Live: ASX set to slip after Trump-Musk feud triggers sell-off on Wall Street

The Australian share market is in for a lacklustre start after closing flat on Thursday. The Aussie dollar is sitting around 65 US cents.
A very public spat between Donald Trump and Elon Musk has sent shockwaves through financial markets, overshadowing trade diplomacy and fuelling a late-session sell-off on Wall Street.
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The Advertiser

20 minutes ago

• The Advertiser

Israel and Iran trade fire as Europe's diplomacy stalls

Israel and Iran have traded further strikes a week into their war, as Donald Trump weighed US military involvement and key European ministers met with Iran's top diplomat in Geneva in a scramble to de-escalate the conflict. But the first face-to-face meeting between Western and Iranian officials in the weeklong war concluded after four hours with no sign of an immediate breakthrough. To give diplomacy a chance, Trump said he would put off deciding for up to two weeks whether to join Israel's air campaign against Iran. Whether or not the US joins, Israeli Prime Minister Benjamin Netanyahu said Israel's military operation in Iran would continue "for as long as it takes" to eliminate what he called the existential threat of Iran's nuclear program and arsenal of ballistic missiles. As negotiations ended in Switzerland, European officials expressed hope for future negotiations and Iran's top diplomat said he was open to further dialogue. But Iranian Foreign Minister Abbas Araghchi emphasised that Tehran had no interest in negotiating with the US while Israel continued attacking. "Iran is ready to consider diplomacy if aggression ceases and the aggressor is held accountable for its committed crimes," he told reporters. Trump was dismissive of the Geneva talks saying Iran didn't want to speak to Europe. "They want to speak to us. Europe is not going to be able to help in this," Trump said. Those comments - however blunt - were not refuted by the Europeans. "Above all, it is of great importance that the United States of America be involved in these negotiations and in finding a solution," German Foreign Minister Johann Wadephul said after the meeting. After Israeli warplanes hit dozens of military targets across Iran, including missile-manufacturing facilities, an Iranian missile crashed into Israel's northern city of Haifa, sending plumes of smoke billowing over the Mediterranean port and wounding at least 31 people. Israel's air attacks since its campaign began on June 13 have killed 639 people in Iran, according to the Human Rights Activists News Agency, a US-based human rights organisation. The dead include the military's top echelon and nuclear scientists. In Israel, 24 civilians have been killed in Iranian missile attacks, according to authorities. Addressing an emergency meeting of the UN Security Council, the head of the International Atomic Energy Agency warned Israel against attacks on Iran's nuclear reactors, particularly its only commercial nuclear power plant in the southern city of Bushehr. "I want to make it absolutely and completely clear...a direct hit would result in a very high release of radioactivity to the environment," said Rafael Grossi, chief of the UN nuclear watchdog. Israel has instead focused its strikes on the main uranium enrichment facility at Natanz, centrifuge workshops near Tehran, laboratories in Isfahan and the country's Arak heavy water reactor southwest of the capital. Grossi has warned repeatedly that such sites should not be military targets. Iranian state media reported explosions from Israeli strikes in an industrial area of Rasht, along the coast of the Caspian Sea. Israel's military had warned the public to evacuate the area, but with Iran's internet shut off — now for more than 48 hours — it's unclear just how many people could see the message. Iran has insisted on its right to enrich uranium — albeit at lower levels — in recent talks over its nuclear program. But Trump, like Israel, has demanded Iran end its enrichment program altogether. Iran had previously agreed to limit its uranium enrichment and allow international inspectors access to its nuclear sites under a 2015 deal with the US, France, China, Russia, Britain and Germany in exchange for sanctions relief. But after Trump pulled the US unilaterally out of the deal during his first term, Iran began enriching uranium up to 60 per cent — a short, technical step away from weapons-grade levels of 90 per cent — and restricting access to its nuclear facilities. with DPA Israel and Iran have traded further strikes a week into their war, as Donald Trump weighed US military involvement and key European ministers met with Iran's top diplomat in Geneva in a scramble to de-escalate the conflict. But the first face-to-face meeting between Western and Iranian officials in the weeklong war concluded after four hours with no sign of an immediate breakthrough. To give diplomacy a chance, Trump said he would put off deciding for up to two weeks whether to join Israel's air campaign against Iran. Whether or not the US joins, Israeli Prime Minister Benjamin Netanyahu said Israel's military operation in Iran would continue "for as long as it takes" to eliminate what he called the existential threat of Iran's nuclear program and arsenal of ballistic missiles. As negotiations ended in Switzerland, European officials expressed hope for future negotiations and Iran's top diplomat said he was open to further dialogue. But Iranian Foreign Minister