Gina Rinehart’s company has invested a reported $1bn in Elon Musk’s SpaceX. said it hopes to collaborate in future on AI infrastructure.
Hancock Prospecting won a “significant” investment allocation after SpaceX began being traded on sharemarkets on Friday. Rinehart said in a statement today. She said her investment reflected her confidence in Musk, congratulating him:
double quotation mark Elon has done what very few people in history have done – he has not just imagined the future, he has built companies capable of delivering it,. helped to keep American technology at the forefront …
We see SpaceX as a rare business: led by a truly exceptional person, technically exceptional. operating in sectors that are crucial, and with long-term potential. Hancock favours investing in industries led by sensible, hard working, patriotic and exceptional people. Elon excels in every regard.
Rinehart cited SpaceX’s early rocket efforts and Starlink satellite communication network but expressed excitement at its AI prospects. Hancock Prospecting’s chief executive, Garry Korte, said Rinehart had met Musk several times. He said Hancock used the Grok AI platform. would “look forward” to potentially working with SpaceX as a supplier of critical minerals for its advanced technology infrastructure.
Hancock Prospecting declined to detail how large the investment was. when asked about the Wall Street Journal’s report that Rinehart bought over US$1bn (A$1.4bn) worth of the US$2.1tn (A$2.97bn) company. If accurate, that would dwarf her biggest US shareholdings, of US$0.7bn each in MP Materials. an Invesco Nasdaq index fund.
‘Entire generations will be left behind’ without action on CGT and negative gearing, Greens senator tells inquiry
The Greens spokesperson for finance, housing. homelessness, Barbara Pocock, has released a statement after the third day of the Senate inquiry into intergenerational housing.
double quotation mark With record house prices, unlimited rent increases, sky high rents, insecure contracts,. record low vacancy rates, young people don’t stand a chance of getting a safe and secure roof over their heads.
Young people are literally putting their lives on hold because of the housing crisis. They are remaining living with their parents into their 30s, putting off studying or delaying marriage and having children.
If that wasn’t enough. young people also face massive HECS debts, a precarious labour market, wages lagging behind inflation – all in a cost of living crisis.
We urgently need to dampen investor incentives, such as CGT discount. negative gearing, and build more social and affordable housing directly. Without this, entire generations will be left behind and that’s on the government.
KPMG halts bidding on new commonwealth contracts
KPMG has agreed to not bid for any new commonwealth contracts until 30 September. amid the ongoing fallout from the whistleblower scandal that has already triggered the resignation of the firm’s chief executive in Australia.
A Department of Finance spokesperson said the department would “commission an independent review of KPMG’s governance, culture, ethics. integrity frameworks”, with more details to come. The results will be shared with the states, where governments are also reviewing their contracts with the major accounting firm.
The spokesperson said in a statement that “between 16 June. 30 September 2026 KPMG will temporarily cease new contract engagements with Australian Government entities subject to the Commonwealth Procurement Rules”.
It is alleged that KPMG improperly used confidential information from its client Lendlease to win audit work with Westpac. Dexus, and that the accounting firm repeatedly failed to act on the whistleblower’s complaint.
KPMG’s Australian chief. Andrew Yates, stepped down on 29 May after taking responsibility for the consultancy firm’s failure to properly respond to whistleblower allegations around the misuse of client information.
The family of Leah Stewart, who was attacked by a shark while she was swimming, have released this statement:
double quotation mark Leah Stewart is a dedicated and loving mother, a passionate teacher, and Coogee local. On June 13, while on a morning swim, in the flags, close to the shore, Leah was attacked by a shark. sustained severe and life-threatening injuries. She remains in a critical condition and has undergone multiple surgeries in the days after the attack.
Leah’s injuries are severe and life-threatening. She will need extensive ongoing care, support and rehabilitation. We have launched a GoFundMe campaign and thank you in advance for your generosity.
As a family we are shocked. devastated that this could happen to our beloved partner, daughter, and mother who is so full of life and energy. We share our sincere thanks. gratitude to the lifesavers, first responders, helicopter crew, and the dedicated medical team of doctors, nurses, and support staff at St Vincent’s Hospital Sydney who have been caring for Leah. Our thanks to all who have reached out to the family with sympathy, care and prayer.
We ask that the media. members of the public please respect our need for privacy at this time as we focus on supporting Leah through her care and recovery, as well as her daughter and partner, as we navigate the challenges ahead.
The statement also links to a GoFundMe page set up for the victim by her brother. which says she has had her arm amputated.
double quotation mark “Leah remains in a critical condition on life support. has undergone multiple surgeries in the days after the attack. Tragically her treatment has required the amputation of her arm, and more surgeries are scheduled for the coming days.”
