How should government tackle the quantum conundrum?
Lots of discussion and debate about net zero commitments and obligations this week. But for this week's Insiders On Background, let's explore what the Australian economy looks like under a net-zero scenario. How will it differ from today's resources-heavy economy? Is the answer artificial intelligence and quantum computing? Former chief scientist Cathy Foley joined David Speers to talk about the emerging technologies and quantum literacy.
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News.com.au
5 hours ago
- News.com.au
US share exodus: Aussies sell their US stocks on Trump fears
Australian retail investors are ditching the United States and moving their money to 'stable' economies on the back of US President Donald Trump's 'Liberation Day.' New retail data from investing platform eToro, who asked 10,000 retail investors across 14 countries, including 1,000 from Australia showed a sharp trend away from America. According to eToro's data the downturn in enthusiasm for US markets reflects broader economic uncertainty, with 37 per cent of Aussie investors citing the global economy as the biggest threat to their investments – the highest figure recorded since Q2 2022. Inflation follows as the second biggest concern at 17 per cent. Instead of investing abroad, local investors are increasing their exposure to Australian markets. eToro managing director Robert Francis told NewsWire a combination of US policies and high valuations have retail investors sceptical of investing in the world's largest market going forward. 'People are beginning to realise the US exceptionalism isn't what it was a year or two ago with the inauguration of Trump has meant a lot of uncertainty,' he said. Rayeiris Maduro Rondon, an investor based in Sydney after relocating from Venezuela told NewsWire it is her opinion that the days of the US exceptionalism has 'paused' as she shifts to Europe and China. 'I view this more as a period of recalibration rather than decline,' she said. 'Historically, when markets trade at elevated valuations for extended periods, investors begin to see high multiples as 'the normality' and price in unrealistic growth expectations. 'That's where the U.S. stands today.' While she still holds some US investments on a 'reasonable valuation,' she said there are better opportunities abroad. 'In Europe and Asia, I'm finding businesses with higher returns on capital and strong cash flows trading at deeply discounted valuations, making them far more attractive from a risk-adjusted perspective,' she said. Alert not alarmed Australian investors are split on what the current market volatility means for them. eToro's survey data showed 35 per cent of Aussies are more vigilant about their portfolio while a further 28 per cent are feeling anxious. On the flipside, 24 per cent are actually hopeful or excited about the large market swings. This optimism extends to investing strategies, with over a quarter of Aussie retail investors seeing a decline of 10 per cent or less as an opportunity to buy the dip. eToro's market analyst Josh Gilbert said investors are alert but not all of them are alarmed. 'Many see recent market dips as buying opportunities, which signals a level of confidence in long-term market resilience, he said. 'The risk of being out of the market altogether is something savvy investors are acutely aware of. 'The recent rebound in global equities since April has reinforced that view, even in uncertain times.' It has been a volatile ride for investors since Mr Trump took office for global markets initially rallying before hitting a bear market on April 2, with the announcement of Liberation Day. The wide-ranging tariffs were touted as Liberation Day for the US, with Mr Trump arguing it would level out the playing field. In a list of countries, Australia was 21st with a 10 per cent tariff on all goods imported into the US. The ASX slumped 11.4 per cent in the five days following 'Liberation Day', while the US S & P 500 fell around 12 per cent while the Dow Jones dropped 11 per cent. In both the Australia and the US shares quickly recovered after Mr Trump announced a temporary pause on his tariff policies. Mr Francis said this was a dramatic turnaround in investor confidence with the market initially rallying when Mr Trump returned to office. 'The whole market was buoyant with Trump's inauguration,' he said. 'I mean, we all thought investors, market commentators, all thought that we were going to see a continued bullish trend in the market. 'But given what we're seeing now around trade conflicts, tariffs that are being implemented, this is kind of, where is this going to go? 'All of this means that there's a level of uncertainty right now that doesn't bring confidence in investing in the US'. Some still move to safe assets Commodities have also been a favourite of Australian investors as they look to protect their positions. According to eToro's results, fears mount over a weaker US dollar and persistent inflation, Aussie retail investors are repositioning their portfolios, with nearly half of respondents having adjusted allocations or planning to. Mr Gilbert said 60 per cent of respondents said they expect gold prices to increase in the next 6–12 months, which reinforces its traditional role as an inflation hedge. 'Interestingly, we've seen Bitcoin's growing status among younger investors as a similar hedge. 'Out of local retail investors who are adjusting their portfolios based on a weaker USD, 27 per cent of Gen Z respondents said they will buy more crypto, the highest out of all generations. Indeed, 52 per cent of local Gen Z investors already hold crypto.'
