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Prominent Australian business leaders have warned Donald Trump’s second US presidency risks sparking a fierce trade war with China, stoking inflationary pressures around the world and slowing the Federal Reserve’s mooted rate easing cycle. 

Meanwhile, Resources Minister Madeleine King has urged US president-elect Donald Trump to keep Joe Biden’s $550bn Inflation Reduction Act as Australia looks to turbocharge its critical minerals industry to meet green energy goals.

And the corporate watchdog has ramped up its investigation into Mineral Resources boss Chris Ellison over his involvement in an elaborate tax evasion scheme and other conduct condemned by the board with ASIC deputy chair Sarah Court telling a Senate estimates hearing that the ATO had been contacted as part of the probe.