![\"Luca](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/06\/1781515270_559_Luca_Ittimani.png\")
Luca Ittimani<\/p>\nGina Rinehart company buys shares in Elon Musk\u2019s SpaceX and hopes to help on AILuca Ittimani<\/p>\n
Gina Rinehart\u2019s company has invested a reported $1bn in Elon Musk\u2019s SpaceX and said it hopes to collaborate in future on AI infrastructure.<\/p>\n
![\"Gina](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/06\/1781515271_125_3024.jpg\")
Gina Rinehart and Elon Musk. Photograph: Hancock Prospecting<\/p>\n
Hancock Prospecting won a \u201csignificant\u201d 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:<\/p>\n
double quotation markElon has done what very few people in history have done \u2013 he has not just imagined the future, he has built companies capable of delivering it, and helped to keep American technology at the forefront \u2026<\/p>\n
We see SpaceX as a rare business: led by a truly exceptional person, technically exceptional and 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.<\/p>\n
Rinehart cited SpaceX\u2019s early rocket efforts and Starlink satellite communication network but expressed excitement at its AI prospects.<\/p>\n
Hancock Prospecting\u2019s chief executive, Garry Korte, said Rinehart had met Musk several times. He said Hancock used the Grok AI platform and would \u201clook forward\u201d to potentially working with SpaceX as a supplier of critical minerals for its advanced technology infrastructure.<\/p>\n
Hancock Prospecting declined to detail how large the investment was, when asked about the Wall Street Journal\u2019s 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 and an Invesco Nasdaq index fund.<\/p>\n
Share<\/a><\/p>\n Updated at\u00a001.45 EDT<\/p>\n Key events<\/p>\n What we learned, Monday 15 June<\/p>\n And with that, we are going to put the blog to bed. Before we go, let\u2019s recap the big headlines:<\/p>\n 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<\/a> when she was bitten by a shark on Saturday. She remained in critical condition on Monday<\/a>.<\/p>\n The prime minister and foreign minister issued a statement welcoming the agreement <\/a>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.<\/p>\n Gina Rinehart\u2019s company invested a reported $1bn in Elon Musk\u2019s SpaceX and said it hopes to collaborate in future on AI infrastructure. Hancock Prospecting won a \u201csignificant\u201d investment<\/a> allocation after SpaceX began being traded on share markets on Friday, Rinehart said. She said her investment reflected her confidence in Musk.<\/p>\n The John Farnham song Two Strong Hearts is not banned as hate speech, the Queensland government confirmed<\/a>. Seven protesters were arrested in Brisbane\u2019s CBD for allegedly saying or holding a sign reading \u201cfrom the river to the sea\u201d, which was banned under specific circumstances under legislation passed earlier this year.<\/p>\n We will be back tomorrow to do it all again.<\/p>\n Share<\/a><\/p>\n Updated at\u00a004.42 EDT<\/p>\n The UK will follow Australia\u2019s lead in banning social media sites for under-16s.<\/p>\n Australia became the first country in the world to introduce a similar ban in December last year.<\/p>\n Over social media, British PM Keir Starmer said:<\/p>\n double quotation markThese days kids must find their feet in a world where technology intrudes into every area of their life.<\/p>\n More here:<\/p>\n Share<\/a><\/p>\n Updated at\u00a004.24 EDT<\/p>\n Rising uni degree costs could spark tradie boom, Senate told<\/p>\n Diminishing value for the ballooning cost of a university degree could prove a windfall for the construction industry as it\u2019s hoped more young people are steered towards in-demand trades, a Senate hearing has been told.<\/p>\n An additional 83,000 skilled trades workers are needed to meet the National Housing Accord\u2019s target of 1.2m homes in five years, according to the Housing Industry Association.<\/p>\n But Master Builders Australia says that gap is even higher \u2013 at 116,000.<\/p>\n The peak body\u2019s chief economist, Shane Garrett, said the perception better jobs were only available via university historically kept young people out of apprenticeships, but that idea was being dismantled.<\/p>\n 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.<\/p>\n \u2013 AAP<\/p>\n Share<\/a><\/p>\n Updated at\u00a004.18 EDT<\/p>\n \u2018Entire generations will be left behind\u2019 without action on CGT and negative gearing, Greens senator tells inquiry<\/p>\n The Greens spokesperson for finance, housing and homelessness, Barbara Pocock, has released a statement after the third day of the Senate inquiry into intergenerational housing.