ABC News
9 hours ago
- ABC News
Australian government calls for de-escalation of war in Iran as Coalition endorses US strikes
The Australian government has offered no endorsement of the United States' strikes on Iranian nuclear facilities, instead issuing a statement reiterating calls for de-escalation as the opposition put forward its support for the military action. Donald Trump announced the United States had dropped "a full payload of bombs" on the Fordow nuclear site on Sunday, along with strikes on two other locations, declaring Iran's nuclear enrichment facilities "completely and totally obliterated". In response, a government spokesperson said: "We have been clear that Iran's nuclear and ballistic missile program has been a threat to international peace and security. "We note the US president's statement that now is the time for peace. The security situation in the region is highly volatile. We continue to call for de-escalation, dialogue, and diplomacy." A short time after the government released its statement, Opposition Leader Sussan Ley and acting Shadow Foreign Minister Andrew Hastie said the Coalition supported Mr Trump's "proactive action" to bomb the facilities, more than a week after Israel launched an attack on Iran. "The world can never accept a nuclear-armed Iranian regime, and today the United States military has taken proactive action to ensure that we never need to," they said in a statement. "While Australians will never seek conflict in the world, we can never forget that the Iranian regime is a militantly theocratic autocracy … It is the Iranian people who are the victims of this brutal regime and we stand in solidarity with them." Current and former Liberal politicians were also quick to offer their strong support for the strikes, calling on the government to do the same. Former prime minister Scott Morrison said Mr Trump was left with no other option given the risks of Iran's nuclear program, while Liberal Senator Dave Sharma told Sky News it was "essential that Australia supports what the United States has done". Prime Minister Anthony Albanese is yet to respond to the developments personally. Earlier on Sunday, before Mr Trump announced the strikes, Deputy Prime Minister Richard Marles said the government's position was de-escalation while noting it recognised Israel's right to defend itself and the risk of Iran's nuclear program. "We are worried about the prospect for escalation here, and we have been urging de-escalation, dialogue, and diplomacy, and we continue to do that," he told Sky News. In an address to the nation late on Saturday night, local time, Mr Trump described the action as a "spectacular military success", while a spokesperson for Iran's nuclear organisation told state media the Fordow site experienced limited damage. The extent of the damage is yet to be independently assessed. Mr Trump later posted to Truth Social — a social media platform — that any Iranian retaliation on the United States would be "met with a force far greater than what was witnessed tonight". Early on Sunday, Mr Hastie, who is also a veteran, warned that any escalation of the war was "dangerous and risky" and could bring unintended consequences. Speaking to ABC's Insiders minutes before Mr Trump announced the attack, he said: "We could see regime change, a collapse of the Iranian regime, large-scale migration and refugees across the world, but particularly Europe. We don't know who would fill the power vacuum." "If there is one lesson I take out of Iraq, Afghanistan, and Libya, it's be careful what you wish for." He also said there needed to be greater transparency over how the United States uses Australian military bases, calling on the government to be clear about what the military alliance involves. Mr Marles this week did not say whether American forces could make use of Australian military bases in the north in an action against Iran, stating "we have a system of full knowledge and concurrence" of operations from Australia. "We need greater transparency, to talk about operationalising the alliance, building guard rails for combat operations and defining our sovereignty," Mr Hastie said. "This will make things clearer for us, so we can better preserve our national interests." Greens leader Larissa Waters said in a statement that the government "must not allow the use of Australian US military bases like Pine Gap in this conflict". "Australia must always work for peace and de-escalation. Australia is not powerless, and we cannot be involved in another brutal war in the Middle East," she said. "Only when countries like Australia push back and hold to principles and international law and back them up with material actions, will there be a chance for peace."
