Today’s News

The Big Picture

• Chalmers targets housing tax shake-up in budget. Treasurer Jim Chalmers has flagged changes to capital gains tax, negative gearing and trust fund taxation in the budget tonight, describing the current system as "unfair and unacceptable". The AFR reported both the negative gearing and CGT changes will apply to assets acquired from tonight but won't take effect until July next year. (SBS | AFR)
  
  

• Budget to deploy AI to fast-track housing approvals. The government will commit $105.9 million over four years in today’s budget to develop an AI tool designed to speed up environmental assessments for housing and energy projects. The tool will guide project proponents through the approvals process and improve environmental data sharing, targeting one of the key bottlenecks slowing Australia's housing pipeline. (ABC)
  
  

• Nationals back migrant truckies to fill driver shortage. The federal opposition has accused the Albanese government of folding to union pressure over a national shortage of 28,000 truck drivers, 13% of the total required workforce. The Australian Trucking Association wants truck driving added to the skilled occupation list, but unions remain opposed to recruiting overseas drivers. (Capital Brief)
  
  

• Oil prices rise as Trump rejects Iran's peace proposal. Brent crude jumped 4.1% to $105.50 a barrel after President Trump declared Iran's peace proposal "totally unacceptable". Iran had proposed an immediate ceasefire and an end to the US naval blockade, while Washington's terms included restoring transit through the Strait of Hormuz and suspending Iranian nuclear enrichment. (BBC)
  
  

• Modi urges India to carpool and WFH. Indian PM Narendra Modi has urged citizens to use fuel "sparingly", encouraging carpooling, working from home and cutting non-essential travel. Asia is continuing to feel the pinch as the Strait of Hormuz blockade squeezes supply to a region that received almost 90% of the waterway's oil and gas exports last year. (Times of India)

Companies in the news

• CSL shares crash 16% after $7bn write-down. CSL has written down the value of its assets by $7bn, one of the largest in Australian corporate history and cut its full-year revenue and earnings forecasts. Shares were down 16% yesterday to their lowest level in nearly a decade. Competitive pressure in its core blood plasma business and falling US vaccine rates have weighed on the business. (AFR)
  
  

• Saudi Aramco profits surge as pipeline offsets Iran war disruption. The company reported first-quarter earnings of US$33.6bn, up 26% year-on-year, as surging oil prices and shipments via its east-west pipeline helped offset the impact of the Middle East conflict. The pipeline has allowed Aramco to reroute oil exports and sidestep disruptions to the Strait of Hormuz. (FT)
  
  

• Volkswagen, BMW & Mercedes among carmakers hit with €8bn in tariffs. Europe's major carmakers have collectively absorbed more than €8bn in US tariff costs since Trump raised duties on European cars from 2.5% to 27.5% in April last year, with Volkswagen alone taking a €3.6 billion hit. (FT)
  
  

• Monster Beverage jumps 14% on forecast beat. The beverage manufacturer topped analysts forecasts for first-quarter revenue and profit, with demand for energy drinks holding firm despite broader economic uncertainty. The result reflects a broader shift in consumer behaviour, with health-conscious customers increasingly choosing energy and sugar-free drinks over regular sodas. (Reuters)
  
  

• Nintendo's Switch 2 gamble is not paying off. Nintendo shares dropped 7% in Tokyo after the company raised Switch 2 prices and delivered an underwhelming outlook. The price hike is a particular risk given Nintendo's large casual gamer audience, who are seen as more price-sensitive. (Reuters)
  
  

• Cloudflare cuts 20% of staff as AI reshapes the business. Cloudflare is cutting more than 1,100 jobs as the internet infrastructure and cybersecurity company restructures. Shares plunged 23% in yesterdays trading. (Reuters)
  

What the…?

Young tradies targeted through online courses selling dreams of financial freedom. Australian tradies and apprentices are being targeted by social media influencers selling courses that promise financial independence and "location freedom.” Those who have signed up have later described themselves as feeling "trapped" and "brainwashed" after spending thousands of dollars.

A consumer rights advocate has warned the model bears parallels to pyramid schemes, explicitly targets Australian men in their late teens and twenties, and that complicated company structures may place participants beyond the protections of Australian law. (ABC)

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Today’s Insight

How an adviser assesses a new client (Insurance)

We asked financial adviser and insurance specialist Phil Thompson from Skye Wealth about how he approaches new clients.

So where do you start with a new client?

So first and foremost, it's understanding health information. So health history, family health history, because that'll have a massive impact on what we recommend. So that's kind of the first step.

The second thing is, what cover do they currently have? Do they have default cover in the super fund? Because those default covers, we actually really love. We often, most of the time, keep them in place because they often have policies and features built in where they don't have any preexisting health conditions. So if they did have a health issue, we would maintain that policy because let's say the new policy has a mental health exclusion, that old default cover will still pay out on that.

The next thing is like, what is their income? Let's say $120,000. We're talking about three and a half million dollars of income that we need to protect. And so when people think about the cost of these covers and income protection will cover majority of that three and a half million dollars, we'll actually probably cover the full three and a half million dollars because of inflation increases. What is the cost of that? Let's say it's $2,000 or $1,000, depending on the job, maybe $1,000 to protect a potential three and a half million dollars for that income. A thousand a year. So we just think about what is the need. And the way we think about it is we always want to cover mortgages when it comes to life insurance and disability. So we want the ability to clear the mortgage.

Want to work with an adviser like Phil? Fill out the form on our website and we’ll match you with one of our hand-picked advisers to help you get started.

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