Rinehart buys ‘significant’ stake in Elon Musk’s SpaceX – as it happened

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.

And with that, we are going to put the blog to bed. Before we go, let’s recap the big headlines:

Experts warned there is little evidence shark culls keep ocean-goers safer after the latest encounter at Coogee. A woman, 35, was swimming about 30 metres offshore in Sydney when she was bitten by a shark on Saturday. She remained in critical condition on Monday.

The prime minister. foreign minister issued a statement welcoming the agreement made by the US and Iran, and called for continued restraint to avoid further escalation. President Donald Trump made the announcement he had signed a deal on Monday morning. saying the strait of Hormuz would be reopened.

Gina Rinehart’s company 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 share markets on Friday, Rinehart said. She said her investment reflected her confidence in Musk.

The John Farnham song Two Strong Hearts is not banned as hate speech, the Queensland government confirmed. Seven protesters were arrested in Brisbane’s CBD 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.

We will be back tomorrow to do it all again.

The UK will follow Australia’s lead in banning social media sites for under-16s.

Australia became the first country in the world to introduce a similar ban in December last year.

Over social media, British PM Keir Starmer said:

double quotation mark These days kids must find their feet in a world where technology intrudes into every area of their life.

Rising uni degree costs could spark tradie boom, Senate told

Diminishing value for the ballooning cost of a university degree could prove a windfall for the construction industry as it’s hoped more young people are steered towards in-demand trades. a Senate hearing has been told.

An additional 83,000 skilled trades workers are needed to meet the National Housing Accord’s target of 1.2m homes in five years. according to the Housing Industry Association.

But Master Builders Australia says that gap is even higher – at 116,000.

The peak body’s chief economist, Shane Garrett, said the perception better jobs were only available via university historically kept young people out of apprenticeships,. that idea was being dismantled.

The number of people starting trade apprenticeships in the three months to September 2025 rose by 18%. the biggest jump being in the construction sector, according to the National Centre for Vocational Education Research.

‘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!