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US indices the S&P 500 and Nasdaq have closed at record highs despite uncertainty about the ongoing conflict in the Middle East.

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By Daniel Ziffer

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By Gareth Hutchens

G’day Gareth. What struck me most about your article on Ken Henry’s view on gas tax , is that here we have an absolute expert, someone who knows exactly what he’s talking about, and has examined all sides of the arguments for and against.

- Phillip

Thanks Phillip,

And Henry made the point that he was appearing at the inquiry in his personal capacity, so he could finally speak his mind without having to worry about damaging any organisation's reputation.

By Gareth Hutchens

It's an extremely small company by market cap, so it's not on the ASX300.

But the share price of HighCom (ASX:HCL) has jumped more than 8.8% today after it secured a $9.81 million contract from the Australian Department of Defence for Counter Small Uncrewed Aerial System (U-UAS) services.

HighCom says it represents HighCom Technology's first major order in the C-UAS domain.

Under the agreement, HighCom Technology, in partnership with MyDefence AS, will supply C-UAS products and support services.

In a statement to the ASX, HighCom Technology's acting president Bede Galvin said his company integrates uncrewed aerial systems, counter-UAS solutions and associated command and control systems in close collaboration with its sister division, HighCom Armor Systems.

HighCom Armor Systems designs and manufactures specialist lightweight ballistic protection solutions.

By Gareth Hutchens

The share price of Domino's Pizza has fallen 9% on the ASX200 this morning.

By Daniel Ziffer

Earlier, I reported that the TWU was holding rallies outside sites linked to waste management company Cleanaway, which has had a tragic number of workers die in recent years.

A spokesperson for the listed company has sent me a statement.

It doesn't really answer the questions I asked.

Here it is:

“Cleanaway takes compliance with regulatory requirements relating to the operations facilities very seriously. Protection of the environment and safety are foundations of Cleanaway.

"Cleanaway continues to significantly invest to strengthen health, safety and environmental (HSE) management across the organisation.

"Over the past two and a half years, we have accelerated the delivery of a comprehensive HSE Strategy and five‑year improvement roadmap, underpinned by strengthened governance, enhanced capability and increased financial investment.

"The roadmap is regularly reviewed to reflect new insights, including learnings from incidents and fatalities, ensuring continued focus on the highest‑risk activities and the greatest opportunities to prevent harm.

"Should the TWU have any specific concerns regarding health and safety matters, we welcome the opportunity to hear those concerns and address them.

The start of that last paragraph refers to TWU allegations that workers are in poorly maintained and dangerous vehicles, and workers have been exposed to biological hazards.

Five people have died in the last two years at Cleanaway, and eight since mid-2022.

By Daniel Ziffer

OK, so the national average price of a litre of unleaded petrol has slumped, falling 20.6 cents to 192.3 cents in the week to Sunday.

But what you really want to know is what it’s like where you live?

And thanks to the dedicated boffins at the Australian Institute of Petroleum, here’s that very data.

By Jasper Wells

The ACCC's case against Woolworths has resumed in the Federal Court of Australia in Sydney this morning.

The commission alleges the supermarket giant misled consumers with fake discounts on over 260 products.

Woolworths Category Manager Martin McCaig is taking the stand to explain the reasoning into the price increases on products.

The trial will focus on 12 representative products of the broader allegations.

By Daniel Ziffer

The national average price of a litre of unleaded has slumped petrol falling 20.6 cents to 192.3 cents in the week to Sunday.

Weekly data from the Australian Institute of Petroleum details the massive drop, which still puts the average higher than the 12-month average figure of 184.8 cents.

By Daniel Ziffer

What is the role of government in the AI transition?

Employment Minister Amanda Rishworth has effectively announced two things today:

Here's what she said:

"Of course, Government also has a role to play in the adoption of AI in the workplace, as stewards of our workplace relations system.

"Because the question of how we can share the benefits I have mentioned is not yet settled.

"To answer this question, business, unions and their workers — along with Government — must work together.

"That is why we need a tripartite dialogue, to bring all parties together.

"And work out how we can get those productivity benefits, ensure workers are brought along on the journey, and that those benefits are shared.

