Higher tariffs on Chinese steel could raise construction costs

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Original article by Michael Read
The Australian Financial Review – Page: 4 : 22-Apr-26

Economist Huw McKay says the federal government’s decision to increase the tariffs on Chinese steel products is "potentially counterproductive". McKay warns that this will increase construction costs, which will in turn add to inflation and the housing supply crisis. The government recently increased the tariff on Chinese-made steel reinforcing bar from 19 per cent to 24 per cent, in response to a recommendation from the Anti-Dumping Commission. The government has previously increased the tariffs on a range of other Chinese steel products, including bolts, hot-rolled coil and ceiling frames.

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AUSTRALIA. ANTI-DUMPING COMMISSION

AUKUS submarines are not the priority, US Navy says

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Original article by Michael Koziol
The Sydney Morning Herald – Page: Online : 22-Apr-26

US Vice Admiral Robert Gaucher says the Trump administration remains committed to the AUKUS alliance. However, he says the US Navy’s priority is the next-generation Columbia-class of nuclear-powered submarines, rather than the Virginia-class vessels. Gaucher has conceded that the production rate for Virginia-class submarines is still well below that required to meet the needs of both the US Navy and the deal to sell at least three vessels to Australia via the AUKUS defence pact. A spokesman for Defence Minister Richard Marles say the federal government is confident that the US submarines will be delivered.

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UNITED STATES NAVY, AUSTRALIA. DEPT OF DEFENCE

Prince Harry and Meghan’s four-day visit to Australia did not win the Australian public over

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Original article by Roy Morgan
Market Research Update – Page: Online : 22-Apr-26

A large majority of 82% of Australians aged 18+ knew Prince Harry and Megan visited Australia for four days last week (equivalent to 18.1 million Australians), according to a special Channel Seven-Roy Morgan SMS Pulse Poll. Awareness of the trip was high at over three-quarters of Australians across almost all key demographics. Women (84%) were slightly more likely than men (81%) to know about the trip, and age was clearly correlated with awareness; 79% of 18-34 year olds knew about the trip, 80% of 35-49 year olds, 84% of 50-64 year olds and 87% of people aged 65+. The SMS Pulse Poll was conducted with an Australia-wide cross-section of 1,767 Australians aged 18+ on 18-19 April.

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ROY MORGAN LIMITED, SEVEN NETWORK LIMITED

ANZ-Roy Morgan Consumer Confidence virtually unchanged at 64.3 in mid-April

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Original article by Roy Morgan
Market Research Update – Page: Online : 22-Apr-26

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 64.3 in the week to 19 April, although this is still the fourth lowest Consumer Confidence reading of all time. Consumer Confidence is 21.1pts lower than a year ago (85.5), and 8.7pts below the 2026 weekly average of 73.0. Analysis by State shows that Consumer Confidence improved in New South Wales, Queensland, and Western Australia, but was down in Victoria and South Australia. Now 15% of Australians (up 3ppts) say their families are ‘better off’ financially than this time last year, while 57% (down 2ppts) say their families are ‘worse off’. Looking forward, 21% (up 2ppts) of respondents expect their family to be ‘better off’ financially this time next year, while 45% (up 2ppts) expect to be ‘worse off’. Only 4% (unchanged) of respondents expect ‘good times’ for the Australian economy over the next 12 months, while 53% (up 3ppts) expect ‘bad times’. Meanwhile, 15% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 51% (unchanged) say now is a ‘bad time to buy’.

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ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Labor races to secure fertiliser and diesel

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Original article by Ronald Mizen, Ryan Cropp
The Australian Financial Review – Page: 5 : 22-Apr-26

The federal government is confident that Australia will have sufficient petrol supplies for the month of May and at least the first part of June. However, government sources have indicated that the outlook is less certain for diesel, jet fuel and fertiliser. Australia is likely to face competition for these commodities in coming months, as European and Asian countries begin to rebuild their stockpiles. The government is set to announce new deals for Wesfarmers and Incitec Pivot to underwrite the purchase of fertiliser on the international market; this will be similar to a recent deal for Export Finance Australia to underwrite to fuel cargo purchases on the global spot market.