Abbas Araghchi emphasised that Tehran had no interest in negotiating with the US while Israel continued attacking. "Iran is ready to consider diplomacy if aggression ceases and the aggressor is held accountable for its committed crimes," he told reporters. Trump was dismissive of the Geneva talks saying Iran didn't want to speak to Europe. "They want to speak to us. Europe is not going to be able to help in this," Trump said. Those comments - however blunt - were not refuted by the Europeans. "Above all, it is of great importance that the United States of America be involved in these negotiations and in finding a solution," German Foreign Minister Johann Wadephul said after the meeting. After Israeli warplanes hit dozens of military targets across Iran, including missile-manufacturing facilities, an Iranian missile crashed into Israel's northern city of Haifa, sending plumes of smoke billowing over the Mediterranean port and wounding at least 31 people. Israel's air attacks since its campaign began on June 13 have killed 639 people in Iran, according to the Human Rights Activists News Agency, a US-based human rights organisation. The dead include the military's top echelon and nuclear scientists. In Israel, 24 civilians have been killed in Iranian missile attacks, according to authorities. Addressing an emergency meeting of the UN Security Council, the head of the International Atomic Energy Agency warned Israel against attacks on Iran's nuclear reactors, particularly its only commercial nuclear power plant in the southern city of Bushehr. "I want to make it absolutely and completely clear...a direct hit would result in a very high release of radioactivity to the environment," said Rafael Grossi, chief of the UN nuclear watchdog. Israel has instead focused its strikes on the main uranium enrichment facility at Natanz, centrifuge workshops near Tehran, laboratories in Isfahan and the country's Arak heavy water reactor southwest of the capital. Grossi has warned repeatedly that such sites should not be military targets. Iranian state media reported explosions from Israeli strikes in an industrial area of Rasht, along the coast of the Caspian Sea. Israel's military had warned the public to evacuate the area, but with Iran's internet shut off — now for more than 48 hours — it's unclear just how many people could see the message. Iran has insisted on its right to enrich uranium — albeit at lower levels — in recent talks over its nuclear program. But Trump, like Israel, has demanded Iran end its enrichment program altogether. Iran had previously agreed to limit its uranium enrichment and allow international inspectors access to its nuclear sites under a 2015 deal with the US, France, China, Russia, Britain and Germany in exchange for sanctions relief. But after Trump pulled the US unilaterally out of the deal during his first term, Iran began enriching uranium up to 60 per cent — a short, technical step away from weapons-grade levels of 90 per cent — and restricting access to its nuclear facilities. with DPA Israel and Iran have traded further strikes a week into their war, as Donald Trump weighed US military involvement and key European ministers met with Iran's top diplomat in Geneva in a scramble to de-escalate the conflict. But the first face-to-face meeting between Western and Iranian officials in the weeklong war concluded after four hours with no sign of an immediate breakthrough. To give diplomacy a chance, Trump said he would put off deciding for up to two weeks whether to join Israel's air campaign against Iran. Whether or not the US joins, Israeli Prime Minister Benjamin Netanyahu said Israel's military operation in Iran would continue "for as long as it takes" to eliminate what he called the existential threat of Iran's nuclear program and arsenal of ballistic missiles. As negotiations ended in Switzerland, European officials expressed hope for future negotiations and Iran's top diplomat said he was open to further dialogue. But Iranian Foreign Minister Abbas Araghchi emphasised that Tehran had no interest in negotiating with the US while Israel continued attacking. "Iran is ready to consider diplomacy if aggression ceases and the aggressor is held accountable for its committed crimes," he told reporters. Trump was dismissive of the Geneva talks saying Iran didn't want to speak to Europe. "They want to speak to us. Europe is not going to be able to help in this," Trump said. Those comments - however blunt - were not refuted by the Europeans. "Above all, it is of great importance that the United States of America be involved in these negotiations and in finding a solution," German Foreign Minister Johann Wadephul said after the meeting. After Israeli warplanes hit dozens of military targets across Iran, including missile-manufacturing facilities, an Iranian missile crashed into Israel's northern city of Haifa, sending plumes of smoke billowing over the Mediterranean port and wounding at least 31 people. Israel's air attacks since its campaign began on June 13 have killed 639 people in Iran, according to the Human Rights Activists News Agency, a US-based human rights organisation. The dead include the military's top echelon and nuclear scientists. In Israel, 24 civilians have been killed in Iranian missile attacks, according to authorities. Addressing an emergency meeting of the UN Security Council, the head of the International Atomic Energy Agency warned Israel against attacks on Iran's nuclear reactors, particularly its only commercial nuclear power