"One of the ways I am building this dialogue is through the newly elevated AI Employment and Workplaces Forum.

"This tripartite Forum will bring together government, employers and unions around the same table, demonstrating the good will of all parties to tackle this challenge in a constructive way.

"And I am pleased to announce that tomorrow, I will be convening the Forum's first ministerial-level meeting.

"The Forum will examine five key themes which will be essential to the adoption of AI in workplaces: trust, capability, transparency, safety and productivity.

"These themes will shape our discussions on how we can build common understanding and translate these themes into actions and outcomes in workplaces.

"Of course, this is a really fast-moving policy area.

"That's why under the National AI Plan, my job as Minister for Employment and Workplace Relations is to ensure our workplace institutions, legislative settings and frameworks are compatible with the widespread adoption of AI.

"Because there is a live question about whether these settings are fit-for-purpose.

"My department is currently undertaking a gap analysis to identify how the current frameworks and institutions are interacting with the adoption of AI.

"And I commit to working with stakeholders on possible responses to that question, including through the Forum.

"Now can I be very clear.

"Tripartism does not, and should not, involve a right of veto.

"There will always be contestability — and I am not pretending this will be a silver bullet solution.

"But I really believe tripartism can build shared understanding and trust.

"Of course, in order to make these consultation mechanisms work effectively, we all need to be operating from the same set of facts."

By Daniel Ziffer

Minister for Employment and Workplace Relations Amanda Rishworth has just finished speaking at a forum organised by the Financial Review.

Some interesting thoughts, here's the first section:

"If workers are treated as disposable by their employer, or if AI is used as an excuse for job loss, this anxiety will harden into distrust.

"People will lose faith in the technology, undermining its benefits.

"So employers must address these fears by meaningfully involving their workers in the adoption of AI in the workplace.

"And importantly, supporting staff so they are in a position to adopt AI, not be replaced by it.

"Because workers need to have confidence that by adopting AI, they are not just training their own replacement.

"And they need to feel that they can use AI to contribute to the business's success and improve their own working lives.

"This will help address some of the anxiety for workers — but will also benefit the business.

"Jobs and Skills Australia published a major study last year showing that businesses get the best return on AI when they involve their workers in its delivery.

"However, this is only half the story.

"Bringing workers along for the journey is critical.

"But workers also need to understand where that journey is taking them.

"Workers need to see the benefits of AI for them, rather than just facing the prospect of being displaced by AI.

"That research from Jobs and Skills Australia I just mentioned also showed that in the medium term, AI is far more likely to augment a worker's duties, rather than fully automate them.

"But effective augmentation first requires an understanding of what tasks can be delegated to AI, and how it can help an employee to do their job better.

"Which parts of a job are intrinsically human– and must remain that way.

"How roles can be elevated through an increased capacity to undertake higher-value work, which in many cases is more fulfilling or rewarding.

"And how AI can create completely new opportunities for workers in the future, in jobs like AI orchestrator or trust engineer.

"If not for workers currently in the workforce, then for their children.

"But workers need to have confidence that these jobs will actually offer secure, well-paid employment."

By Daniel Ziffer

As nations around the world position themselves for continuing oil supply disruptions, some might be wondering where the intense focus on fossil fuels leaves momentum for the global energy transition.

In Australia, the Middle East war has already prompted some state premiers to float tapping new oil deposits and build new fuel refineries.

Senior international fellow at the Smart Energy Council Thom Woodroofe, says the ideas put forward to drill for more oil are "completely charlatan arguments".

"This stuff takes time and costs a hell of a lot of money...it's far cheaper for Australia to import this stuff from overseas, particularly from Asia, which is the whole reason why we do it.

"None of that (drilling) is necessarily going to help us in the short term....if you look at oil-rich countries like Norway, one of the most oil-rich countries in the world, they're down to 20 days supply, and that's because of all the contracts that they've locked in."

Mr Woodroofe, a former principal advisor to Kevin Rudd when he was Australia's ambassador to the US and who has a new book titled "Power, Prosperity and Planet: Climate and energy policy for all" says despite the political focus being on oil and fuel supply, Australian households are taking up renewable energy, "not from a point of ideology, but from a point of what matters to them and their hip pocket."

It's a great interview, check it out here.

