🚀Government's Revised Visa Cancellation Policy Targets Community Safety
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The S&P/ASX 200 closed 101.1 points lower, down 1.30%.
The S&P/ASX 200 (XJO) fell 101.1 points to 7,665.6, 1.32% from its session high and 0.06% from its high/low. Advancers lagged decliners by a terrible 59 to 214 in the S&P/ASX 300 (XKO).
All 11 major ASX sectors were down today, so least bad versus worst.
The least bad sub-index is Gold (XGD) (-0.08%). It benefited from higher gold and silver prices overnight. I updated the silver chart on X/Twitter this morning. Link here.
The sector wasn't bad today except for Ramelius Resources (ASX: RMS)'s 7.3% news-related drop. [ Read more]
💡Here are a few headlines from this morning:
Police Chief's Admission: Awareness of Racist Certificates. The Northern Territory's top police officer admitted he knew about racist award certificates months before they were revealed, “gaslighting” Aboriginal people by saying he had not seen racism in the force.
Telstra to Charge Extra for Paper Phone Bills. Telstra mail-in phone bills will cost 30 cents more. From June 17, paper bills will cost $2.50, including GST, according to the telco giant's letter to customers this month.
🗳️ HEADSTART
The News :
After considering a rate hike at its last meeting, the Reserve Bank is under more pressure now that inflation has risen for the second month in a row.
The Revelation:
The ABS's head of price statistics, Michelle Marquardt, said: "This month's annual inflation rate rose to 3.6% from 3.5% in March. Although this is the second consecutive month that annual inflation has risen slightly, inflation has been relatively stable over the past five months.
Housing (+4.9%), food and non-alcoholic beverages (+3.8%), alcohol and tobacco (+6.5%), and transportation (+4.2%) were the main contributors to April's annual increase.
"Products with unstable price fluctuations, such as motor fuel, fruits and vegetables, and holiday travel, often have an impact on CPI inflation. To see underlying inflation, it can be useful to remove these items from the headline CPI.
"The annual increase through April was a steady 4.1% when these volatile items were removed from the monthly CPI indicator. According to Ms. Marquardt, annual inflation excluding volatile items is still higher than the monthly CPI indicator.
Why It Matters :
The CPI is important because it affects the daily lives of individuals, their economic decisions, and the overall well-being of the Australian economy. Keeping inflation at a reasonable level is crucial to ensuring sustainable growth and overall prosperity.
Our Take :
As the RBA mentioned in the minutes of its May meeting, economists are also worried that by extending tax cuts and putting money back in consumers' pockets, they may ignite a surge in consumer spending.
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🔥 HOT COPY
Government's Revised Visa Cancellation Policy Targets Community Safety
The Background :
Before cancelling a visa, the government must consider the non-citizen's ties to Australia and four other things. These include protecting the community and whether the conduct engaged in constituted family violence.
On Wednesday, Andrew Giles, the immigration minister, told parliament that visa decisions must be guided by two principles: protecting the Australian community and common sense.
The Revelation :
The Administrative Appeals Tribunal has recently reinstated the visas of convicted rapists, drug smugglers, and kidnappers.
Prime Minister Anthony Albanese
The Labor Party will replace a controversial visa cancellation ministerial direction with one that prioritizes community safety over non-citizen ties to Australia.
On Wednesday, Anthony Albanese, the prime minister, tried to avoid political problems caused by the news that an independent tribunal had given back visas to criminals with serious convictions.
Home Affairs Minister Clare O’Neil
Clare O'Neil, the minister of home affairs, said that the government is worried about the Administrative Appeals Tribunal (AAT) giving back visas to criminals.
"I've said there are decisions by this tribunal I don't like. Minister Giles will review some of them. Some of the visas have already been cancelled." O'Neil said.
Why does this matter?
Mr. Giles has been under pressure for months to release over 150 people into the community. This was the result of a historic ruling by the High Court in November.
