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The S&P/ASX 200 closed 38.2 points higher, up 0.49%.
Finishing at 7,860, the S&P/ASX 200 (XJO) was up 38.2 points from the session low and down just 0.02% from the high. A margin of 169 to 102 separated advancers from decliners in the more general S&P/ASX 300 (XKO).
The XJO ended the week 2.1% higher, up 158.3 points, right on its intraweek high. Nice! 👍
As the price of gold and silver continued to rise, the Gold (XGD) (+1.6%) sub-index once again had the best performance today, capping off a second week of gains. [Read more ]
💡Here are a few headlines from this morning:
Fatal Accident at Cape Solander in Kurnell . In the southern region of Sydney, two women have perished after falling off rocks into the ocean. Following reports that three women had been swept into the water, emergency services were dispatched to Cape Solander at Kurnell in the Sutherland Shire on Monday at 4:30 p.m.
King George V Statue Targeted in Victoria's Latest Attack. The most recent attack on colonial monuments in Victoria involved the decapitation and red paint application of a statue of King George V. Just after nine on Monday morning, police were called to the statue in Melbourne's Kings Domain on Linlithgow Avenue.
🗳️ HEADSTART
Coalition Slammed for Abandoning 2030 Emission Reduction Target
Anthony Albanese warned that removing the 2030 emissions targets would have catastrophic consequences, but he expressed strong confidence in achieving those targets.
With regard to the Coalition's decision to abandon the 2030 emissions target, the prime minister was aggressive today, criticising Peter Dutton as someone who “has never believed in taking action on climate change” and who is “worse than Scott Morrison” in this regard.
The Background :
The Coalition will back out of the legally binding commitment made by the Albanese government to reduce greenhouse gas emissions to 43% below 2005 levels by 2030, according to Opposition Leader Mr. Peter Dutton, who made the announcement on Saturday. Australia is largely dependent on the decarbonisation of the national energy grid to meet this target.
Prime Minister Anthony Albanese
When we legislated for the 2030 and 2050 targets, what we did was we made sure that there was ongoing accountability. Additionally, the Climate Change Authority handled the information release last December in a transparent manner. This indicates that we are progressing towards achieving 42% by 2030.
The target is 43 per cent. And that was before we had the announcements that we had in the recent Budget, for example, with the policies to provide support through the tax system for critical minerals, as well as for green hydrogen. Now, those policies, of course, we know that production tax credits have also been opposed by the Coalition.
They've opposed production tax credits. They've opposed the safeguard mechanism, even though that was their policy that they had in theory, but never actually implemented. But they set up the framework. It was Greg Hunt's idea for that to occur. They have got nothing positive to offer. I'm very confident, like with other infrastructure projects, they don't go in a straight line, they ramp up. What we're doing is providing that business certainty so that you will see that ramping up.
Why does it matter:
This is significant because renewable energy projects may find it challenging to secure investments and encounter financial risks without production tax credits and a safeguard mechanism. Lack of coherence and policy support can hinder the growth of the renewable energy sector and delay the achievement of climate change goals.
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🔥 HOT COPY
Capital City Homes Auction Down 44.2% This Week: Core Logic
This week, there are 1,327 capital city homes up for auction, which is 44.2% lower than the 2,380 auctions held the previous week during the King's Birthday long weekend, as reported by the most recent data from Core Logic.
The lower volume in six of the eight states and territories can be attributed to the King's Birthday long weekend. There were 1,033 auctions held in the combined capital cities at this time last year.
Current Volumes :
Melbourne's auction volumes, which have been above 1,000 for the previous five weeks, are predicted to decline dramatically this week. The anticipated volumes for this week (480) are 52.4% higher than the same period last year (315), but -56.7% lower than the previous week's (1,109).
Sydney will hold the most auctions this week, with 537 homes up for bids. This is a 40.3% decrease from the 899 auctions that took place last week. There were only 468 auctions held in the entire city at this time last year.
The smaller capitals, Brisbane (130), Adelaide (99), and Canberra (65), anticipate a weekly decline in the number of homes put up for auction, from 141, 152, and 68, respectively. While there is only one auction scheduled in Tasmania this week, there are fifteen scheduled in Perth, up from eleven last week.
A resurgence of auction activity is expected next week, with just under 2,300 auctions scheduled across all combined capitals.
Our Data and Sources :
Every week, CoreLogic typically gathers 99% of the auction results. The properties that have been put up for auction in the last week are used to calculate clearance rates.
Why does it matter?
Tracking the number of homes put up for auction and the resulting clearance rates can provide valuable insights into the health of the property market and potential trends in property prices. This data can be used by buyers, sellers, and investors to make informed decisions about when to buy or sell property.
🛒 MARKET EDGE
Bird Flu Outbreak Leads to Egg Carton Limit at Coles
Amidst a bird flu outbreak in Victoria, Coles has implemented purchasing limits for eggs in supermarkets.
In all regions except Western Australia, customers are limited to purchasing two cartons each.