By Daniel Ziffer

Ag focussed Rabobank has some great analysts and their note 'Hold The Horses' about central bank movements this week is worth a read:

Here are some of the key bits:

"There are five G10 central bank meetings scheduled this week and not a single policy move is expected between them.

"That said, the signalling of policymakers will be crucial.

"For each of the BoJ, Fed, BoC, ECB and the BoE, the market will be watching to see how rate setters are gauging the two sided the risks to growth and inflation implied by the Iran war.

"It remains Rabo’s view that the Fed will likely cut rates again this year.

"This outcome may have been made a little easier by the weekend announcement from Senator Tillis regarding President Trump’s nominee for the next Fed Chair.

"Following Friday’s news that the Department of Justice would drop a criminal investigation into Fed Chair Powell, related to renovations at the Federal Reserve, Tillis has removed his objection to nominee Warsh facing a vote in the Senate.

"While Trump may be a step closer to seeing his choice of candidate in the position of Fed Chair, US treasury yields have ticked higher this morning with the market still focused on inflation risks in the absence of little concrete news regarding a peace deal in the Middle East.

"The BoJ will be the first of this week’s G10 central banks to announce its policy decision which will come tomorrow.

"In contrast to the other four central banks that meet this week, the market had been debating the risks of an April rate hike from the BoJ since the start of the year.

"BoJ rate hike risk has now been shifted to June.

"Whether that risk shifts again will be dependent on the tone of rate setters at this week’s meeting.

"The absence of hawkish rhetoric is likely to place fresh upside pressure on USD/JPY which may force the MoF to step up its push back against JPY weakness and a potential break beyond the psychologically important USD/JPY160.00 level.

"Aside from the policy guidance offered by the Fed, the market will be watching on Wednesday to see if outgoing Chair Powell is intending to retain his seat in the FOMC after his term as Chair concludes.

"Almost all of Powell’s predecessors have decided to leave when their term as chair ends, though technically Powell could stay until 2028.

"If he leaves, Trump will have another seat to fill, which the market could anticipate as having a slightly dovish implication for the FOMC.

"There is less scope for drama at the BoC.

"The market is currently priced for slightly higher BoC policy rates on a 6-month view, though the swing in market expectations regarding policy rates in Canada falls a long way short of that seen in the UK since the start of last month.

By Daniel Ziffer

The flagship ASX 200 index that tracks the value of the 200 largest listed companies in Australia is lower today, as suggested by the futures markets.

It's down 0.57% or 49.7 points to 8,716.7 points at the time of writing.

By Daniel Ziffer

New research from the always-interesting e61 Institute.

Essentially today's young Australians are unlikely to end up worse off than their parents.

But (and there's always a but)

Because of the rising cost of living, soaring house prices and slow wage growth there's been understandable concern young people will be less well off than their parents.

But the e61 Institute research released today finds that the picture is more complex.

So, on the down:

Income growth has slowed for younger Australians early in their careers - partly because tertiary education rates have more than doubled compared to their parents' generation - but will likely remain strong later in life.

On the up:

Their wealth also looks much like that of earlier generations at the same age: they are buying homes later, but building larger superannuation balances over longer careers and are set to receive large inheritances.

Here's e61 Principal Economist Jack Buckley:

"Intergenerational equity is one of the key themes of this year's federal Budget - but any simple story of generational winners and losers hides a more complex picture.

"The truth is that younger Australians are unlikely to be worse off than their parents over their lifetimes.

"Income growth has slowed early in their careers partly because young people are spending longer in education, but they are likely to see stronger earnings growth later in life.

"Younger generations are also accumulating wealth at a similar rate - they are buying homes later but building up bigger super balances over longer careers and, as a cohort, stand to inherit significant sums from their parents.

"The problem is not that younger Australians will end up poorer than their parents but that the fiscal system frontloads costs onto years when they can least afford them, including through the repayment of large HELP debts and forgoing 12% of their pay through compulsory super contributions, right when many are trying to save for their first home and start a family.

"The other big issue is what happens within the next generation.

Older Australians are sitting on a windfall from rising asset prices, and most of that wealth will be passed down unevenly through inheritance.

