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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:
WA man imprisoned for claiming girlfriend's super and life insurance. A Woodbridge man was sentenced to three years and 10 months for fraudulently attempting to access his girlfriend's almost $400,000 superannuation and life insurance benefits after her unexpected death in 2019.
Health Minister Referred to Queensland's Ethics Committee. The parliamentary ethics committee of Queensland has received a referral regarding Shannon Fentiman because of a social media post that an LNP MP stated "unleashed a wave of cyberbullying".
🗳️ HEADSTART
Hauser Outlines Australia's "Narrow Path" to Inflation Control
Video and Audio Courtesy by RBA
Following a lengthy tenure at the Bank of England, Reserve Bank Deputy Governor Andrew Hauser joined the RBA in February.
He conducted his first television interview this afternoon at Australia's Economic Outlook, a presentation of Sky News and The Australian newspaper, with Ross Greenwood, the business editor of Sky News.
According to Mr. Hauser, Australia is continuing on its "narrow path" that "has worked" to reduce inflation without experiencing the same degree of job losses as some other nations, like Canada.
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🔥 HOT COPY
New Measure Prioritizes Community Safety in Visa Cancellations
A new measure called Direction 110 will take effect on June 21 in place of Direction 99, which gave priority to a foreign national's ties to Australia when determining the validity of a visa. When visa cancellation appeals tribunals rule, Direction 110 will prioritise community safety.
Immigration Minister Andrew Giles
In order to make it "clearer" that non-citizens who have experienced family or sexual violence should be deported, even if they have spent the majority of their lives in Australia, Immigration Minister Andrew Giles has issued a new directive.
Since the beginning of last week, I have cancelled 40 visas in the national interest. Today, we take the next step in strengthening our cancellation system to better reflect community expectations.
Ministerial direction 110 is guided by two key principles; the protection of the Australian community and common sense.
This new revised direction makes crystal clear that the Government expects the protection of the Australian community be given greater weight in visa decisions.
The Backgroud
The government of New Zealand became concerned that too many Kiwis were being deported despite having no connection to the country, which led to the creation of Direction 99.
Christopher Luxon, the prime minister of New Zealand, had voiced concerns regarding the federal government's move to revise directive 99.
Tresurer Jim Chalmers
I think the Minister has brought in these changes in a considered way in response to the legitimate concerns that people have about community safety. And in doing that today, he’s made it very clear that our highest priority is community safety, and that’s appropriate. And beyond that, given he’s provided a lot of detail in Melbourne today, I don’t propose to add to it any further.
Opposition Leader Peter Dutton
what has the Government done here? They have listened to the pleadings of Jacinda Ardern to put New Zealand citizens ahead of Australian citizens. Now, I don't think it's a controversial thing to say that the Prime Minister of Australia should prioritise the interests of Australians. The Prime Minister has implemented Direction 99, Andrew Giles is just the patsy for it.
Anthony Albanese made the commitment to Jacinda Ardern that Direction 99 would be implemented, and because of Direction 99, there are more people who have become victims of crime and serious crimes, including sexual assault, robbery, etc. in our community, and there was no need for those people to be in Australia.
We have a wonderful country, in good part because of our migration programme. We're a blessed, fortunate, greatest country in the world. We welcome people, and we have done for a long period of time into a country. We shouldn't be afraid to say that we want the best people to come here, and if you commit a crime as a non-citizen against an Australian citizen, if you we're born in another country, you should expect to be deported.
We wouldn't issue the visa in the first place if we knew that you were a person who had committed sexual assault or robbery or drug trafficking, you wouldn't get the visa in the first place. Why that's so complicated for the Prime Minister to understand and to put into practice is beyond me.
I think a lot of Australians at the moment want a leader with strength, and the Prime Minister doesn't have it, and his weakness here has been on full display, and unfortunately, tragically, Australians have paid the price.
Why does this matter:
It matters because a leader's first concern should always be the safety and security of their nation's citizens. Leaders who do not act decisively on matters such as approving visas risk grave consequences for the people they are tasked with protecting.
🛒 MARKET EDGE
SkyCity Adelaide Faces $67 Million Penalty for AML/CTF Act Breaches
SkyCity Adelaide Pty Ltd has been ordered by the Federal Court of Australia to pay a $67 million penalty after breaching the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), following civil penalty proceedings by AUSTRAC.
The Revelation
The court found that SkyCity's AML/CTF Programs failed to meet the requirements of the Act and that it did not carry out appropriate ongoing customer due diligence. SkyCity admitted that its contraventions made it vulnerable to criminal exploitation and exposed the Australian community and financial system to money laundering and terrorism financing risk.
Peter Soros, the acting Chief Executive Officer of AUSTRAC, emphasized that casinos, along with all businesses, need to prioritize their anti-money laundering responsibilities.
This is the second civil penalty AUSTRAC has secured against Australian casinos, after the Federal Court last year ordered Crown Melbourne and Crown Perth to pay a $450 million penalty over two years for breaches of the AML/CTF Act.
SkyCity Adelaide
SkyCity informed the stock market that it had successfully obtained an appeal from the High Court against a previous ruling by the South Australian Supreme Court. According to SkyCity, it might have to pay more than $22 million if it fails.
About AUSTRAC
AUSTRAC, the Australian agency, identifies and prevents financial system misuse to safeguard the public from serious and organized criminal activities.
Strong regulation and enhanced intelligence capabilities allow AUSTRAC to collect and analyse financial reports and information to generate financial intelligence.
Why does this matter:
This is significant because AUSTRAC is essential to protecting the financial system against illicit activity, such as financing of terrorism and money laundering. The outcome of SkyCity's appeal could significantly affect their financial obligations and their capacity to adhere to AUSTRAC regulations.
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🌎 World Tonight
🇪🇺 Europe. Dutch voters have begun four days of EU voting, with exit polls predicting a close race between a left-green alliance and anti-Islam populist Geert Wilders.
🇾🇪 Yemen. Authorities said Friday that Yemen's Houthi rebels have detained at least nine UN agency employees under unclear circumstances as they face increasing financial pressure and airstrikes from a U.S.-led coalition. Others in aid groups were likely taken.
🇮🇱 Israel. Israeli strikes on a school housing displaced Palestinians in central Gaza early Thursday killed at least 33 people, including 12 women and children, local health officials said. The Israeli military claimed the school was home to Hamas militants.
🇬🇧 United Kingdom. British Prime Minister Rishi Sunak apologised Friday for leaving D-Day commemorations in France early to campaign, which his political rivals called disgraceful.
🇮🇳 India. The National Democratic Alliance coalition, which won the most seats in India's national election, elected Narendra Modi as its leader on Friday after his political party failed to win a majority.
🏅VIEWPOINT 360
India's new government faces job creation challenge
The election results have proven that "Modi's guarantee" is no longer enough. The people of India want stronger policies on employment and agriculture.
For the past decade, the Bharatiya Janata Party (BJP) enjoyed an absolute majority in the Lok Sabha, the lower house of India’s parliament. This time, it has fallen well short of that mark. Its diminished numbers likely reflect its failure over its previous terms to address the economic distress of a sizable section of society, particularly young people and farmers. [Read more]
📰 Good News, Inspiring, Positive Stories
Laura Jones Wins Archibald Prize for Tim Winton Portrait
Laura Jones, an artist from Sydney, is the 12th woman to win the $100,000 Archibald Prise in its 103-year history with her painting of conservationist and author Tim Winton.
She now joins the ranks of other female winners, which include Julia Gutman from the previous year, Del Kathryn Barton, who has won the prise twice (2008; 2013), and Nora Heysen, the first woman to win the prise at the age of 19.
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