AGP Executive Report

Economy Watch: Australia’s latest GDP figures are back in the spotlight, with investors weighing what it means for inflation, demand and the RBA’s next move, while global rate expectations and US trade talk add extra market pressure. Tech Giants vs News Bargaining: Australian media groups want the tax office to force Meta, Google and TikTok to reveal local revenue, as Canberra pushes a 2.25% levy on platforms that don’t strike deals with publishers—Meta calls it a free-trade breach. Health Breakthrough: NHS England has approved Elahere (mirvetuximab soravtansine), the first new ovarian cancer drug in over 20 years, offering hope for chemotherapy-resistant cases. Sports Calendar Crunch: Pat Cummins says he’s feeling good after the IPL and is aiming to be ready for Australia’s huge 12-month cricket run, though he admits it would be “very surprising” if all the big quicks play every Test. Northern Territory AFL Pitch: A push for an AFL team in the NT is framed as a boost for tourism, jobs and community life, with Darwin’s “front door” position and a potential multi-purpose stadium at the centre. Child Safety Alarm (Vic): Reports warn Victoria’s child protection system is failing vulnerable kids, with data gaps and poor support contributing to deadly outcomes.

Housing & Rates: Commonwealth Bank analysis says budget tax changes to negative gearing and the capital gains discount will drag home prices about 5%—more than double the government’s forecast—while it expects dwelling prices to be flat in 2026. Economy Watch: Australia’s GDP grew just 0.3% in the March quarter, down from 0.9% in the prior quarter, with exports hit by weaker coal and mineral ore performance. Mortgage Pressure: AMP economist Shane Oliver warns mortgage holders could face further pain, with home prices tipped to fall around 1% this year and 5% across 2026–27, alongside expectations of more RBA hikes. Regional Victoria: Stockland has launched an over-55s village in Armstrong Creek (Halcyon Greenhaven) delivering 345 homes, with resort-style facilities including pools and pickleball courts. Security & Tech: ASIO has warned officials to avoid confidential conversations in internet-linked cars as connected vehicles increasingly collect data. Trade Shock: The US proposes new Section 301 tariffs up to 12.5% on 60 economies, including Australia, over forced-labour claims. Regional Jobs: Fair Work Commission confirms Australia’s minimum wage will rise 4.75% from 1 July 2026.

Economy Watch: Australia’s GDP grew just 0.3% in the March quarter, with cyclone disruptions hitting exports and net trade dragging growth, while business investment in machinery and equipment—boosted by data centres—stood out. US Trade Shock: The Trump administration is proposing new forced-labour tariffs, including a 12.5% levy on Australia, after a US probe found Australia failed to enforce a forced-labour import ban. Pacific Reset: Australia and the Solomon Islands will negotiate a comprehensive strategic treaty, as Canberra seeks to deepen ties while the Solomons reviews its China security pact. Legal Fight: Appeals judges reserved their decision on whether an Indigenous activist can pursue a private prosecution against King Charles over alleged genocide. KPMG Fallout: KPMG Australia’s COO stepped down amid a widening scandal over alleged misuse of client information in audit tenders. Fuel and Transport Policy: The OECD says Australia should accelerate EVs and renewables to reduce diesel dependence as fuel insecurity bites. Cricket: Australia levelled the ODI series with a 41-run win over Pakistan, setting up the next clash. Tech and Lifestyle: Google Home is rolling out Gemini features in Australia, including summaries of what happened around your home.

Cricket Series: Australia beat Pakistan by 41 runs in the second ODI at Lahore to level the three-match series 1-1, defending 232 after Pakistan were bowled out for 190; Nathan Ellis took 4-33 and Shadab Khan made 71. University Leadership: The University of Newcastle has appointed groundwater scientist Professor Craig Simmons as Deputy Vice-Chancellor, Research and Innovation. Digital Infrastructure: Google and Telstra have teamed up to integrate subsea cable and fibre networks, aiming to boost Australia’s AI and connectivity. AUKUS Submarines: A public inquiry into Australia’s AUKUS submarine deal is set to kick off, as debate continues over second-hand boats. Cost of Living: A Sky News Pulse/YouGov poll finds almost half of Australians say cost of living is the top issue, with most expecting higher energy prices. Tech & Safety: Meta is rolling out expanded teen safety features across Facebook, Instagram and Messenger, including stricter privacy and content controls. Sports Pop Culture: The Traitors Australia returns in August with Gretel Killeen as host for season 3.