That inheritance boom will increase inequality within a generation in a way that's far more consequential than any gap between generations.

Potential reforms, to fix these problems?

Researchers argue that the most practical option is an increase in the GST, which acts as a one-off wealth tax by reducing the real value of existing wealth as it is spent.

(The GST is regressive and the e61 Institute suggests it be paired with higher benefits for low-income households and income tax relief).

By Daniel Ziffer

Today is Workers’ Memorial Day, remembering people who've died at work.

Government agency Safe Work Australia compiles the grim data that record the toll of workers and bystanders fatally injured at work.

Last year 188 people didn't come home from work.

While the figure has decreased by 24% since 2014 that will be of no comfort to the many people mourning today.

The Transport Workers Union (TWU) is holding vigils outside Cleanaway sites around the country, because the waste removal company has had a horror two years - with five workers dying - and eight people losing their lives since mid-2022

The union alleges poor safety conditions at the listed company.

CEO Mark Schubert had his annual bonus docked by 30% over worker deaths and an increase in on site injuries and 40% of shareholders voted against executive pay.

The two parties are in dispute.

The TWU is in the NSW Industrial Relations Commission today over what it says is the company’s failure to let union officials conduct safety inspections.

Here's TWU National Secretary Michael Kaine:

"All worker deaths are preventable, and the fact that we have seen five workers killed at Cleanaway in just two years is not just tragic, it is a safety crisis.

"It is absolutely appalling that you can have a string of workers killed under your watch as CEO, and still go home with over $4 million for the year.

"It’s not only a deadly workplace: we’ve seen workers under deplorable conditions, from exposure to biological hazards to driving trucks with their mirrors literally sticky-taped on.

"Today we remember the workers killed at Cleanaway, and we think of their families and their communities.

"But we are also sending a message loud and clear: if Cleanaway refuses to lift safety and standards around the country, we will force it to.

"We cannot see another worker killed at this company, and workers are prepared to do what it takes to make sure of that."

Cleanaway has been contacted for comment.

By Daniel Ziffer

The latest figures confirm what's always been said to me about Star Entertainment, since the company's spectacular implosion due to links to criminal gangs and evidence about extensive money laundering.

That is that the Gold Coast operation makes money and the rest don't.

The brackets you see here are losses, the figures are all in millions of Australian dollars.

Overall they took $266m in revenue in Q3 of the 2026 financial year.

Earnings (EBITDA) were a $1m loss.

By Daniel Ziffer

Figures from the third quarter results of Star Entertainment are out.

Here's the top line:

"The Star's ability to continue as a going concern remains dependant on the outcome of numerous material uncertainties, some of which are interdependent and outside The Star's control".

Decoded, they are saying: We Might Not Make It.

By Daniel Ziffer

Health insurance giant Bupa has been accused of anti-competitive behaviour in its dealings with private hospitals, which critics say is ultimately reducing choice for Bupa customers.

Leaked documents have revealed how the insurer's contracts impose stifling conditions on small hospitals — operators with little bargaining power against a fund that holds a quarter of the Australian market.

There's a link earlier in the blog to the video version of this report from Alison Branley.

You can read it in even more detail here.

By Daniel Ziffer

Business reporter Alison Branley has been investigating health insurance giant Bupa, which has been accused of anti-competitive behaviour in its dealings with private hospitals.

Critics say it ultimately reduces choice for customers.

Documents obtained by the ABC have revealed how its contracts impose crippling conditions on operators who are too small to object.

Former manager of hospital partnerships at Bupa, David Du Plessis says what it really does is remove choice:

"What Bupa is really in effect doing with this is saying, 'well, you can choose your specialist, but you're going to bear a lot of costs with that specialist unless they go to a hospital that we hold a contract with."

The Private Hospitals Association has called on the competition regulator, the ACCC to act.

Bupa denies it asked doctors to influence hospital fees, saying any agreements were voluntary and providers can negotiate with other insurers to promote competition.

Catch up on it here

By Daniel Ziffer

US President Donald Trump has nominated former Republican congressman David Brat to become the next US ambassador to Australia.

The former Virginia representative will face a confirmation hearing in the US Senate before he takes on the position.

The role has been vacant since Caroline Kennedy departed in 2024.

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