Australia faces a 15 per cent tariff on goods sold into the United States, even after the Albanese government lifted biosecurity restrictions on US beef, paving the way for the full resumption of American beef exports to Australia.
It was day three of the new parliament and the Albanese government introduced a bill to protect penalty rates. In question time, the debate revolved around the US beef biosecurity restrictions, and potential changes to taxation of super balances above $3 million.
Macquarie Group faced a shareholder revolt over executive remuneration at its annual general meeting yesterday, sending its share price down 5pc. The group also released a weak June quarter trading update, and said long-time chief financial officer, Alex Harvey, is leaving the group.
Automotive parts group Bapcor, which owns the Autobarn, Autopro and Burson brands, announced a $50 million write down on the back of weaker than expected trading, and the exit of three directors. That sent its share price down more than 30pc, to its lowest level in a decade.
A Ceratosaurus fossil that is one of only four known to exist has sold for $US30.5 million at auction. Sotheby’s called the rare dinosaur fossil “one of the finest and most complete examples of its kind ever found.”
