It’s Thursday the 3rd of April 2025 and Albo is attempting to downplay the impact of US tariffs, the ASIC boss is worried about bedroom scandals affecting the boardroom, and Star Entertainment is once again teetering on the brink of collapse.
Prime Minister Anthony Albanese is attempting to play down the impact of US tariffs on Australia, saying the world’s largest economy buys less than five per cent of our total exports, and our focus needs to be on ASEAN countries such as Indonesia and India.
Both sides of politics have backed a real wage rise for about three million low paid workers.The PM said Labor will ask the Fair Work Commission to increase the award for the country’s lowest paid workers to a minimum hourly rate of $24.10. If approved, workers including cleaners, retail employees and security guards will receive an increase.
ASIC boss Joe Longo is worried about scandals in the bedroom affecting the boardroom. “There does appear to be an outbreak of issues in the bedroom migrating to the boardroom. What happens in people’s personal lives is a matter for them. What the issue for me and the regulator is if that alleged misbehaviour starts to impact good governance at the board level and becomes a distraction.”
Star Entertainment has failed to secure a $750m lifeline from Salter Brothers, putting the operator of casinos and hotels in Sydney, Brisbane and Gold Coast at risk of collapse, again. Star said Salter Brothers has withdrawn its proposal despite its engagement with state regulators and governments, according to the AFR.
Right wing media organisation Newsmax listed on the New York Stock Exchange this week, and the share price of the Donald Trump-friendly company is up 2,200 per cent in two sessions. The mainly cable TV company loses money, but its founder, Christopher Ruddy, a right-wing media mogul and longtime friend of Donald Trump, is now a multibillionaire.
Fear-o-meter
Don't panic. Tariffs will reset global trade flows and they will hurt in the short term. But the long-term loser is the US consumer, while the winners might end up being countries like Australia.
In the short to medium term, a global slowdown from a tariff war is bad for Australia, particularly our commodity producers.
It's bad for everyone and it is remarkable Donald Trump doesn't realise that. It is even more remarkable that he doesn't understand how bad a tariff war is for Americans.
But a tariff war also provides an opportunity for sellers to find new markets, like Australia. When China effectively stopped wine imports from Australia, local exporters found new markets. That's what sellers of goods, hindered by US tariffs, will do.
We sit on the doorstep of the world's most industrious region - Asia. All those consumer goods heading to the USA will now be more expensive to Americans, and many exporters will be looking for new places to offload products. Australia is not a major market in terms of population, but we are geographically close. In the medium term we could benefit from tariff wars.
Who's talking today?
Nike is one of the most iconic brands in the world, but it's on the nose with investors, down 60% from its 2021 peak. The company built its brand through partnerships with athletes like Michael Jordan, Roger Federer and Cristiano Ronaldo, but a recent change in strategy has backfired. Josh Gilbert joined Fear & Greed in the studio to talk about the road ahead for Nike, and why there may be an opportunity here for investors.
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