News.com.au
10 hours ago
- News.com.au
Scott Morrison says Albanese government not showing enough 'clarity' on Israel-Iran conflict
Former prime minister Scott Morrison has accused the Albanese Labor government of not showing enough 'clarity' on the Israel-Iran conflict. Speaking on Sky News on Sunday, Mr Morrison urged Labor to back the United States' attack on Iran's nuclear sites, after Donald Trump deployed a series of strikes on the country's three nuclear sites in Fordow, Natanz and Esfahan. 'I think there's been far too much ambiguity about this from Australia, far too much ambiguity, and it's time for clarity,' Mr Morrison said. 'And the clarity is we were dealing with a theocratic authoritarian state that had sponsored an attack on close friends in Israel back on the seventh of October, and they have shown their true colours, and Iran is not a friend of Australia. It's not a friend of Australia's interests. 'We should be expressing no ambiguity when it comes to Iran.' Following Mr Trump's confirmation of the strikes, a government spokesperson said Labor has noted Mr Trump's statements, and reiterated the President's comments that 'now is the time for peace'. 'We have been clear that Iran's nuclear and ballistic missile program has been a threat to international peace and security,' they said. 'The security situation in the region is highly volatile. 'We continue to call for de-escalation, dialogue and diplomacy.' They also urged the 2600 Australians in Iran and 1200 in Israel to monitor public safety information by local authorities and 'shelter in place when required'. 'The Department of Foreign Affairs and Trade will be communicating directly with registered Australians about preparations for assisted departures,' they said. Mr Morrison gave his firm backing of Mr Trump's decision to strike the three Iranian nuclear bases, saying the US were the 'only ones who could do it'. He said the move was done not to 'oppose some sort of regime change', but to end the threat of Iran's nuclear programs, and were 'totally justified given the threat that was faced'. 'This has been the most decisive and the most comprehensive action to terminate that threat,' Mr Morrison told Sky. 'This is not the place that President Trump would rather be. He has not rushed towards this and further, this is not about the US trying to oppose some sort of regime change, they have a very specific job here that they have undertaken.' In the wake of the strikes, Mr Trump urged the Iranian regime to 'make peace' or risk 'greater' and 'easier' attacks. 'There will be either peace or there will be tragedy for Iran, far greater than we have witnessed over the last eight days,' he said. 'Remember, there are many targets left. Tonight's was the most difficult of them all by far, and perhaps the most lethal. 'But if peace does not come quickly, we will go after those other targets with precision, speed and skill. 'Most of them can be taken out in a matter of minutes.' Earlier on Sunday, Defence Minister Richard Marles said the government remained concerned about the prospect of escalation and continued calls for dialogue, denying claims the government was trying to distance itself from the US. However he acknowledged Israel's 'right to defend itself', and the 'risk that the Iranian nuclear and ballistic missile program represents to both the region and the stability of the world'. He said the Department of Foreign Affairs remained alert in trying to evacuate the thousands of Australians caught in Iran and Israel. 'We do have civilian aircraft chartered ready to go in the event that airspace opens up over Iran and Israel, and right now that is the biggest constraint here, that both airspace over both countries is closed,' he said. 'We have a C-17 and a KC-30 which both can take hundreds of passengers placed in Al Minhad (in the United Arab Emirates), which is just outside of Dubai.' Mr Marles said the staff at Al Minhad had been increased from 'about 40, to 'about 300'. Greens Leader Larissa Waters said the US strikes on Iran were a 'terrifying and catastrophic escalation by the USA,' and called on Mr Albanese to condemn the actions. 'From Iraq to Afghanistan, we have seen Australia follow the US into devastating and brutal wars that have done untold damage to the people of the Middle East. We know that you cannot bomb your way to peace,' she said. Greens defence and foreign affairs spokesman David Shoebridge said Australia should distance itself from the US' actions, including withdrawing from the AUKUS defence pact. 'That means ending the AUKUS agreement, prohibiting the use of US military bases in Australia, including Pine Gap, from being used in this conflict, and clearly opposing military action by the US and Israel against Iran,' he said. 'Like every war, the cost will not be carried by governments, but by people, families and communities who face destruction. 'The impact of war is always inflicted on ordinary people. The Iranian people, who currently face oppression under the Iranian regime, are only put at further risk of violence and persecution by these US and Israeli attacks.'