Big Bash Coaching Shake-up: Sydney Thunder have confirmed Andrew Flintoff as their new head coach, replacing Trevor Bayliss after a tough season. Cost of Living & Wages: The Fair Work Commission has set a 4.75% pay rise for Australia’s lowest earners from July 1. Tech, Trust & Consumer Impact: Roy Morgan’s latest rankings crown Optus as Australia’s most distrusted brand after the 2025 triple-0 outage. Markets & Geopolitics: Australian shares slipped as US-Iran ceasefire uncertainty weighed on sentiment, with banks and healthcare among the laggards. Queensland Transport Crackdown: Queensland’s watered-down e-bike and e-scooter laws move toward parliament, keeping licence and police powers but adding exemptions for supervised teens and some medical conditions. Health & Research: A new experimental cancer drug aims to stop tumours “hiding” from the immune system, with early trial results showing tumour shrinkage. Agriculture Watch: Rain has helped late wheat sowing in NSW and Queensland, but growers fear a dry El Niño ahead. Local Life: Kmart is trialling “K home” in Victoria—an interiors-focused store bringing selected online-only home products into the physical shop.

AUKUS Submarine Update: Australia, the US and the UK have revised the Virginia-class plan, shifting to three in-service boats and raising the focus on remaining reactor life and platform age—while Greens push scrutiny over HMAS Stirling’s US designation and upgrade costs. Housing & Cost of Living: NAB data shows more Australians are “giving up” on buying and instead renovating, with Queensland leading the jump in renovation lending as auction clearance rates stay weak. Energy Fairness Debate: The Solar Sharer Offer will deliver three hours of free power for smart-meter homes in NSW, SA and parts of southeast QLD, but critics warn renters and others may miss out. Health: A new melanoma vaccine-drug combo could nearly halve recurring cases within five years, and a Melbourne inner-west asthma study flags higher emergency visits for children. Politics: One Nation surges in a new poll, while Katter’s latest move aims to reopen abortion medication debate in Queensland. Weather: Damaging winds and heavy rain are forecast to hit south-east Australia. Sport & Culture: Australians face World Cup trips costing tens of thousands, and AFL power rankings show a clear gap between the top tier and the chasing pack.

AUKUS Submarines: Australia will now take three used US Virginia-class nuclear submarines under an updated plan, ending hopes of brand-new boats and aiming to simplify fleet sustainment. Indo-Pacific Defence: Richard Marles says India-Australia defence ties are at their highest level, with a second Defence Ministers’ Dialogue in New Delhi. Competition Law Change: The ACCC will get faster emergency exemptions so rivals can coordinate during crises like natural disasters and fuel shocks. Queensland Politics & Climate: The Queensland LNP has stopped counting emissions after scrapping climate targets, pulling out of embodied-carbon reporting for transport infrastructure. Housing Pressure: Queensland auction clearance rates hit 30% for a second straight week, with buyers cautious after rate rises and federal tax changes. Border Crackdown: ABF found about 34kg of cocaine hidden in a luxury bus on a Fremantle ro-ro. Weather Outlook: BoM warns of a warmer-than-average winter with below-average rainfall for much of Australia. Sports: Australia’s sevens teams delivered a men’s and women’s title double in Valladolid, setting up a big run for the world crowns in France. Community & Safety: Police in Mount Isa shot and euthanised a pet dog after it was run over, with footage sparking outrage.

AUKUS Submarine Update: Australia will receive only used US nuclear-powered submarines under a “streamlined” AUKUS tweak, with Defence Minister Richard Marles saying it’s simpler and “cost-effective,” after the original plan mixed new and in-service boats. Housing Pressure: Home prices are cooling unevenly across capitals: PropTrack shows national values flat in May, with Sydney down 2% and Melbourne down 0.8%, while Hobart keeps climbing to a new high. Renting Fallout (Victoria): More than 38,500 landlords have taken action through VCAT or Rental Dispute Resolution Victoria over the past year, adding heat to calls for fixes to Victoria’s rental system. Health Push: A new campaign urges Australians to complete the free at-home bowel cancer screening test, with participation still below half. Science & Farming: CSIRO is rolling out a new digital pest-management toolkit for growers, aiming to cut the $3b-a-year hit from pests and disease. Weather Watch: A cold front is set to bring damaging 100km/h winds to South Australia. Sport (Cricket): Arafat Minhas takes five wickets on ODI debut as Pakistan beats Australia by five wickets.