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WESFARMERS LIMITED – ASX WES, INCITEC PIVOT LIMITED, AUSTRALIA. EXPORT FINANCE AUSTRALIA

Gina Rinehart-backed Lynas Rare Earths posts record quarter

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Original article by Mark Wembridge
The Australian Financial Review – Page: Online : 22-Apr-26

Lynas Rare Earths has advised that its sales revenue was 115 per cent higher year-on-year in the March quarter, at $265m. MD Amanda Lacaze says Lynas’s direct sales to customers helped it to sidestep the "dysfunctional" spot market. Lynas produced 3,233 tonnes of rare earths during the period, which is 69 per cent higher than previously. The average selling price across its rare earths was $84.60 a kilogram, which is 70 per cent higher than the same period in 2025. Lacaze notes that the use of renewable energy at its Mount Weld mine in Western Australia reduced its use of diesel fuel by 870,000 litres during the quarter.

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LYNAS RARE EARTHS LIMITED – ASX LYC

BHP tapped to advise on fuel crisis fix

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Original article by Perry Williams, Brad Thompson
The Australian – Page: 13 & 19 : 22-Apr-26

Resources Minister Madeleine King says the federal government has been working with companies across the economy to shore up the nation’s diesel fuel supplies since the Iran war began. It has been revealed that the government accepted an offer from BHP to provide expert advice on securing diesel supplies; Rio Tinto has also been assisting Labor to navigate the fuel market, although neither of procured physical supplies for the government. However, sources have indicated that Labor had been slow to accept assistance from the corporate sector.

CORPORATES
BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, AUSTRALIA. DEPT OF INDUSTRY, SCIENCE AND RESOURCES

Big banks, miners increase dominance in risk to investors

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Original article by Cecile Lefort
The Australian Financial Review – Page: 21 : 22-Apr-26

The list of Australia’s 10 biggest stocks is now dominated by banks and mining companies; CLS, Wesfarmers and Goodman Group are now the only top-10 stocks in the S&P/ASX 200 Index that are not in these sectors. The four major banks and BHP top the list, and collectively account for 35 per cent of the sharemarket. Lachlan Halloway from Morningstar notes that resources groups have benefited from rising commodity prices due to the Iran war, while investors still regard banks as ‘safe haven’ stocks.

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STANDARD AND POOR’S ASX 200 INDEX, CLS LAWYERS PTY LTD, WESFARMERS LIMITED – ASX WES, GOODMAN GROUP – ASX GMG, BHP GROUP LIMITED – ASX BHP

Tax take hits record $30,633 per person

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Original article by
The Australian Financial Review – Page: 4 : 22-Apr-26

Data from the Australian Bureau of Statistics shows that the combined tax revenue of the federal and state governments rose to a record $839bn in 2024-25. This was boosted by higher revenue from the goods and services tax and personal income tax. The latter increased by 1.5 per cent and accounted for 11.1 per cent of GDP; the Parliamentary Budget Office has estimated that this will increase to 14.5 per cent in 2036, due to the impact of ‘bracket creep’. The ABS figures also show that the cost of disability benefits – including the NDIS – increased by 9.4 per cent in 2024-25 to a record high of $87.3bn.

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AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Rio bolsters copper production, eyes data centre building boom

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Original article by Peter Ker
The Australian Financial Review – Page: 12 : 22-Apr-26

Rio Tinto shipped 72.3 million tonnes of iron ore from the Pilbara in the March quarter; this was higher than the same period in 2025, despite the disruptions caused by cyclones. Rio Tinto still expects to achieve its full-year guidance of between 323 million and 338 million tonnes for 2026. Rio Tinto has estimated that the 70 per cent rise in diesel prices since the start of the Iran war will add about $US1 to the cost of producing each tonne of iron ore in the Pilbara; the iron ore price has risen by about 12 per cent since the war began. Meanwhile, Rio Tinto produced a higher-than-expected 229,000 tonnes of copper during the March quarter; demand for copper is rising in the US as technology companies ramp up their investment in AI infrastructure such as data centres.

CORPORATES
RIO TINTO LIMITED – ASX RIO