<\/p>\n She said:<\/p>\n double quotation markWith record house prices, unlimited rent increases, sky high rents, insecure contracts, and record low vacancy rates, young people don\u2019t stand a chance of getting a safe and secure roof over their heads.<\/p>\n 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.<\/p>\n If that wasn\u2019t enough, young people also face massive HECS debts, a precarious labour market, wages lagging behind inflation \u2013 all in a cost of living crisis.<\/p>\n We urgently need to dampen investor incentives, such as CGT discount and negative gearing, and build more social and affordable housing directly. Without this, entire generations will be left behind and that\u2019s on the government.<\/p>\n \u2018We urgently need to dampen investor incentives,\u2019 Greens senator Barbara Pocock has told an inquiry into intergenerational housing. Photograph: Hollie Adams\/ReutersShare<\/a><\/p>\n Updated at\u00a003.32 EDT<\/p>\n KPMG halts bidding on new commonwealth contracts<\/p>\n 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\u2019s chief executive in Australia.<\/p>\n A Department of Finance spokesperson said the department would \u201ccommission an independent review of KPMG\u2019s governance, culture, ethics and integrity frameworks\u201d, 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.<\/p>\n The spokesperson said in a statement that \u201cbetween 16 June and 30 September 2026 KPMG will temporarily cease new contract engagements with Australian Government entities subject to the Commonwealth Procurement Rules\u201d.<\/p>\n It is alleged that KPMG improperly used confidential information from its client Lendlease to win audit work with Westpac and Dexus, and that the accounting firm repeatedly failed to act on the whistleblower\u2019s complaint.<\/p>\n KPMG\u2019s Australian chief, Andrew Yates, stepped down on 29 May after taking responsibility for the consultancy firm\u2019s failure to properly respond to whistleblower allegations around the misuse of client information.<\/p>\n Share<\/a><\/p>\n Updated at\u00a003.24 EDT<\/p>\n Woman attacked by a shark at Coogee beach has \u2018severe and life-threatening injuries\u2019, family says<\/p>\n The family of Leah Stewart, who was attacked by a shark while she was swimming, have released this statement:<\/p>\n double quotation markLeah 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 and sustained severe and life-threatening injuries. She remains in a critical condition and has undergone multiple surgeries in the days after the attack.<\/p>\n Leah\u2019s 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.<\/p>\n As a family we are shocked and 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 and gratitude to the lifesavers, first responders, helicopter crew, and the dedicated medical team of doctors, nurses, and support staff at St Vincent\u2019s Hospital Sydney who have been caring for Leah. Our thanks to all who have reached out to the family with sympathy, care and prayer.<\/p>\n We ask that the media and 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.<\/p>\n The statement also links to a GoFundMe page set up for the victim by her brother, which says she has had her arm amputated.<\/p>\n double quotation mark\u201cLeah remains in a critical condition on life support and 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.\u201d<\/p>\n Drones in operation at Coogee beach in Sydney on Monday. Photograph: Anna Kucera\/AAPShare<\/a><\/p>\n Updated at\u00a002.48 EDT<\/p>\n Ugg retailer pays $39,600 fine for allegedly misleading \u201cWas\/Is\u201d pricing, ACCC says<\/p>\n An Ugg footwear retailer has paid a $39,600 fine after the consumer watchdog issued it with two infringement notices for allegedly making misleading \u201cWas\/Is\u201d comparative pricing claims.<\/p>\n The Australian Competition and 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.<\/p>\n Christofi Investments advertised classic ugg slippers and platform uggs at an apparently discounted price alongside a higher strikethrough \u201cwas\u201d price on both websites, the ACCC said.<\/p>\n The ACCC alleges that these claims were false or misleading in breach of the Australian Consumer Law because the products had not been offered for sale or sold at the higher price claimed in the advertisements in a reasonable period beforehand.