutional market, meaning it can store the cryptocurrency more securely and in a way that is likely to comply with future Australian regulations.
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ABC News
16 minutes ago
- ABC News
Calls for tougher import rules amid surge in dangerous e-bikes
Cycling bodies and advocates say clearer education and tougher import standards for e-rideables and modifications are needed across Australia as a parliamentary inquiry into their safety begins in Western Australia. LifeCycle Bikes in Margaret River, 270 kilometres south of Perth, has reported a surge in e-bike interest, with electric bikes making up at least a quarter of sales. But assistant manager Karl Stade said the interest had been accompanied by a spike in dangerous and illegal e-bike and e-motorbike modifications. A compliant e-rideable in WA has a maximum speed of 25 kilometres per hour, weighs 25 kilograms, and has a motor that does not exceed 250 watts. But Mr Stade said some modification kits allowed speeds of up to 100kph. "In our area, the kits are really popular — we're looking at a $50 bike from the tip with totally inadequate components on it with a high-powered motor," Mr Stade said. "Generally, we're happy to work on any legal bike that comes into the store. "But we're seeing people with full-blown electric motorbikes coming in with a throttle and high-powered motor, and we're not allowed to work on them. The concern also extends to the importation of illegal e-rideables, a worry echoed by WA's peak cycling body WestCycle. Chief executive Wayne Bradshaw said the Australian market was flooded with illegal devices capable of high speeds, and there was a lack of awareness about the rules. "Right now, I could go online and purchase an e-scooter that goes 105kph and it promotes itself as, 'Say goodbye to traffic jams,'" Mr Bradshaw said. "The reality is you're not allowed to use these devices on the road, so it's about stopping them from coming into Australia in the first place. "There's a big push across all states … lobbying heavily to change the importation rules to prohibiting these devices." WA's parliamentary inquiry begins today and is scheduled to hear from representatives from several organisations, including the State Trauma Service, WA Police, the Road Safety Commission and WestCycle. Issues around electric dirt bikes will also be included, following the death of a 59-year-old woman allegedly struck by an electric motorbike at a suburban Perth park. Despite issues with illegal e-rideables and modifications, Mr Stade said it was great to see increasing interest in e-bikes. "Because now we're seeing people riding bikes that haven't before," he said. "An alternative to a teenager's first car, people who are commuting to work, young families looking for a cheaper alternative, retired people who are moving to the South West.
ABC News
16 minutes ago
- ABC News
Markets live: ASX to slip and RBA awaiting inflation data to determine whether to cut rates in August
The Australian share market is likely to fall slightly in morning trade after Wall Street retreated from its record highs as US-China trade talks ended with no concrete outcomes. The Bureau of Statistics is set to release its latest quarterly inflation data, which will determine whether the Reserve Bank cuts interest rates at its next meeting on August 11-12. See how the trading day unfolds on our blog. Disclaimer: this blog is not intended as investment advice. ABC/Reuters
Perth Now
16 minutes ago
- Perth Now
'Show about nothing': PM taunted over US tariffs
Anthony Albanese has been accused of being a "Seinfeld prime minister" as the opposition ramps up its rhetoric over the US tariffs issue. The prime minister has been compared the famous 1990s "show about nothing", amid dwindling hopes Australia can secure a total tariff exemption. US President Donald Trump's deals with other nations have laid bare the limits of trade negotiations, with no countries receiving a better deal than Australia's 10 per cent baseline tariff. And now Australian exporters could see the impost set on goods sent to the US doubled, after Mr Trump delivered an ominous warning on Tuesday. He implied the base rate, which applies to the goods of many countries including Australia, could rise to 15-20 per cent. Mr Trump said his administration would soon notify about 200 countries of their new "world tariff" rate. "I would say it'll be somewhere in the 15-to-20 per cent range," he said. "Probably one of those two numbers." Senior Labor government minister Clare O'Neil said Australia was continuing to argue to the US that it deserves beneficial treatment, given the two countries' long running alliance. "We want to get the best deal for our citizens - that's what our government is working towards every day," she told Seven's Sunrise program on Wednesday. But opposition foreign affairs spokeswoman Michaelia Cash said the government's approach had been a failure so far, given Mr Albanese was yet to secure a face-to-face meeting with Mr Trump. "The prime minister of Australia, Mr Albanese, is becoming the Seinfeld prime minister - he's a show about nothing," she told Seven. "Other countries ... they are successfully negotiating trade deals that benefit their countries. "We now hear it could go 15 per cent, it could go 20 per cent. "I just remind the Australian people that when the coalition was last in government, we successfully negotiated a zero per cent tariff." Senator Cash was referencing the Seinfeld episode The Pitch, when characters Jerry and George pitched an idea for a "show about nothing" to TV executives - recreating how creators Jerry Seinfeld and Larry David came up with the show's concept. During Mr Trump's first stint in office, Australia under former prime minister Malcolm Turnbull and several other countries secured tariff exemptions from the White House. No countries have secured total exemptions this time. The government resolved one of Mr Trump's grievances with Australia last week by lifting an effective ban on US beef imports. Canada on Wednesday morning, AEST, announced Australia also reopened market access for Canadian beef, ending a 22-year-old ban imposed following the discovery of mad cow disease.