AUKUS Undersea Drones: UK, US and Australia have announced a new AUKUS push to develop and deploy advanced uncrewed underwater drone tech, aimed at protecting seabed cables and other critical infrastructure, with first capabilities expected as early as next year and delivery starting in 2027. Housing Cost Shock (QLD): New modelling warns Queensland renters could face rent rises up to nine times higher than federal forecasts after negative gearing changes, with some areas tipped for jumps of $17–$18 a week. First ODI Drama: Pakistan beat Australia by five wickets in the opening ODI in Rawalpindi, with debutant Arafat Minhas taking 5-32 and hitting the winning runs as Australia were bowled out for 200. Reconciliation in Practice: An Australian reconciliation story explores how people learn what reconciliation really means beyond awareness campaigns. Loneliness Focus: A new WA program is trialling ways to tackle loneliness, as one in six Australians report feeling lonely. ISIS Brides Debate: For Yazidi families in Australia, objections to ISIS brides returning are deeply personal, tied to genocide trauma.

Gaza Accountability: Australian flotilla participants have joined an ICC submission alleging torture, sexual violence and other abuse after detention by Israeli forces, with survivor testimony and medical reports included; Defence & Indo-Pacific: Japan, Australia and New Zealand held their first trilateral defence talks in Singapore, with Japan pushing Mogami frigate interoperability and Australia backing deeper cooperation; Energy Security: Australia has extended flexibility to release petrol and diesel from domestic fuel reserves through September, citing tight global supply pressures; Cyber Resilience: Deputy PM Richard Marles warned Australia’s internet is highly exposed, with 99% of traffic flowing through just 15 subsea cables; Weather Watch: WA faces an unusually strong storm system with damaging winds, heavy rain and possible tornadoes, with risks spreading into Sunday; Housing Pressure: Analysis suggests Sydney and Melbourne house prices may fall, but borrowing capacity is dropping faster, leaving many buyers still priced out; Sport & Community: West Australian AFL legend Bryan Cousins revealed his MND diagnosis, while PNG journalists head to Australia for an NRL media program ahead of the PNG Chiefs’ 2028 entry.

Disaster Relief Australia collapse: Australia’s top disaster relief agency has been shut down after an internal revolt and fraud allegations, with creditors winding it up after the federal government refused to extend its $38m grant. Housing pressure in Queensland: Builders and banks are at loggerheads over contract terms as supply shocks add $10k–$15k to builds, putting the state’s 50,000-home target at risk. Health funding push: A WA-led program will expand pre-eclampsia screening nationwide with $6.8m in federal support, aiming to prevent preterm births. Dementia research boost: New funding backs efforts to reduce dementia risk by tackling modifiable factors like hearing loss, inactivity and social isolation. Cricket leadership change: David Hussey has stepped down as Victoria’s head of men’s cricket ahead of a new role with Cricket Victoria. Property investment data: PropTrack has identified 136 Australian suburbs where rental yields can cover costs, including high-yield WA mining-linked areas. Socceroos squad twist: Cristian Volpato has switched allegiance to Australia and is set to join the World Cup camp in Los Angeles. AFL farewell: Neale Daniher will be honoured with a state funeral at the MCG on 10 June.

Brisbane Olympic showdown: Police and council workers moved in to dismantle a Victoria Park protest camp over the planned $3.6billion 2032 stadium, with at least five arrests after protesters refused to leave. Child health digitisation: Australia will start building a National Digital Child Health Record from July, using My Health Record and the 1800MEDICARE app to give families and providers a single view of a child’s development. Opposition reshuffle: Tony Abbott has been elected Liberal Party president unopposed, promising a “people’s revolt” against Labor and backing Angus Taylor’s rightward push. KPMG scandal: KPMG Australia CEO Andrew Yates has resigned amid ongoing pressure over alleged mishandling of whistleblower claims and inappropriate sharing of client data. Online extremism warning: AFP chief Krissy Barrett says online radicalisation of children can happen “within days,” urging tech firms to act faster. Laos cave rescue: An Australian diver is part of an international team trying to extract people trapped in a flooded Laos cave, with two still unaccounted for. Consumer aviation: A Senate inquiry hears proposed airline delay penalties could end up hitting passengers.

