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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Wednesday, the eleventh of March twenty twenty six. I'm

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Speaker 1: Michael Thompson, and every afternoon we've got the five stories

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Speaker 1: that happen today that you need to know about. Let's

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Speaker 1: go with sorry number one. The S and p ASX

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Speaker 1: two hundred rows zero points six percent today to eighty

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Speaker 1: seven hundred and forty four points, with some strong gains

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Speaker 1: in mining and banking stocks, helping to offset growing expectations

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Speaker 1: that the Reserve Bank could actually lift interest rates next week.

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Speaker 1: The move comes as markets rapidly repriced the chance of

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Speaker 1: a rate hike, with traders now putting the odds at

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Speaker 1: above seventy five percent after some hawkish comments from RBA

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Speaker 1: Deputy Governor Andrew Howser. We'll have a lot more on

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Speaker 1: this in tomorrow morning's episode. But mining stocks led the

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Speaker 1: games today. On the local boss ford Eskew jumps nearly

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Speaker 1: four percent, BHP was up one point four percent, Champion

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Speaker 1: Iron climbs nearly seven percent of iron ore prices pushed

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Speaker 1: back above one hundred and four US dollars as a

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Speaker 1: cracker of a day for Rare Earth's minor Liness, which

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Speaker 1: surged more than sixteen percent after extending a long term

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Speaker 1: supply deal with a company called Japan Australia Rare Earths

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Speaker 1: which does as you would expect. Rare earths with Japan

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Speaker 1: and Australia gold miners also rallied as bullion moved above

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Speaker 1: fifty two hundred US dollars an ounce one worth mentioning

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Speaker 1: or a. Banda Mining jumped more than twenty one percent

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Speaker 1: after announcing an upgrade to the gold resource at one

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Speaker 1: of its sites. I mentioned the banks A and Z

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Speaker 1: was up nearly two percent, NAB climbed more than one percent,

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Speaker 1: but higher rate expectations did weigh on other sectors wise.

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Speaker 1: Tech Global, for instance, was down three point six percent,

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Speaker 1: while property company Goodman Group was off one and a

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Speaker 1: half percent. I'm to story number two now and former

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Speaker 1: Prime Minister Scott Morrison has been cleared of corrupt conduct

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Speaker 1: by the National Anti Corruption Commission over his role in

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Speaker 1: the robodebt scheme. The watchdog found and two senior public

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Speaker 1: servants engaged in serious corrupt conduct by misleading cabinet processes

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Speaker 1: and the Commonwealth ombudsman. However, the NACC says there is

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Speaker 1: insufficient admissible evidence to refer either case for criminal prosecution.

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Speaker 1: The Robotet Scheme, you might remember, used an unlawful income

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Speaker 1: averaging system that issued hundreds of thousands of false debt

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Speaker 1: notices to welfare recipients from twenty fifteen right through to

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Speaker 1: twenty nineteen before it was canceled. The government later agreed

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Speaker 1: to pay four hundred and seventy five million dollars in

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Speaker 1: compensation to victims. Story number three. Independent MP Allegra Spender

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Speaker 1: has proposed a major overhaul of the tax system aimed

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Speaker 1: at shifting more of the tax burden from wages to wealth.

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Speaker 1: The plan proposes cutting income tax for a worker, for instance,

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Speaker 1: one hundred thousand dollars by about sixteen hundred dollars a year,

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Speaker 1: which would be funded by reducing the capital gains tax discount,

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Speaker 1: phasing out negative gearing, and tightening rules on family trusts.

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Speaker 1: In an address to the National Press Club in Canbro

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Speaker 1: this afternoon, alegris Bender said the goal is to restore

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Speaker 1: fairness between generations as younger Australians face rising housing costs

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Speaker 1: and growing tax burdens. The proposal, which is actually the

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Speaker 1: first tax white paper from an individual MP in decades,

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Speaker 1: comes as Treasurer Jim Chalmers considers broader tax reform ahead

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Speaker 1: of the next federal budget. Story number four. Artificial intelligence

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Speaker 1: company Anthropic is establishing its Australia and New Zealand operations

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Speaker 1: in Sydney as part of its global expansion. Anthropic is

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Speaker 1: a major rival to Open AI. A lot of Australians

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Speaker 1: use its Claude AI platform. Australia actually ranks fourth in

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Speaker 1: the world in per capita usage of Claude, and Thropic

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Speaker 1: says the new office will support partnerships with businesses, researchers

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Speaker 1: and governments across the region. Existing customers actually already include

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Speaker 1: Commonwealth Bank, tech company Canvas. The company is also expanding

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Speaker 1: its computing capacity here in Australia. It's thinking about using

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Speaker 1: local data centers, potentially investing in new infrastructure in the future.

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Speaker 1: It says that Australia is a natural location for AI

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Speaker 1: investment as democracies seek to play a leading role in

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Speaker 1: the development of advanced artificial intelligence. And finally, story number five,

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Speaker 1: the US military says it has destroyed sixteen Iranian boats

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Speaker 1: suspected of laying mines near the Strait of Homuz, which

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Speaker 1: is one of the world's most important oil shipping routes.

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Speaker 1: We've talked about it a lot in recent days. President

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Speaker 1: Donald Trump warned Iran that any attempt to place minds

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Speaker 1: in the Strait would trigger military consequences and I quote

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Speaker 1: at a level never seen before. About a fifth of

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Speaker 1: the world's oil supply normally passes through the very narrow waterway,

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Speaker 1: and limited access is one of the reasons for the

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Speaker 1: sharp spike that we saw in oil prices earlier in

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Speaker 1: the week. The strikes on the vessels come as world

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Speaker 1: leaders prepare to meet French President Emmanuel Macron, who is

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Speaker 1: the current chair of the convening an emergency meeting of

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Speaker 1: the G seven nations tonight to discuss the war as

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Speaker 1: well as its impact on global oil supplies. And that's

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Speaker 1: it for the afternoon Report for Wednesday, the eleventh of March.

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Speaker 1: Make sure you're following the podcast and head along to

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Speaker 1: Fearangreed dot com dot au to sign up for our

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Speaker 1: free daily newsletter. I'm Milcael Thompson. Enjoy your evening.