plant in the southern city of Bushehr. "I want to make it absolutely and completely clear...a direct hit would result in a very high release of radioactivity to the environment," said Rafael Grossi, chief of the UN nuclear watchdog. Israel has instead focused its strikes on the main uranium enrichment facility at Natanz, centrifuge workshops near Tehran, laboratories in Isfahan and the country's Arak heavy water reactor southwest of the capital. Grossi has warned repeatedly that such sites should not be military targets. Iranian state media reported explosions from Israeli strikes in an industrial area of Rasht, along the coast of the Caspian Sea. Israel's military had warned the public to evacuate the area, but with Iran's internet shut off — now for more than 48 hours — it's unclear just how many people could see the message. Iran has insisted on its right to enrich uranium — albeit at lower levels — in recent talks over its nuclear program. But Trump, like Israel, has demanded Iran end its enrichment program altogether. Iran had previously agreed to limit its uranium enrichment and allow international inspectors access to its nuclear sites under a 2015 deal with the US, France, China, Russia, Britain and Germany in exchange for sanctions relief. But after Trump pulled the US unilaterally out of the deal during his first term, Iran began enriching uranium up to 60 per cent — a short, technical step away from weapons-grade levels of 90 per cent — and restricting access to its nuclear facilities. with DPA Israel and Iran have traded further strikes a week into their war, as Donald Trump weighed US military involvement and key European ministers met with Iran's top diplomat in Geneva in a scramble to de-escalate the conflict. But the first face-to-face meeting between Western and Iranian officials in the weeklong war concluded after four hours with no sign of an immediate breakthrough. To give diplomacy a chance, Trump said he would put off deciding for up to two weeks whether to join Israel's air campaign against Iran. Whether or not the US joins, Israeli Prime Minister Benjamin Netanyahu said Israel's military operation in Iran would continue "for as long as it takes" to eliminate what he called the existential threat of Iran's nuclear program and arsenal of ballistic missiles. As negotiations ended in Switzerland, European officials expressed hope for future negotiations and Iran's top diplomat said he was open to further dialogue. But Iranian Foreign Minister Abbas Araghchi emphasised that Tehran had no interest in negotiating with the US while Israel continued attacking. "Iran is ready to consider diplomacy if aggression ceases and the aggressor is held accountable for its committed crimes," he told reporters. Trump was dismissive of the Geneva talks saying Iran didn't want to speak to Europe. "They want to speak to us. Europe is not going to be able to help in this," Trump said. Those comments - however blunt - were not refuted by the Europeans. "Above all, it is of great importance that the United States of America be involved in these negotiations and in finding a solution," German Foreign Minister Johann Wadephul said after the meeting. After Israeli warplanes hit dozens of military targets across Iran, including missile-manufacturing facilities, an Iranian missile crashed into Israel's northern city of Haifa, sending plumes of smoke billowing over the Mediterranean port and wounding at least 31 people. Israel's air attacks since its campaign began on June 13 have killed 639 people in Iran, according to the Human Rights Activists News Agency, a US-based human rights organisation. The dead include the military's top echelon and nuclear scientists. In Israel, 24 civilians have been killed in Iranian missile attacks, according to authorities. Addressing an emergency meeting of the UN Security Council, the head of the International Atomic Energy Agency warned Israel against attacks on Iran's nuclear reactors, particularly its only commercial nuclear power plant in the southern city of Bushehr. "I want to make it absolutely and completely clear...a direct hit would result in a very high release of radioactivity to the environment," said Rafael Grossi, chief of the UN nuclear watchdog. Israel has instead focused its strikes on the main uranium enrichment facility at Natanz, centrifuge workshops near Tehran, laboratories in Isfahan and the country's Arak heavy water reactor southwest of the capital. Grossi has warned repeatedly that such sites should not be military targets. Iranian state media reported explosions from Israeli strikes in an industrial area of Rasht, along the coast of the Caspian Sea. Israel's military had warned the public to evacuate the area, but with Iran's internet shut off — now for more than 48 hours — it's unclear just how many people could see the message. Iran has insisted on its right to enrich uranium — albeit at lower levels — in recent talks over its nuclear program. But Trump, like Israel, has demanded Iran end its enrichment program altogether. Iran had previously agreed to limit its uranium enrichment and allow international inspectors access to its nuclear sites under a 2015 deal with the US, France, China, Russia, Britain and Germany in exchange for sanctions relief. But after Trump pulled the US unilaterally out of the deal during his first term, Iran began enriching uranium up to 60 per cent — a short, technical step away from weapons-grade levels of 90 per cent — and restricting access to its nuclear facilities. with DPA

