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KPMG Australia COO steps aside amid growing audit client leak scandal

KPMG Australia COO steps aside amid growing audit client leak scandal

By Christine Chen SYDNEY, June 3 (Reuters) - KPMG Australia's chief operating officer stepped aside from her executive role on Wednesday, the accounting firm said, in the latest fallout from a growing scandal over allegations it misused client information to win lucrative audit contracts.
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Australia's central bank monitoring impact of higher rates, energy price shock

Australia's central bank monitoring impact of higher rates, energy price shock

SYDNEY, June 4 (Reuters) - Australia's central bank is closely monitoring economic conditions to assess how higher interest rates and the global energy price shock are playing out, its top central banker said on Thursday.
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Aussie home prices set for weakest growth in four years as rates bite

Aussie home prices set for weakest growth in four years as rates bite

By Rahul Trivedi BENGALURU, June 4 (Reuters) - Australian home prices are set for their weakest growth since 2022 this year, as higher mortgage rates and cost-of-living pressures keep many first-time buyers out of the market, a Reuters poll of property analysts showed.
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Australia's lower house passes bill for biggest overhaul of taxes in decades

Australia's lower house passes bill for biggest overhaul of taxes in decades

SYDNEY, June 4 (Reuters) - Australia's lower house of parliament passed a bill on Thursday for the government's biggest overhaul of taxes in decades, curbing tax breaks for property investors to make housing more affordable and scrapping a capital gains discount.
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Meta accuses Australia of breaching FTA, invokes US 'trade action'

Meta accuses Australia of breaching FTA, invokes US 'trade action'

SYDNEY, June 4 (Reuters) - Meta accused Australia of violating a free trade agreement with the U.S. by proposing a new tax on certain tech giants which do not strike licensing deals with local media, escalating a dispute which has simmered for half a decade.
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Fiji Rejects Australian Billionaire's Waste Incineration Plan Amid Environmental Concerns

Fiji Rejects Australian Billionaire's Waste Incineration Plan Amid Environmental Concerns

The Fijian government has rejected a proposal by an Australian billionaire to establish a waste-to-energy incinerator in Fiji. The plan, which involved shipping non-recyclable rubbish from the region to Fiji and burning it for energy, faced strong opposition from traditional landowners and tourism operators. Critics labeled the initiative as 'waste colonialism,' expressing concerns over its potential impact on Fiji's eco-tourism reputation and public health. The Fijian environment ministry cited unresolved issues related to the project's scale, imported waste, hazardous ash management, and public health risks as reasons for the rejection.
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Australia's Mineral Exploration Sees Significant Growth in Early 2026

Australia's Mineral Exploration Sees Significant Growth in Early 2026

Australia's mineral exploration expenditure increased by 16.3% in Q1 2026 compared to the previous year, driven by investments in gold and silver. The Australian Bureau of Statistics reports a rise in drilling activity, particularly in brownfields exploration. Despite this growth, concerns loom over potential impacts from proposed capital gains tax changes in the federal budget. The Association of Mining and Exploration Companies highlights the need for industry consultation to address these challenges.
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Australia's net trade drags on economy as tech, fuel imports surge

Australia's net trade drags on economy as tech, fuel imports surge

SYDNEY, June 2 (Reuters) - Australia's net trade proved to be a major drag on the economy in the first quarter as imports of data centre equipment and fuel boomed, while government spending added nothing to economic growth.
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Australia lifts minimum wage to match increases in inflation

Australia lifts minimum wage to match increases in inflation

SYDNEY, June 2 (Reuters) - Australia's independent wage-setting body said on Tuesday that the country's lowest-paid workers will get a 4.75% pay rise from July, roughly in line with an expected rise in inflation projected by the central bank.
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Elliott Investment Management Acquires Stake in Northern Star, Urges Strategic Review Amid Operational Challenges

Elliott Investment Management Acquires Stake in Northern Star, Urges Strategic Review Amid Operational Challenges

Elliott Investment Management Acquires Stake in Northern Star, Urges Strategic Review Amid Operational Challenges
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Pentagon Chief Urges Increased Defense Spending Amid China's Military Expansion

Pentagon Chief Urges Increased Defense Spending Amid China's Military Expansion

U.S. Defense Secretary Pete Hegseth has called on Asian allies to increase their military spending in response to China's growing military capabilities. Speaking at the Shangri-La Dialogue in Singapore, Hegseth emphasized the need for a stronger, self-reliant network of allies to deter aggression and maintain regional balance. He highlighted the 'rightful alarm' over China's rapid military buildup and expansion of activities in the region. Hegseth reiterated President Trump's demand for allies to shoulder more defense costs, stating that the era of the U.S. subsidizing defense for wealthy nations is over. He praised contributions from countries like South Korea, Japan, and Australia, while urging further investment in defense capabilities.
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Australia Q1 economic growth slows on trade drag, domestic demand still hot

Australia Q1 economic growth slows on trade drag, domestic demand still hot

SYDNEY, June 3 (Reuters) - Australia's economy slowed in the March quarter as a boom in data centers sucked in imports, but domestic demand still ran hot, a reason the central bank had to raise interest rates three times this year to tame inflation.