Our take:
The Australian people are the losers from this. In order to ensure that no one else commits these crimes while strolling around our community, the opposition and other organisations sought to repeal and revoke Direction 99 immediately.
🛒 MARKET EDGE
Ticketmaster and Live Nation Hack Exposes 560 Million Customers.
The Department of Home Affairs has responded to claims that it is part of a global data leak that will affect millions of customers. It says it is aware of a cyber incident affecting Ticketmaster customers.
The Revelation:
The ShinyHunters hacking group has claimed to have breached Ticketmaster, stealing the personal data of 560 million users. The stolen data also includes payment details. Read more about this major cybersecurity incident and its implications. This was reported from different cybersecurity websites like Cyberdaily.
Why this matters:
ShinyHunters has allegedly accessed a treasure trove of sensitive user information. Specifically, the compromised payment data includes customer names, the last four digits of card numbers, expiration dates, and even customer fraud details. Ticketmaster is a subsidiary of Live Nation, operating in 32 countries. It has more than five million customers in Australia and New Zealand.
Our data and sources:
The Cyberdaily.au and Hackread.com reported that the data was posted on 28 May. However, a second hacker on a different forum made an identical post. It's unclear if the second hacker is linked to ShinyHunters.
Our Take:
Ticketmaster has had cybersecurity issues before. On January 26, 2023, the company admitted that a bot attack disrupted Taylor Swift concert ticket sales, exposing ticketing system vulnerabilities.
Monitor accounts, change passwords, and watch out for phishing. To repair user trust, Ticketmaster must be transparent and communicate quickly.
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🌎 World Tonight
🇫🇷 France. French President Emmanuel Macron urged his allies to let Ukraine strike Russian military bases with the advanced long-range weapons they are providing to Kyiv, the latest sign of a policy shift that could change the war.
🇿🇦 South Africa. In what is anticipated to be the most significant general election since the end of apartheid, millions of South Africans are casting ballots.
🇵🇭 Philippines. On Wednesday, Philippines President Ferdinand Marcos Jr. called China's coast guard's new rules over South China Sea detention of foreigners "worrisome" and an escalation.
🇰🇵 North Korea. North Korea sent hundreds of balloons carrying trash and manure towards South Korea in one of its most bizarre provocations in years, prompting the South's military to mobilise chemical and explosive response teams to recover debris.
🇸🇬 Singapore. Last Tuesday's Singapore Airlines flight experienced severe turbulence that dropped 178ft (54m) in 4.6 seconds.
🏅VIEWPOINT 360
The growing promise of cancer vaccines
By Bidyut Sarkar, Shiv Nadar University in Greater Noida
No magic bullet is in sight yet, but three vaccines for particular skin and lung cancer types have advanced to the last phase of clinical trials
A cure for cancer — which is second only to cardiovascular diseases in its contribution to the global burden of disease — has long been a dream.
While no magic bullet is yet in sight, three vaccines for particular skin and lung cancer types have advanced to the last stage of clinical trials in recent months.
If successful, these vaccines should be available to patients in the next three to 11 years. Unlike vaccines which prevent diseases, these aim to cure them or prevent relapses.
Cancer in every person is different because the cells in every cancerous tumour have different sets of genetic mutations. Recognising this, two of the vaccines are personalised and tailor-made for each patient. Oncologists working with pharmaceutical companies have developed these individualised neoantigen therapies. [Read more]
📰 Good News, Inspiring, Positive Stories
Lenovo Powers AI Avatars to Explore the Role of Technology in Mental Health
Lenovo™ introduced its latest Work For Humankind project, ‘Meet Your Digital Self’, today. The project shows how smarter technology and AI can help mental health professionals address the global youth mental health crisis. Two-thirds (67%) of Gen Z feel a disconnect between their online and offline selves, fueling loneliness and anxiety. This work addresses these issues. Gen Zs say it's easier to express themselves online than offline (49%), but 60% wish they could have difficult conversations with loved ones in person.
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