🚀Australia's Budget Expected to Show Surplus Amid Strong Employment
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The S&P/ASX 200 closed 1 point higher, up 0.01%.
The S&P/ASX 200 (XJO) rose 1 point to 7750, 0.37% from its session low and tying its session high. Despite the benchmark index recovering to close at the session high, advancers lagged decliners by 122 to 148 in the S&P/ASX 300 (XKO).
The session's balance and winners-losers dichotomy are shown here. Five of the 11 major ASX sectors rose, five fell, and one was unchanged.
Consumer Discretionary (XDJ) (+0.52%) and Consumer Staples (XSJ) (+0.48%) led the sector today. Even Health Care (XHJ) (+0.40%) did well, but there was a big gap.
Energy (XEJ) (-0.73%) and Information Technology (XIJ) (-0.56%) struggled today. [Read more ]
💡Here are a few headlines from this morning:
SA Premier Takes Stand Against Social Media Giants for Child Safety. Peter Malinauskas, the premier of South Australia, wants to increase regulations regarding children under 14's access to social media apps like Instagram and TikTok.
Treasurer Jim Chalmers Hints at Faster Inflation Decline in Upcoming Budget. Government data released prior to Tuesday's federal budget indicates that inflation will return to falling within the Reserve Bank's target range a year sooner than the bank has predicted.
Newcastle Airport: Plane Lands Safely Without Landing Gear. A light aircraft made a "textbook wheels-up" emergency landing at Newcastle Airport, and three people were unharmed. Just before 10 a.m., the pilot reported that the landing gear had failed and emergency personnel were placed on standby.
🗳️ HEADSTART
Federal Court Denies eSafety Order to Hide Sydney Terror Video on Social Media.
The Federal Court has decided against extending a temporary injunction forcing social media giant X, formerly Twitter, to remove videos of a terrorist stabbing in Sydney from its global platform.
The platform has been under pressure from the eSafety Commissioner to remove approximately sixty clips from the footage, which depicts an attack on Bishop Mar Mari Emmanuel in Wakeley, Western Sydney, in April. [Read more]
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🔥 HOT COPY
Inquiry Chair Sofronoff Investigated Over Lehrmann Case
The ACT Integrity Commission is investigating Hon Walter Sofronoff KC for his conduct as chairman of the Bruce Lehrmann criminal trial inquiry.
The Commission began investigating Mr. Sofronoff's conduct during its inquiry into former ACT Director of Public Prosecutions Shane Drumgold's handling of the Bruce Lehrmann criminal trial in April. [Read more]
🛒 MARKET EDGE
Treasurer Jim Chalmers' Third Budget to Focus on Cost-of-Living Relief
Due to strong employment and high commodity prices, Australia's annual budget due on Tuesday is expected to show another surplus, allowing it to fund more cost-of-living relief and industry incentives.
Before his third budget since the Labor government took power in 2022, Treasurer Jim Chalmers said that inflation would fall to the central bank's 2-3% target band by the end of the year because of Canberra's price-cooling measures. [ Read more]
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🌎World Tonight
Russia. In a cabinet reshuffle marking the start of his fifth term, Russian President Vladimir Putin on Sunday removed Sergei Shoigu from his post as defense minister.
Afganistan. Sitting on the roof of a mosque in the northern Afghan province of Baghlan, three bewildered children blink away the mud that covers their entire bodies.
Israel. On Monday, Israeli forces retook an area they claimed to have defeated Hamas months earlier in the northern Gaza Strip, while tanks and troops crossed a highway into Rafah at the other end.
Indonesia. On Sunday, officials said flash floods caused by heavy rains and torrents of cold lava and mud flowing down a volcano on the island of Sumatra killed at least 15 people and injured several others.
Spain. The pro-independence parties lost ground to the Socialists of Pedro Sánchez in the regional elections in Catalonia.
🏅VIEWPOINT 360
Gaza's invisible massacre: aid workers killed in record numbers
By Sophia Dawkins, King’s College London and Michael Spagat, Royal Holloway University of London in London
The vast majority of humanitarians killed are national staff, but as in most conflicts, little is heard about them.
On April 1, 2024, an Israeli airstrike in Gaza killed seven aid workers from World Central Kitchen.
Six of the seven were foreigners — Australian, British, Polish and Canadian-US citizens. One was Palestinian. Their deaths sparked a media barrage and diplomatic outrage around the world.
The victims were named and profiled in news stories. World leaders made statements condemning the attack and demanding better protection of humanitarian workers. [Read more]
📰 Good News, Inspiring, Positive Stories
2024 NSW Youth Parliament participants proudly represent diversity.
The next generation of youth leaders kicked off the 2024 Youth Parliament program at Camp Yarramundi last month, with the 70 participants proudly representing the wonderful diversity of youth in NSW.
Youth Parliament is the Y NSW’s flagship youth leadership and engagement program that has been operating for over 20 years in NSW. With a focus on leadership and advocacy, the program enables high school students in years 10 to 12 to build confidence, develop leadership skills, engage with civic leadership, policy development and democratic parliamentary debate.
This year’s cohort represent 53 per cent of NSW electorates, with participants from rural and regional communities, culturally and linguistically diverse backgrounds and those living with a disability or mental health diagnosis. Of the 70 participants, six participants identify as Aboriginal or Torres Strait Islander and 23 identify as LGBTQIA+.
"We are so thrilled to see broad participation from young leaders of diverse backgrounds and rural communities. Their unique perspectives and experiences are essential in shaping discussions and policies at the Youth Parliament, ensuring all voices are heard in decision-making processes effecting our collective future," said Prue Warrilow, Interim Executive Director of the Y NSW.
Youth Parliament plays an important role in public discourse as it is about empowerment and advocacy. It provides a platform for young people to have their voices heard on issues that are important to them and their local communities. [Read more]
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