5m agoThu 7 May 2026 at 11:15pm
US trade court rules against 10% tariff
In another blow for President Trump’s signature economic policy, the US Court of International Trade has ruled against universal 10% tariff rate.
The court found in a 2-1 majority vote that the Trump Administration lacks a justification to impose the tariffs under a 1970s law.
Mr Trump ordered the tariffs on most imports to the US in February, after the Supreme Court deemed his wide swathe of “Liberation Day” tariffs unlawful.
A group of small business challenged the new rate – which was enacted for 150 days, or through July.
Today’s decision only applies to the plaintiffs in the case, so the tariffs can remain in place for other importers until the end of the 150 period.
12m agoThu 7 May 2026 at 11:08pm
Super laws under scrutiny over domestic violence concerns
Current superannuation laws can allow death benefits to be paid to a person who perpetrated family or domestic violence against the person who died.
The federal government is reviewing the rules after warnings that the system can further distress grieving families.
Advocates say super funds should be required to consider evidence of domestic and family violence before paying out death benefits.
But there is debate over whether those decisions should sit with funds or the courts.
Read more here, from the ABC’s Adelaide Miller.
45m agoThu 7 May 2026 at 10:35pm
Startup sector sounds alarm over possible CGT change
There’s speculation the government could change the capital gains tax discount in Tuesday’s federal budget.
The move is being talked about in the context of housing affordability, but tech entrepreneurs warn startups could be caught in the crossfire.
They say startups often use employee share schemes to attract staff when they can’t match big corporate salaries.
But tax experts warn carving out startups could make an already complex tax system even more complicated.
Read the full story by ABC’s Nassim Khadem here.
1h agoThu 7 May 2026 at 10:15pm
S&P 500 pulls back from record, Wall Street ends lower
On Wall Street, major stock indexes pulled back a day after strong chipmaker earnings pushed them to multiple records.
The S&P 500 fell 0.4%, the Nasdaq Composite dipped 0.1% and the Dow Jones was 0.6% lower.
As NAB put in a note this morning, the risk-on rally was unable to sustain itself after concerns about whether there is progress towards a peace deal.
Risk appetite has been unable to sustain Wednesday’s optimism and sizeable shift in assets as Iran keeps the US and world waiting on the latest US proposal. Early session optimism has given way to a more risk-off mood, with sporadic media headlines leading to investor doubts on a solution.
Just minutes ago, we began hearing reports of strikes near the Strait of Hormuz. The details are unclear, but it does appear to show a fresh escalation risk, at the very least.
1h agoThu 7 May 2026 at 10:00pm
Could Australia’s housing market be heading lower?
Property data firm Cotality says the conditions are building for a housing downturn, as higher interest rates and affordability pressures cool buyer demand.
Sydney and Melbourne are already in the early stages of decline, while growth is slowing across other capitals.
More sellers are putting homes on the market, but the total number of advertised properties is still below average nationally.
Experts say prices can fall even when Australia has a housing shortage because what matters in the short term is what buyers are willing and able to pay.
But a major fall in prices may not help first home buyers much if it comes with a weaker economy and rising unemployment.
Read the full story by the ABC’s David Taylor here.
1h agoThu 7 May 2026 at 9:35pm
EV sales hit record highs in Australia
More Australians are buying electric cars, even as overall new vehicle sales slow.
The latest AAA EV Index shows 281,103 new light vehicles were sold in the March quarter, the second-lowest quarterly result since the index began in 2023.
But battery electric vehicles had their strongest quarter on record, with 34,435 sold, making up 12.25% of new light vehicle sales.
Plug-in hybrids also hit a record, with 19,184 sold, or 6.82% of the market.
Petrol and diesel cars are still the most popular choice. But their share has fallen to the lowest level recorded by the index.
In March, petrol and diesel vehicles made up less than 60% of monthly new light vehicle sales for the first time.