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.
Business
Page 4 of 5NEXTDC 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.
Earnings above $3m in super to be taxed at 30% as new financial year lands
From July 1, earnings on the part of a superannuation balance above $3 million will be taxed at about 30 per cent under the Division 296 law passed in March. The same day brings higher contribution caps, an income tax cut, and a requirement that employers pay super on every payday.
Negative gearing restricted to new builds as parliament returns to tax reform standoff
The Albanese government has returned to parliament with legislation limiting negative gearing to new residential builds from 2027-28, scrapping the 50 per cent CGT discount in favour of an inflation-adjusted equivalent, and imposing a minimum 30 per cent tax on investment gains. The Greens are withholding support over grandfathering that shields existing investors entirely from all three changes.
Unemployment falls to 4.4% in May as 40,000 jobs added, complicating RBA's rate outlook
The ABS released May labour force data showing the seasonally adjusted unemployment rate fell to 4.4 per cent, down from 4.5 per cent in April, with 40,000 jobs added. The resilient result keeps alive the possibility of a further RBA rate rise.
ASX 200 slides to two-week low of 8,749 as inflation data and rate caution weigh on sentiment
The benchmark index fell 60 points on June 23, its worst session in three weeks, dragged by healthcare and technology stocks. Miners provided the only support as BHP and Rio Tinto gained on rising copper prices.