The Background :
Avian influenza, or "bird flu," is a contagious bird virus. HPAI viruses can cause severe symptoms and sudden death in domestic poultry (up to 100%). Low pathogenic avian influenza (LPAI) viruses cause mild disease in poultry, which can be unnoticed in some species but fatal to others. Haemagglutinin (HA) and neuraminidase surface proteins classify complex avian influenza viruses into subtypes. A virus with HA 3 and NA 2 proteins is subtype H3N2. Bird viruses have multiple haemagglutinins and neuraminidases subtypes. Wild bird and poultry transmission of LPAI virus subtypes H5 and H7 can lead to HPAI virus. HPAI subtype H5N1 causes serious disease in poultry, wild birds, and some wild mammals worldwide. This subtype has not been detected in Australian bird populations.
Current situation:
We are responding to avian influenza reported at five Victorian poultry farms.
Four properties near Meredith and one near Terang have the high-pathogenicity H7N3 and H7N9 strains of avian influenza, respectively.
Four infected properties are in Meredith and Lethbridge Restricted and Control Areas, one in the Golden Plains Shire, and one in the Corangamite Shire, where movement restrictions were already in place.
All properties are under quarantine, and safe disposal procedures for poultry will be implemented. Cleaning and infection removal will occur.
Further discoveries are anticipated in the ongoing response to avian influenza outbreaks in Victoria. It shows that Agriculture Victoria's reasonable and risk-based restricted and controlled areas and comprehensive and ongoing surveillance are detecting disease spread.
COLES
“We have introduced a temporary limit of two egg cartons per customer in our national stores, excluding in-store in Western Australia,” a Coles spokesperson told SkyNews.com.au.
“We are working closely with all of our suppliers to ensure eggs remain available for our customers and we are providing support to the industry in responding to the Avian Flu cases in Victoria.”
Other Supermarket
As of right now, it doesn't seem like rival supermarkets Woolworths and Aldi have put purchasing restrictions on eggs.
Why does it matter?
These restrictions are important as they can influence consumers' access to and the cost of eggs. Moreover, observing how different supermarkets respond to disease outbreaks can uncover valuable insights into market trends and consumer behavior.
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🌎 World Tonight
🇮🇱 Israel. Without offering proof, the Israel Defence Forces (IDF) claimed on Sunday that a journalist was holding three hostages that were freed during a lethal Israeli military operation on the Nuseirat camp in central Gaza.
🇧🇪 Belgium. With significant gains in parliamentary seats, far-right parties rocked the established powers in the European Union, handily defeating French President Emmanuel Macron, who called early legislative elections.
🇬🇷 Greece. Dr. Michael Mosley died of natural causes, according to the results of an initial post-mortem examination, the BBC has been informed.
🇫🇷 France.After his party lost the European elections Sunday to the far-right, President Emmanuel Macron dissolved the lower house of France's parliament in a surprise move, sending voters back to the polls in the coming weeks.
🇳🇵 Nepal. The Nepali army removed tonnes of trash, four bodies, and skeletal remains from Mount Everest and two other peaks.
🏅VIEWPOINT 360
Social media fuels unhealthy beauty standards among Indonesian teens
By Shally Novita and Asteria Devy Kumalasari, Universitas Padjadjaran in Bandung
Widespread use of social media among young people in Indonesia could be driving the country's rising prevalence of eating disorders too.
Indonesian celebrity Brigitta "Gigi" Cyntia, a member of the pop group Cherrybelle, recently revealed her struggle with an eating disorder, urging her fans to seek professional help if they face similar issues.
This candid confession underscores a growing concern in Indonesia: the rising prevalence of body image problems and eating disorders among young people.
Studies indicate that up to 10 percent of Indonesian students are at risk of developing eating disorders, with 12 to 22 percent of women aged 15 to 29 reporting difficulties in managing their food intake. [Read more]
📰 Good News, Inspiring, Positive Stories
Art award breaks records with unprecedented entries
The Gold Coast’s longest running painting prize, The Doyles Art Award and Exhibition, currently celebrating its landmark 20th year, is back and breaking records with a staggering number of artist submissions from across Australia.
The exhibition, which runs from 27 June to 7 July, has drawn in more than 1,000 submissions, which comprises of 780 adult entries and 244 junior entries.
Event Director Sam Sinner says The Doyles is an iconic event on Australia’s art and culture calendar, and they are thrilled with the record-breaking number of submissions.
“This is our largest entry pool to date and it’s a real testament to the increasing status of The Doyles and its impact on the Gold Coast as well as the national cultural landscape,” says Ms Sinner.
“The Doyles is a free community event held in the Firth Park Community Centre and will showcase approximately 600 artworks on opening night.”
Ms Sinner says the exhibition is a celebration of artistic talent and provides a platform for emerging and established artists to share their creativity and works.
“During the course of the exhibition, we’ll have a significant number of artworks on display that encompass a wide array of mediums, styles and themes,” says Ms Sinner.
“One of the distinguishing features of The Doyles is the opportunity to connect directly with the artists themselves and even potentially take home a piece of original art that resonates with you. [Read more]
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