Ugg retailer pays $39,600 fine for allegedly misleading “Was/Is” pricing, ACCC says
An Ugg footwear retailer has paid a $39,600 fine after the consumer watchdog issued it with two infringement notices for allegedly making misleading “Was/Is” comparative pricing claims.
The Australian Competition. Consumer Commission (ACCC) announced earlier today that Christofi Investments, which owns the Ugg Australia Classic website and administers the Ugg Originals website, had paid the penalty.
Christofi Investments advertised classic ugg slippers. platform uggs at an apparently discounted price alongside a higher strikethrough “was” price on both websites, the ACCC said.
The ACCC alleges that these claims were false or misleading in breach of the Australian Consumer Law. the products had not been offered for sale or sold at the higher price claimed in the advertisements in a reasonable period beforehand.
Guardian Australia has sought comment from Christofi Investments. Luke Woodward, one of the ACCC’s commissioners, said:
double quotation mark The ACCC was concerned that consumers were likely to have been misled by the Ugg websites’ claims they were getting ugg boots. slippers at a genuine discount, when we allege this was not the case.
Last week. the ACCC announced JB Hi-Fi would refund customers after advertising allegedly misleading “Was/Is” pricing on some of its products.
Earlier this year, the federal court scrutinised how Coles. Woolworths use this comparative pricing strategy, which you can read more about here:
Gina Rinehart’s company has invested a reported $1bn in Elon Musk’s SpaceX. said it hopes to collaborate in future on AI infrastructure.
Hancock Prospecting won a “significant” investment allocation after SpaceX began being traded on sharemarkets on Friday. Rinehart said in a statement today. She said her investment reflected her confidence in Musk, congratulating him:
double quotation mark Elon has done what very few people in history have done – he has not just imagined the future, he has built companies capable of delivering it,. helped to keep American technology at the forefront …
We see SpaceX as a rare business: led by a truly exceptional person, technically exceptional. operating in sectors that are crucial, and with long-term potential. Hancock favours investing in industries led by sensible, hard working, patriotic and exceptional people. Elon excels in every regard.
Rinehart cited SpaceX’s early rocket efforts and Starlink satellite communication network but expressed excitement at its AI prospects. Hancock Prospecting’s chief executive, Garry Korte, said Rinehart had met Musk several times. He said Hancock used the Grok AI platform. would “look forward” to potentially working with SpaceX as a supplier of critical minerals for its advanced technology infrastructure.
Hancock Prospecting declined to detail how large the investment was. when asked about the Wall Street Journal’s report that Rinehart bought over US$1bn (A$1.4bn) worth of the US$2.1tn (A$2.97bn) company. If accurate, that would dwarf her biggest US shareholdings, of US$0.7bn each in MP Materials. an Invesco Nasdaq index fund.
‘We are taxed like tobacco,’ Property Council boss says
Mike Zorbas, the chief executive of the Property Council, has hit back against earlier accusations that his. other lobby groups’ opposition to the proposed tax changes runs against the national interest.
Those representing builders. property developers are not vested interests, Zorbas told the Senate inquiry into proposed tax changes, including capital gains reform.
double quotation mark They are directly invested in the prosperity of Australia. as they employ 1.4 million people across the economy.
He argued that government overspending at all levels. by all political parties, alongside a lack of “actual” tax reform, “has left us taxing the life out of new property projects and existing operating assets”.
Zorbas said last year’s economic reform roundtable “appears to have been largely a tax hike forum”.
“Investment in industrial, commercial,. residential property in this country is already taxed like tobacco at a federal, state and local government level to the tune of $130bn a year,” he said.
He argued high taxes were contributing to unaffordable housing.
double quotation mark The cost of each new home is now, in some states, almost 40% federal, state. local government charges.
Master Builders Australia chief. Denita Wawn, said there was “immense frustration” among her members about the prospect of higher taxes when they are already struggling.
“We are of the view that, combined, these tax hikes … will stifle business. are likely to cause a private investment strike, leading to a significant decline in terms of economic capacity of our country,” Wawn said.
Jocelyn Martin. managing director of the Housing Industry Association, said “we do not support measures that Treasury itself expects will reduce housing supply”.
That’s all for me. Cait Kelly is on deck to take the blog reins. Enjoy the Monday!
Albanese says he won’t engage in any attacks or ‘personalised politics’ with One Nation
The prime minister said he didn’t plan to engage in “the sort of personalised politics” amid One Nation’s “fire the liar” fundraising campaign.
