Australian shares saw a rise approaching midday, with the broader market gaining momentum. In significant corporate news, ANZ has announced it has dropped KPMG as its external auditor, marking a notable change in the financial sector’s audit landscape. This development comes amidst other market movements, including wealth management platform Praemium experiencing a 9 per cent jump in its share price following news of its CEO’s exit.
Meanwhile, startup Firmus is grappling with community backlash concerning its proposed data centres in Tasmania. Firmus specialises in developing and operating data centre facilities, providing essential infrastructure for digital services. Locals are pushing back against these facilities, a situation that is delaying development as the company prepares for its anticipated blockbuster listing on the ASX next month. Concurrently, small and medium enterprises (SMEs) across Australia are expressing outrage over the Australian Tax Office’s (ATO) sudden ban on using credit cards to pay tax bills. Businesses have warned this restriction will severely squeeze their cash flow and create undue financial pressure.
In other financial developments, Trade Minister Don Farrell has put forward a proposal for Australian superannuation funds to invest in the struggling US lamb industry. Mr Farrell described the potential investments as a “win-win” opportunity, aiming to boost the American lamb supply chain which could, in turn, stoke demand beneficial to Australian exporters. Furthermore, high-income earners have reportedly funnelled billions into early-stage venture capital funds, drawn by the allure of Capital Gains Tax-free high returns, a tax incentive that has recently been made even more generous.