<\/p>\n Guardian Australia has sought comment from Christofi Investments.<\/p>\n Luke Woodward, one of the ACCC\u2019s commissioners, said:<\/p>\n double quotation markThe ACCC was concerned that consumers were likely to have been misled by the Ugg websites\u2019 claims they were getting ugg boots and slippers at a genuine discount, when we allege this was not the case.<\/p>\n Last week, the ACCC announced JB Hi-Fi would refund customers after advertising allegedly misleading \u201cWas\/Is\u201d pricing on some of its products.<\/p>\n Earlier this year, the federal court scrutinised how Coles and Woolworths use this comparative pricing strategy, which you can read more about here:<\/p>\n Share<\/a>Gina Rinehart company buys shares in Elon Musk\u2019s SpaceX and hopes to help on AI Gina Rinehart\u2019s company has invested a reported $1bn in Elon Musk\u2019s SpaceX and said it hopes to collaborate in future on AI infrastructure.<\/p>\n Gina Rinehart and Elon Musk. Photograph: Hancock Prospecting<\/p>\n Hancock Prospecting won a \u201csignificant\u201d 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:<\/p>\n double quotation markElon has done what very few people in history have done \u2013 he has not just imagined the future, he has built companies capable of delivering it, and helped to keep American technology at the forefront \u2026<\/p>\n We see SpaceX as a rare business: led by a truly exceptional person, technically exceptional and 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.<\/p>\n Rinehart cited SpaceX\u2019s early rocket efforts and Starlink satellite communication network but expressed excitement at its AI prospects.<\/p>\n Hancock Prospecting\u2019s chief executive, Garry Korte, said Rinehart had met Musk several times. He said Hancock used the Grok AI platform and would \u201clook forward\u201d to potentially working with SpaceX as a supplier of critical minerals for its advanced technology infrastructure.<\/p>\n Hancock Prospecting declined to detail how large the investment was, when asked about the Wall Street Journal\u2019s 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 and an Invesco Nasdaq index fund.<\/p>\n Share<\/a><\/p>\n Updated at\u00a001.45 EDT<\/p>\n \u2018We are taxed like tobacco,\u2019 Property Council boss says<\/p>\n Mike Zorbas, the chief executive of the Property Council, has hit back against earlier accusations that his and other lobby groups\u2019 opposition to the proposed tax changes runs against the national interest.<\/p>\n Those representing builders and property developers are not vested interests, Zorbas told the Senate inquiry into proposed tax changes, including capital gains reform.<\/p>\n double quotation markThey are directly invested in the prosperity of Australia, as they employ 1.4 million people across the economy.<\/p>\n He argued that government overspending at all levels and by all political parties, alongside a lack of \u201cactual\u201d tax reform, \u201chas left us taxing the life out of new property projects and existing operating assets\u201d.<\/p>\n Zorbas said last year\u2019s economic reform roundtable \u201cappears to have been largely a tax hike forum\u201d.<\/p>\n \u201cInvestment in industrial, commercial, and 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,\u201d he said.<\/p>\n He argued high taxes were contributing to unaffordable housing.<\/p>\n double quotation markThe cost of each new home is now, in some states, almost 40% federal, state and local government charges.<\/p>\n Master Builders Australia chief, Denita Wawn, said there was \u201cimmense frustration\u201d among her members about the prospect of higher taxes when they are already struggling.<\/p>\n \u201cWe are of the view that, combined, these tax hikes \u2026 will stifle business and are likely to cause a private investment strike, leading to a significant decline in terms of economic capacity of our country,\u201d Wawn said.<\/p>\n Jocelyn Martin, managing director of the Housing Industry Association, said \u201cwe do not support measures that Treasury itself expects will reduce housing supply\u201d.<\/p>\n![\"Patrick](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/06\/1781515271_70_Patrick_Commins.png\")
Patrick Commins<\/p>\n![\"Catie](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/06\/Caite_McLeod.png\")
Catie McLeod<\/p>\nLuca Ittimani<\/p>\nPatrick Commins<\/p>\n
![\"Nick](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/06\/1781515272_100_Nick_Visser.png\")
Nick Visser<\/p>\n