Albanese said his government was focused on delivering for Australians, building homes. increasing the minimum wage, “all of which has been opposed by the three rightwing parties in our parliament”. He went on:
double quotation mark We’ll continue to deliver for Australians and we’ll continue to be focused on their needs.
Albanese says decision on future of fuel excise tax cut coming soon
The prime minister, Anthony Albanese, held a press conference a moment ago, where he was asked about the US-Iran ceasefire deal. its impact, if any, on the fuel excise tax cut.
He said the government would make an assessment in the coming days. as a decision “obviously” needs to be made prior to 30 June, when the temporary cut expires.
double quotation mark We’ll make an assessment over the coming period … We know. an end to the conflict doesn’t mean that it’s business as usual …
We obviously need to make a decision prior to June 30,. we need to do that in advance of June 30 so people have appropriate notice … We’ll make an appropriate assessment.
The John Farnham song Two Strong Hearts is not banned as hate speech, the Queensland government has confirmed.
Seven protestors were arrested in Brisbane’s CBD yesterday for allegedly saying or holding a sign reading “from the river to the sea”. which was banned under specific circumstances under legislation passed earlier this year.
The Farnham song features the lyric “like a river to the sea”.
The attorney general, Deb Frecklington, responded to a parliamentary petition on Monday asking her to exempt songs. books from being banned under the legislation.
She said the law had a “high bar” for conduct that would be prohibited. which is only illegal if it causes a member of the public to feel menaced, harassed or offended, though under the act the person does not have to exist. It also allows a person to do so for a genuine artistic, religious, educational or historical purpose. It also does not prohibit “expressions which closely resemble a prohibited expression”.
“The act does not prevent or prohibit the publication of books or the playing or recitation of songs as noted in the petition unless it meets the requirements set out in the act … for example. Two Strong Hearts by John Farnham is not proposed to be banned as suggested in the petition,” she said.
Graeme Samuel criticises ‘very loud voices’ of vested interests fighting tax reform
Graeme Samuel, a former ACCC chair, says the proposed changes to capital gains tax. negative gearing are in the public interest, and has called out the “very, very loud” complaints by “private vested interests” attempting to derail the changes.
Samuel. at the Senate committee hearing into the tax changes, ran through his long history in public life, before saying “and the one thing that I have learned over all these 35 years is this, that the measure of the public interest in relation to reform is generally in inverse proportion to the noise that is made by private vested interests”.
double quotation mark And I can tell you now that the noise in relation to these tax reform proposals announced in the budget has been very. very loud indeed, which persuades me that the public interest is trying to be submerged by the loud voices of private vested interests.
Saul Eslake. an independent economist, also strongly backed the tax changes, saying it was “far from obvious” that the arrangements that have been in place since 1999 “have aided the achievement of any worthwhile public policy objectives”.
But, like other experts appearing earlier in the day, he had suggestions for improvements.
He backed a carve-out for start-ups with a zero cost base, worried the 30% minimum tax rate on capital gains would hurt low-income earners,. argued in favour of investors being able to average their capital gains over a number of years for tax purposes.
Fire ants detected on Sunshine Coast
Residents of the Sunshine Coast have been urged to be on alert. after fire ants were detected outside the south-east Queensland containment boundary.
The aggressive ants arrived in Brisbane more than two decades ago,. have spread since, despite an nationally funded eradication campaign.
The Invasive Species Council said on Monday. a nest had been discovered outside the current containment boundary during proactive surveillance activities.
The council’s advocacy director. Reece Pianta, said nests often become more visible during winter, because the ants will often build distinctive mounds above ground to capture warmth from the sun, making them easier to spot than at other times of the year.
“Every colony found. treated this winter reduces the risk of fire ants spreading further and helps keep eradication on track,” Pianta said.
double quotation mark Australia still has a chance to become the first country in the world to eradicate an established fire ant invasion,. success depends on finding every last nest. Fire ants are considered one of the world’s worst invasive species. pose a serious threat to Australia’s environment, economy, agriculture and way of life.
Residents can report suspected fire ants, or notify the program that they have checked their property. found none, online or by calling 132 ANT (13 22 68).
The foreign minister, Penny Wong, is to meet activists who took part in a Gaza flotilla protest. were arrested by Israeli authorities in international waters last month.
Eleven Australians were part of the Global Sumud Flotilla, sailing from Mediterranean ports in an attempt to deliver food, medicine. baby formula to the war-ravaged Gaza Strip, blockaded by Israel.
Wong told a budget estimates hearing earlier this month she believes the Australian women who have alleged they were sexually assaulted. beaten by Israeli soldiers.
Israel’s national security minister, Itamar Ben-Gvir, sparked outrage by posting a video of himself taunting detainees as they knelt with their heads on the ground. their hands zip-tied behind their backs.
