Oil tops US$83 and the bowser is next
Brent crude jumped 9.5 per cent to US$83.25 after Washington demanded a 20 per cent charge on Hormuz cargoes. Petrol was already up 16 cents in nine days.
Business
Petrol relief ends August 2 and oil is not waiting
Petrol is at $1.68 a litre, Brent settled at US$84.73, and the 16 cent excise discount ends on August 2. A call on extending it is due within weeks.
Hormuz closure upends Canberra's $416b export forecast
The Commonwealth's forecast of record $416 billion resources and energy exports assumed the Strait of Hormuz reopened in late June. Nine days after it was published, Iran declared the strait closed. Australian gas producers gain from the shock. Motorists and airlines pay for it.
FDC shares up 16pc since $969m ASX debut
FDC Consolidated Holdings shares closed at $3.48 on Friday, up 16 per cent on the $3.00 offer price, three days after the construction and fitout company's ASX debut, the biggest Australian float of 2026 so far. The $400 million IPO valued FDC at $969 million on listing day, when the stock touched $3.50 in early trade before closing 12.3 per cent higher at $3.37.
Westpac tips two more hikes before 2027 rate cuts
Westpac has pulled its first rate cut forward to August 2027. The catch is what comes first: two more hikes, and about $229 a month added to an average mortgage.
NEXTDC signs $2.3bn debt deal to fund AI data centres
NEXTDC has signed $2.3 billion in new senior debt, taking total facilities to $8.7 billion to fund its AI-driven data centre build-out.
Wharfies demand 28-hour week as DP World automates
The Maritime Union of Australia wants a 28-hour week on full pay for wharfies affected by DP World's rollout of remote cranes, driverless vehicles and AI rostering across four terminals.
WiseTech's Richard White quits chair, shares jump
WiseTech Global co-founder Richard White stepped down as executive chair on Tuesday, handing the role to independent director Raelene Murphy. Shares in the logistics software company rose as much as 10.6 per cent.
Genesis lobs $5.6b rival bid for gold miner Vault
Genesis Minerals' binding $5.6 billion bid for Vault Minerals tops the agreed Regis merger and gives Regis until Friday night to match.
Petrol climbs as fuel excise discount halves
Capital-city petrol jumped 6.6 cents a litre the day the fuel excise discount was halved, ACCC monitoring shows, and with wholesale prices up 15 cents, more of the increase lands at the pump this week.
Australia posts first goods trade deficit since 2018 as exports drop
Australia's goods exports fell $3.2 billion in May and the trade balance swung into a $3 billion deficit, the first on the Bureau of Statistics' original measure since January 2018, as sales of gold and iron ore dropped away.
Dwelling approvals fall as apartments drop and houses hit four-year high
Total dwelling approvals fell 1.1 per cent in May to 17,019, the ABS said, as a 10.4 per cent slide in apartment and unit approvals outweighed a rise in detached houses to their highest level since September 2021. The mix keeps the National Housing Accord target of 240,000 homes a year out of reach.