Property Tax Shake-up: Budget 2026 moves to restrict negative gearing to new builds from July 1, 2027, and replaces the 50% CGT discount with inflation-adjusted indexation, with grandfathering for existing investors—sparking fears of a “never sell” market and slower activity. Weather Watch: Flood warnings remain active after wild downpours, with northern NSW and parts of Tasmania facing heavy rain and flash-flood risk. National Security: ASIO warns politicians and public servants to avoid discussing sensitive information in internet-connected cars due to eavesdropping risks. Crime & Borders: Fiji will set up new document forensic labs in Nadi and Suva after gang-linked transit cases involving fake passports. Domestic Violence Support: Dentists get a new legal guide to better spot and respond to suspected domestic violence. Small Business Costs: Businesses urge Labor to extend energy rebates as power bills and fuel prices squeeze margins. Tech & Infrastructure: A new mobile phone tower is proposed for Hamlyn Terrace to improve coverage. Sport: Jannik Sinner is knocked out of the French Open in five sets, while Aryna Sabalenka advances after a tough first-set scare.

ABC leadership shake-up: Reuters executive Simon Robinson has been appointed ABC news director, starting in September, after Justin Stevens resigned abruptly, with the ABC managing director Hugh Marks denying he forced the exit. Defence and security: Australia is forming an armed response team after the Bondi attack inquiry heard police faced a firepower mismatch; separate reporting also flags Bushmaster protected mobility vehicles moving into European production and support. Terror and repatriation: AFP says eight counter-terror probes are active into ISIS-linked families in Syrian camps, with new charges laid against a woman returned from Syria. Environment and justice: Australia has launched a $2b legal action against 3M over PFAS “forever chemicals” from firefighting foam used at 28 defence bases. Public health: Hantavirus quarantine for six cruise passengers in WA has been extended to late June after new linked cases overseas. Politics and law: Victoria’s political donations cap is set to double under proposed changes after High Court issues. Weather: Flood warnings are active across NSW, Queensland, SA and Tasmania as heavy rain and storms hit. Housing: RBA research says older, wealthier investors now hold a bigger share of Australia’s housing market. Sport and community: Victoria opens the next Local Sports Infrastructure Fund round, while Football Australia faces financial strain amid FIFA praise at its AGM.

R&D Tax Overhaul: The federal budget backs a partial rewrite of Australia’s R&D Tax Incentive from mid-2028, lifting the refundable offset for smaller firms and tightening rules for bigger players, including a lower spending threshold and limits on how much can be claimed. Top End Mining Boom: The Northern Territory is seeing fresh momentum with new rare-earth and other mining moves, as investment and expansion plans build on existing giants. Housing Pressure, Not Relief: Buyers are negotiating more, but good listings are still scarce, leaving many Australians stuck in a “buyers’ market” that doesn’t feel like one. Under-16 Social Media Ban: eSafety says it’s still too early to judge whether platforms are meeting the “reasonable steps” standard, with no enforcement yet. Cybercrime Ransomware: A new survey finds many Australian firms expect attacks and are more likely than the global average to pay ransoms. State of Origin: NSW staged a dramatic comeback to win Origin I, with selection and on-field decisions now under scrutiny. Inflation Update: Australia’s annual inflation eased to 4.2% in April, with fuel tax cuts helping mask underlying pressures. Indo-Pacific Security: The Quad expands maritime surveillance cooperation, bringing India into the intelligence-sharing effort. Weather Watch: Heavy rain and storm risk continues across eastern Australia.

Defence Delivery: Australia has taken delivery of the final Boeing P-8A Poseidon, completing its 14-aircraft maritime patrol fleet to boost anti-submarine and surveillance patrols across the South China Sea and wider Indo-Pacific. Inflation & RBA Pressure: Headline inflation eased to 4.2% in April, helped by the fuel excise cut, but “underlying” inflation stayed sticky, keeping the RBA on alert. Banks Under Strain: Investors are turning away from big banks as mortgage lending slows, provisions rise and housing tax changes bite—after a sharp selloff since the Iran-war shock. Pacific Moves: The Quad is rolling out new Pacific support, including a Fiji port infrastructure pilot, while Australia, NZ and Tonga have finished a second international undersea cable link. Consumer Fight: BTS fans are pushing the ACCC after Ticketmaster allegedly hid prices until sales opened and shifted seats after purchase. Employment Overhaul: Australia’s employment services are set for a major rebuild, with new streams and assessment aimed at replacing the “one size fits all” model. Missing Child: Police returned to the outback to search again for Gus Lamont after heavy rain, but found nothing new.