Today’s News

The Big Picture

• Trump’s oil ambitions draw Iranian ire. Trump said he wants to “take the oil in Iran”, echoing his actions in Venezuela as thousands of US troops arrive in the Middle East. Iran’s parliamentary speaker accused the US of secretly planning a ground invasion and warned that American troops would be “set on fire” should an invasion occur. (AFR | CBS)
  
  

• Worsening Australian fuel crisis draws government responses. Fair Trading NSW announced 371 petrol stations have run out of at least one type of fuel, with 66 stations running completely dry. The federal government announced it will halve the per-litre fuel excise and is recommending fuel saving measures like carpooling and increased public transport use to avoid fuel rationing. Victoria and Tasmania are doing their part, removing public transport fares to attract riders and decrease fuel demand. The ATO is also chipping in, offering tax relief and support for small businesses similar to their approach during COVID. (ABC | SMH | AFR | AFR)
  
  

• More countries rush to adopt fuel saving measures. Egypt has joined the growing list of countries imposing emergency fuel saving measures as it is reducing street lighting and closing businesses early. Pakistan joined Sri Lanka in implementing a four-day work week, as well as closing schools for two weeks. Thai newscasters ditched their suit jackets on air to promote heat-appropriate outfits and avoid excessive air conditioning. (FT | Al Jazeera | BBC)
  
  

• US government shutdown reaches record length. 45 days have passed since US lawmakers failed to reach a deal to fund the Department of Homeland Security, halting pay for 50,000 airport security officers and creating chaos in US airports. Travelers are facing delays of up to five hours, causing missed flights and further impacting an already battered US tourism industry. (BBC)
  
  

• Tough times for Australian gas. Chevron’s Wheatstone gas plant in Western Australia won’t be fully online for a number of weeks following storm damage from Cyclone Narelle. The Australian gas industry is also facing an increasingly popular proposal for a 25% tax on gas profits championed by the Greens, independent MP David Pocock, and now Liberal frontbencher Andrew Hastie. (FP | Guardian)
  
  

• Debt vultures circle private credit downturn. Distressed-debt funds, which target companies with bad balance sheets, are swooping in to acquire assets from private credit funds, which are being forced to sell to repay investors. The number of “stressed” US leveraged loans has doubled since 2019 to 20%; one so-called debt vulture declared it “the greatest opportunity I’ve ever seen.” (FT)

Companies in the news

• US tech strike threatens Aussie banks. 200 staff are on strike at DXC Technology, which provides IT and and cybersecurity for major banks like Commonwealth Bank, Westpac, and ANZ. The strike is expected to delay IT support and reduce service levels. (AFR)
  
  

• Webjet CEO departs amid stock struggles and lawsuit. After less than two years, Katrina Barry will leave the online travel agent. The company’s stock has fallen over 70% in that time. Webjet is also battling an unfair dismissal lawsuit wherein Barry is accused of bullying and dismissing Webjet’s top lawyer. (AFR)
  
  

• Judge blocks Pentagon on Anthropic blacklisting. A federal judge in California prevented the US Department of Defense from blacklisting Anthropic, claiming it had trampled the firm’s rights. Anthropic was blacklisted for not allowing its systems to be used for domestic surveillance and autonomous weaponry. (CNN)
  
  

• Meta makes massive energy investment to offset consumption. The tech giant will fully fund 7.7 GW of new electricity generation in Louisiana, the home of its new 5 GW data centre. This comes as seven major AI firms, including Meta, committed to covering the data centres’ energy costs — this investment will save the local community $2 billion over 20 years. (Morningstar)
  
  

• Tech stocks suffer on energy concerns and Meta lawsuit losses. War worries and two defeats in court for Meta sent the tech-heavy Nasdaq down over 3% last week, its worst week since Trump’s “Liberation Day” wreaked havoc on markets in April 2025. Micron (down 15%) and Meta (down 11%) slid the furthest, but Google (down 9%) and Microsoft (down 7%) were also dragged down. (CNBC)
  
  

• Netflix, Disney+ squeeze more from subscribers. Following major content investments, Netflix will increase the price of all subscription tiers, its first price increase since January 2025. Similarly, Disney+ added a cheaper, ad-supported subscription in Australia and NZ to widen their audience. (CNBC | Capital Brief)

What the…?

Travelers receive fuzzy surprise at Hobart Airport gift shop. A live brushtail possum managed to sneak into a gift shop and cuddle up with the toy kangaroos on display at the departure terminal. Staff are unaware of how long the possum was in the gift shop, let alone how it ended up there.

One eagle-eyed traveler noticed that one of the toy animals’ eyes were moving and alerted the staff. The possum attempted to sneak out of the shop but was apprehended and released safely back into the wild. (AP)

A message from Australian Property Scout

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Today’s Insight

With super, chase the greener grass

We took some of the most frequently asked questions from our community and posed them to Matt Ingram, financial adviser at Northhaven.

Is switching super funds worth the effort?

These days, it really is, because super funds are competing hard for your business and the process has been made incredibly simple. With just a few clicks and some basic personal information, you can open an account with most major industry super funds, and then another few clicks will prompt your new fund to contact your existing fund to arrange the transfer of your balance. After that, all that’s left is a quick email to your employer with your new super details, and the switch is complete. If your current super fund is overpriced, underperforming, or doesn’t reflect your values, taking the time to change is absolutely worth it, especially considering how minimal the effort actually is compared with the potential long-term benefits for your retirement savings.

Want to work with a financial adviser like Matt to optimise your super? Fill out the form on our website and we’ll match you with one of our hand-picked advisers.

Today in Equity Mates