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Good morning,

Donald Trump’s tariff rollout is likely to see higher costs being passed on to end users of aluminium, after the policy failed to boost the supply of American-made products the last time the US President was in office, warns Graham Kerr, the boss of diversified miner South32.

Meanwhile, energy bills could rise by nearly 70 per cent over the next 10 years under current government policy, a new report has estimated, with the findings likely to be seized on by the Coalition as it pushes its alternative plan. 

And Ron Mitchell has quit as executive chair of Global Lithium Resources after losing a months-long battle against a group of Chinese-linked shareholders for control of the WA-based company.

Perry Williams
Business editor
The markets


Making news this morning
1
Call to make unions stump up for industry super fund fines
Unions would be forced to pay millions of dollars for risk reserves in industry super funds under a proposed shake-up of governance standards.
2
Star boss failed to tell board of China cards cancellation
Former Star Entertainment chief executive Matt Bekier failed to inform his board that the casino operator had cancelled the use of China Union Pay cards in 2020, a court has been told.
3
Dick Smith praises crackdown on scams
The outspoken businessman has welcomed new legislation that will impose fines of up to $50m on social media companies, banks and telcos that fail to actively detect and prevent scams.
Editor's picks
MARGIN CALL
Artist who featured Hezbollah leader dropped as Australia’s pick for Venice jaunt
It looks like Margin Call’s deep dive into the questionable early oeuvre of Sydney artist Khaled Sabsabi has ended his selection as Australia’s pick for the Venice Biennale in 2026.
By YONI BASHAN, NICK EVANS
EXCLUSIVE
Brookfield Oaktree pushes into private credit crowd
Brookfield Oaktree Wealth Solutions is expanding into Australia’s crowded private credit market with a fund it says can respond to benign or dislocated market conditions.
By JOYCE MOULLAKIS
PUBS
Bottoms up: Redcape orders $66m worth of Queensland pubs
The pub group is making a push into the Sunshine State as its hospitality properties perform well.
By BEN WILMOT
Commentary
Bigger the better: Batteries giving Origin life after coal
By ERIC JOHNSTON
Associate Editor
With a brutal bidding war now a distant memory, Origin Energy boss Frank Calabria is opting for an unconventional path in the race to build out clean energy.
Better opportunities outside big tech in next phase of AI
By DAVID ROGERS
Markets Editor
Vanguard chief economist Joe Davis sees more upside in potential beneficiaries of the AI boom like health care and financials than the tech sector.
DataRoom
Healius-ACL recently revived merger talks: sources
Two of the country’s top pathology services providers, Healius and Australian Clinical Labs, are understood to have resumed talks about a potential $2bn tie-up, say market sources.
Sweeping changes at the top of Healthscope
Brookfield is ringing the changes at the top of its embattled private hospital operator Healthscope, with a top restructuring expert taking the reins as its next chief executive.
Privatisation of NZME on cards amid ‘clickbait’ complaints
There are rumblings across the Tasman over the state of New Zealand’s media industry, and some wealthy Kiwis are said to be plotting to do something about it.

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