Australian share futures and the currency tumbled after US Federal Reserve boss Jerome Powell signalled he’s not done lifting rates and may push the pace too.
Business leaders warn the US has changed the rules of the clean energy game by luring capital, talent and innovation through hundreds of billions of dollars worth of subsidies. Can Australia really compete, asks Jennifer Hewett.AUD -1.8% to 66.06 US centsIn New York: BHP -2.1% Rio -2.1% Atlassian +2.3%Spot gold -1.3% to $US1822.21/oz at 12.27pm in New York10-year yield: US 3.94% Australia 3.68% Germany 2.
The president’s budget, which will be released Thursday, proposes raising Medicare taxes from 3.8 per cent to 5 per cent on annual income above $US400,000, and eliminating a loophole business owners and higher-earners can exploit to avoid additional taxes, according to a White House fact sheet.US National Security Agency director Paul Nakasone on Tuesday expressed concern about Chinese-owned video app TikTok’s data collection and potential to facilitate broad influence operations.
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