Business

US shares swung higher after reports of a potential new 60-day peace deal in the Middle East as Australian shares aim to avoid three straight days of losses.

The peak group for Australian accountants is worried the Greens could force Labor to make its capital gains tax and negative gearing changes retrospective, despite Treasurer Jim Chalmers grandfathering changes.

The median age of Australian property investors has risen during the past 25 years, with the Reserve Bank revealing new data as Treasurer Jim Chalmers introduced a capital gains tax and negative gearing bill.

Global share markets are dividing between winners linked to an AI boom and strugglers being hit by rising inflation or interest rates linked to the Middle East conflict.

Business groups have called on the Government to limit its capital gains tax changes to housing only or risk stifling investment, but Treasurer Jim Chalmers has all but ruled this out.

STEPHEN JOHNSON: Clare O’Neil has admitted Labor’s controversial tax plans aren’t about making housing more affordable for younger Australians.

A rally in miners has helped counterbalance weakness in banking stocks, as the bourse crawls higher on the back of softer than expected inflation figures.

THE ECONOMIST: In the age of AI, running a McDonald’s may soon look a lot more appealing.

Inflation has fallen to its lowest level since before the Iran war after the fuel excise was halved, lessening the chance of an interest rate rise next month.

The boss of Australia’s biggest lender has backed in Treasurer Jim Chalmers’ controversial capital gains tax reforms but has urged the Government to reconsider attaching them to assets outside of real estate.

A big-four bank has been slapped with a whopping $26 million fine for a six-year failure to help customers facing financial hardship.

THE NEW YORK TIMES: The British oil giant has removed its chair, Albert Manifold, saying the board had ‘serious concerns’ about his leadership, less than a year after he was appointed.

Inflation is expected to ease in April, but economists warn rising housing and service costs could keep pressure on the RBA.

Santos boss Kevin Gallagher is confident the company’s existing contracts will be protected under a new Federal Government reservation scheme despite “contradictory” draft guidelines released on Monday.

Resources Minister Madeleine King has taken a thinly-veiled swipe at Andrew Forrest’s efforts to champion Fortescue’s green credentials and suggested where the billionaire should instead focus his energies.