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The Big Picture
Early superannuation access debate divides Canberra. One Nation's proposal to let renters and mortgage holders divert part of their super to take-home pay has sparked a political battle, with Treasurer Jim Chalmers accusing the minor party of wanting to "end superannuation as we know it" and Opposition Leader Angus Taylor dismissing it as lacking detail. The Super Members Council warned a typical 30-year-old would pocket $6,900 but forfeit more than $18,000 in compound interest, leaving them $25,000 worse off at retirement. (ABC)
Amazon cargo plane crashes at Miami airport killing five. An Amazon cargo plane overran the runway while landing at Miami International Airport, killing five people and seriously injuring five more. More than 200 firefighters responded to the scene, with the National Transportation Safety Board set to investigate the cause. (BBC)
China injects $75 billion into state financial sector to boost economy. The Chinese government is pumping $75 billion into state-owned banks and insurers to boost lending in the economy. Beijing is currently grappling with slowing growth, trade tensions and the impact of the Iran war, as it posted it’s weakest GDP result since 2022 in the previous quarter. (BBC)
Trump's approval rating hits record low in new poll. A new FT poll has found just 33% of registered voters approve of President Trump's performance, with nearly two-thirds saying the economy is heading in the wrong direction and 57% saying they are financially worse off under his presidency. The poll comes with less than two months until November's midterm elections. (FT)
Sydney to house Southern Hemisphere's largest urban solar farm. Around 4,500 solar panels will be installed at the International Convention Centre Sydney, creating the largest solar farm in any CBD in the Southern Hemisphere. The installation will cut carbon emissions by up to 2,000 tonnes a year, the equivalent of 100,000 mature trees, and generate enough electricity to power up to 400 homes. (ABC)
World's billionaires now worth more than $20 trillion. The global billionaire population hit a record 3,795 people in 2025, with combined wealth surging 12.8% to $20.8 trillion. Gains have been heavily concentrated at the top, with just 29 "superbillionaires" worth more than $83 billion each controlling 27% of all billionaire wealth compared to 2017 when there were only 10 such individuals. (CNBC)
Companies in the news
Bathla Group stands down 60% of workers with limited funding. Debt-ridden property developer Bathla Group has secured a short-term funding deal of $3-5 million keeping some construction projects alive but forcing administrators to stand down 213 of its 350 staff. Administrators have warned significantly more funding is needed beyond the two-week window. Bathla currently owes $3.4 billion to creditors and has roughly 2,000 homes under construction and another 13,000 in its pipeline. (ABC)
Canva steps up IPO prep with US public-market hiring push. Canva is ramping up its path to a public listing, hiring senior US staff to rehearse earnings calls, manage sell-side analysts and prepare financial guidance. Co-founder Cliff Obrecht told Capital Brief in April the company was "fully IPO ready" and expected to list in 2027, though he said Canva wanted to establish its shift to an AI-token business model before facing public-market scrutiny. (Capital Brief)
Bubs shares jump on US FDA approval. Bubs Australia shares ended the day up 30% after securing permanent FDA approval for three of its core infant formula products. The approval makes Bubs the only Australian infant formula brand and one of a limited number of international manufacturers permitted to sell in the highly regulated US market. (Capital Brief)
European SpaceX rival makes history. German start-up Isar Aerospace has become the first commercial entity to launch a rocket into orbit from European soil. The Spectrum launch vehicle successfully carrying five small satellites into orbit from Norway's Andøya Space Center. The Munich-based company, valued at around €2 billion, has its future launch capacity fully booked until the end of 2028. (FT)
Legendary fund manager Bill Ackman is joining FinFest 2026. Are you?
Yes, you read that right. Founder and CEO of Pershing Square Capital Bill Ackman will sit down with Bryce and Ren for an exclusive pre-recorded conversation to be aired at FinFest 2026.
If you want to hear Bill unpack all things markets, investing and the opportunities he’s seeing in the world, this is your chance to see it.
Who knows, Ren may even Boost Bill’s Budget while they’re at it.
South Korean "dopamine sites" let you shop for goods you'll never receive
A new trend from South Korea called "dopamine sites" lets users browse products, add items to cart, place orders and even track deliveries, for things that will never arrive. Sites like Dopamine Shop and FoodNeverComes replicate the entire ritual of online shopping and food delivery for the psychological reward alone, with no money changing hands.
Consumer experts say the trend reveals shopping as an emotional experience rather than a transactional one, with people seeking the pleasure of anticipation, browsing and curation without the financial consequences. (rest of world)
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Is TSMC one of the world’s cheapest AI companies?
GCQ's Doug Isles and WAM's Nick Healy go head to head on TSMC in last weeks episode of Buy or Sell. (Spotify | Apple | YouTube)
Nick Healy argues that most of the companies involved in the AI ecosystem are expensive, whereas TSMC is not. While other AI-adjacent stocks are trading at 30, 40, 50 and even 60 times earnings, on earnings that have themselves been inflated by AI spending, TSMC sits at under 20 times. It manufactures the vast majority of the world's leading edge semiconductors, including the chips inside Nvidia's GPUs, Apple's iPhones and almost every AI data centre being built right now. It holds roughly 90% of the leading edge chip market.
Nick's believes if you want exposure to the AI hardware buildout, TSMC is arguably the best expression of that view precisely because it is not priced like everything else in the ecosystem. His sell trigger is if the PE moves above 30, he will start looking for better opportunities elsewhere.
However Doug Isles also raises some great points. TSMC's fortunes depend entirely on whether the hyperscalers keep spending. If Microsoft, Amazon or Alphabet decide the return on their AI investment is not materialising, TSMC cannot choose their budgets for them. Doug would rather own the hyperscalers themselves, who have other businesses to fall back on and the ability to pull back if needed.