Members of the group will meet Wong on Monday afternoon,. are expected to push for an independent Australian investigation into the matter.
The Australian government has raised concerns with Israel over the treatment of the flotilla’s members. as well as Israel’s refusal to grant Australian diplomats access to the detained activists.
Ben Carroll rules out leadership tilt against Victoria premier
Victorian deputy premier. education minister, Ben Carroll, was grilled at a press conference earlier about a possible leadership spill against the premier, Jacinta Allan, when Labor MPs gather for their final caucus meeting before the winter parliamentary break on Tuesday.
Carroll repeatedly dismissed suggestions that he was positioning himself as a challenger, telling reporters:
double quotation mark I have said I’ve got the job that I want.
When asked directly if he wanted to be premier, Carroll replied:
double quotation mark I have always aspired to be the education minister.
Asked whether he had ever aspired to the state’s top job, he said:
double quotation mark We have a premier, and she’s working harder than anyone every day. I want to serve Jacinta Allan. I’ve got a young daughter at home,. I couldn’t be more proud to make sure she grows up knowing that I supported Jacinta Allan to be a world-class premier and get re-elected in her own right.
He then flatly rejected a possible spill on Tuesday.
Reporter: “Are you going to try to get the premier’s job tomorrow?
Reporter: “Are you going to ask her to step aside?”
Still not satisfied, a reporter then asked Carroll to “look her [Allan] in the eye and say that”. Carroll proceeded to look the premier in the eye. say: “I can look her in the eye and say that.”
CGT discount same as spending $50bn to subsidise wealthiest investors, expert says
Imagine spending $50bn a year to subsidise investment returns for the country’s wealthiest people.
This is how Kathryn James. an associate professor from the University of Melbourne’s law school, has described the current investor tax concession regime to the Senate committee hearing today.
James strongly backed changes to what she called the “costly. inequitable” tax concessions for capital gains, pointing to the tens of billions of dollars of revenue foregone each year.
While there has been vocal opposition to switching to the inflation-adjusted discount model, James said “it is worth highlighting that taxing real gains is a special concession in. of itself”.
“The combination of capital gains. negative gearing enables investors to immediately claim investment losses, often at the top marginal rate, and defer capital gains, which are then only taxed on half the gain, and so tax half the effective marginal rate,” she said.
The budget papers showed that the current system results in the government “subsidising the investment preferences of these investors”.
double quotation mark Imagine a government proposal to spend more than $50bn a year. subsidising the investment activities of the wealthiest 10% of Australians. It would be politically unthinkable,. this is effectively what we do when we provide the same support through tax concessions.
Reduced housing supply from tax changes worth it to improve equity, expert says
Proposed changes to CGT. negative gearing will mean an estimated 35,000 fewer new homes over coming years, but Susan Lloyd-Hurwitz, the chair of the National Housing Supply and Affordability Council, says it will be worth it in the goal of reducing inequality in the housing market.
Lloyd-Hurwitz was questioned by Liberal senator Andrew Bragg. who asked whether “there was ever a good argument to suppress any supply”.
“I think the good argument around accepting that impact is to do with an intergenerational inequity. the fact that we are building a society that is being divided into Australians that have housing wealth and those that don’t,” Lloyd-Hurwitz says.
She said the reforms “go some way to reduce the speculative investment demand to overconsume housing. which we are highly incentivized to do by the current settings”.
double quotation mark And so in the council’s view. assuming that that is a correct assessment, accepting that for the greater payoff is something that we would support.
Lloyd-Hurwitz said the tax bill should pass and that the council would be conducting its own modelling into the changes.
She did, however, warn of potential “unintended consequences” from tax changes that could dissuade institutional investment in rent-to-buy projects.
Victorian high-school students will be able to use devices for only two hours a day
Carroll provided some more detail on device-free time for secondary schools during the press conference.
He said guidelines will launch in the coming months after consultation with schools. he expects devices will only be allowed for two hours a day in secondary schools:
double quotation mark There shouldn’t be any more than two hours. We want eyes up, screens down. A full reset in the classroom is so important – for behaviour, for calmness, for the students’ own mental health – the focus needs to be on the most important adult in the classroom,. that’s the teacher, and that’s why we are moving down this with a relentless focus on excellence inside every classroom.
He said the device limit would be “strict”, though exceptions would exist for neurodiverse students who rely on technology, as well as for those studying science. technology.
Carroll stressed the limit was in the best interest of students, following “world best practice” from international experts:
double quotation mark The big tech giants, their algorithms, they do not have these young people’s best interests at heart. They’re focused on eyeballs, and we’re focused on their minds and their hearts for the future.
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