News.com.au

an hour ago

• News.com.au

Victorian build-to-rent landlords dodge new minimum lease terms

The Victorian government has quietly backed away from a plan to set minimum 12-month lease terms for thousands of Melbourne rentals. A proposed change to the Land Tax Act 2005 would have removed a deduction offered to build-to-rent operators from January 1 next year, unless they set the minimum lease term. Industry groups challenged the plan, citing research showing that between 10 and 30 per cent of tenants signing on for leases in the city's tenants-only complexes had specifically sought shorter terms. They also warned removing the tax benefit could have impacted attracting much needed development to build more rental homes across Melbourne. The city is currently Australia's capital for build-to-rent apartments, which effectively replace mum and dad investor landlords with corporate groups and super funds. Earlier this week the Victorian government acknowledged 1000 build-to-rent apartments had been built in the 2023-2024 financial year, with a further 18,200 under construction. The changes requiring the minimum term were removed from the State Taxation Acts Amendment Bill 2025 just prior to its passage into parliament late this week. In 2020 the Victorian government created a tax benefits program for build-to-rent projects that has helped it to become the nation's top destination for developers planning such builds. It is understood the decision to remove the minimum terms requirement is subject to further discussion with the property industry. Property Council of Australia Victorian executive director Cath Evans said the change was vital to accommodate a wide range of renters including couples separating, people working interstate for short periods, families completing home renovations who needed the flexibility of shorter leases. 'So we were very pleased to see the government took our advice and has amended the policy as it went through,' Ms Evans said. She added that with the change maintaining stability for the build-to-rent sector, it was hoped more operators would be willing to undertake developments in the space and help boost the supply of new homes for tenants in Melbourne. 'There is a significant need to grow the BTR sector further as part of our broader need to deliver more homes for Victorians,' Ms Evans said. 'A more competitive property taxation regime is critical across all parts of the housing market to keep investment flowing and delivering the homes our communities urgently need.' Build-to-rent projects typically cater for Melbourne's higher-priced rental market, with many operators charging more than $800 a week for two-bedroom residences, but offering significant levels of luxury ranging from pools and gyms to podcasting and work-from home spaces around the complexes. With operators typically seeking to engage tenants long term, leases of up to three years are not uncommon where would-be residents are seeking security. Traditional residential tenancies do not currently have minimum lease terms, with most set at one year before rolling over to a month-by-month arrangement — or being renewed for another 12 months. Tenants Victoria chief executive Jennifer Beveridge said they would be speaking with the government further about creating more stability and security for tenants. 'The government have said they want to consult more with renters, and we'll be calling for more availability of longer term options,' Ms Beveridge said. 'Build-to-rent properties are built for the express purpose of remaining rental homes. We should take this opportunity to give people real security to stay there and make homes in them.'

ABC News

2 hours ago

• ABC News

End of an era as Bunbury rollerskating rink set to close

Finances and challenges with remote management are forcing one of Western Australia's last remaining purpose-built rollerskating rinks to close its doors. Bunbury's The Rink opened in 1999 and has since churned out some of Australia's best skaters, including the country's top male artistic skater Andrew Beattie. However, co-owners Susan Brooks and Ozzy Kilgallon, who both live in Perth, have announced the business will close on June 30. The building in Davenport, Bunbury's industrial area, is being advertised as "a great investment opportunity" with offers now being accepted. The announcement of the venue's closure is already being felt across Bunbury, particularly for those who compete in the sport. Denice Seymour, recently named WA's 2025 State Champion in the Masters Ladies Figures division, has been skating at the Bunbury venue since it opened 26 years ago. Her daughter, son and granddaughter have all skated there as well. "Having The Rink here in Bunbury was the best thing because I wasn't missing out on what I absolutely loved doing," Seymour said. Seymour will compete in the 2025 Australian Roller Sports National Artistic Championships in July. However, she was fearful the Bunbury rink closure would mark the start of the end of her career. "I've been trying to picture my life without skating and I don't know, it's hard," Seymour said. "It concerns me for the future of skating here because where are people going to go? The venue opened 26 years ago when Susan Brooks, an artistic skating coach, saw an opportunity to transform an old indoor volleyball centre. She co-owns the Bunbury venue with Ozzy Kilgallon, who also runs the Morley Rollerdrome in Perth. He told the ABC "changing circumstances" led to the decision to sell the building. "Finances were one factor, but the other one was having management from here was proving more difficult than expected," Mr Kilgallon said. "We weren't going forward, we weren't going backwards, but down the track, rates come in, insurance goes up and if we couldn't keep it affordable for families, it couldn't exist. "In the end, we decided it's in our best interest to sell the building, and The Rink business goes along with that." June 29 will be the venue's final public skate session, with the Artistic Skating Club to continue using the site until it is purchased. Mr Kilgallon said he could not thank the community enough for their support over the last 26 years.