Tougher gun laws after massacre; ASIC slams ASX; Aussie cattle icon sold for $315m

Tougher gun laws after massacre; ASIC slams ASX; Aussie cattle icon sold for $315m

News in brief

One of Australia’s largest cattle properties, the Beetaloo Station in the Northern Territory, has been sold for $315 million. Private equity backed Consolidated Pastoral Company bought the property, which is over one million hectares in central NT.

 

ASX Limited, the company, will lower its dividend payout to pay for reforms demanded by the corporate regulator following an inquiry into the market operator.

 

Treasury Wine Estates, owner of Penfolds and one the worst performing ASX200 stocks over the past year, has gone into a trading halt, and analysts expect another significant earnings downgrade today.

 

Elon Musk’s SpaceX is working towards an $US800 billion initial public offering next year, after an insider share sale set the value of the rocket and satellite maker.

 

Scientists have captured rare footage of killer whales and Pacific white-sided dolphins hunting together near the coast of British Columbia, Canada. Despite their common name 'killer whale', the orca is the largest species of dolphin and the footage show the marine mammals working together.

Fear-o-meter

It is a pivotal moment in Australian history. The senseless killings at Bondi Beach are hard to fathom. As a non-Jew, I don’t pretend to begin to understand what it must be like to face persistent prejudice and hate, let alone the massacre that unfolded on Sunday.

 

As a nation, our response over the next few weeks is pivotal to our future as an open society. All of us have a responsibility to call out racism and hatred.

 

Politicians need to choose their words carefully and their actions must reflect a long-term commitment to address the scourge of racism.

 

Now more than ever, we have a duty to identify and call out bigotry - the mainstream media, social media, community and religious groups, even BBQ discussions.

 

Our thoughts are with the victims and their families, friends and everyone affected by the attack.

Fear & Greed Q+A today

On investing in an environment where rates are either on hold, or expected to rise - and why he still likes property in that scenario:

 

“Our preferred exposure in property is retail real estate. Once the built environment exists, these are monopoly assets – they’re very difficult to replicate. HomeCo Daily Needs and Charter Hall Retail REIT are both trading on yields north of six percent and we expect earnings growth of at least five percent per annum. That’s an eleven percent-plus type return with relatively low risk. Both have gearing towards the bottom end of their ranges, so we’re not worried about debt. And if inflation is driving rates higher, they have protection because that inflation comes through the revenue line. Both are trading well below net tangible asset backing, which gives us confidence.”

 

*General information only. Seek advice tailored to your circumstances before making investment decisions.

The national cabinet will pursue tighter gun laws, including banning non-citizens from owning firearms, as the federal government faces calls for an inquiry into the failure of ASIO to prevent the massacre at Bondi Beach in Sydney on Sunday. Prime Minister Anthony Albanese also faces growing criticism that his government has failed to do enough to combat antisemitism. Yesterday the PM pledged to boost a fund that provides security for Jewish people and their institutions. A hastily arranged meeting with the PM and state and territory leaders yesterday afternoon agreed to pursue nationally uniform laws that would limit the number of firearms a person could own, abolish open-ended gun licences by subjecting them to periodic review, ban the types of weapons used in Sunday’s massacre, and limit gun licences to Australian citizens.

Greed-o-meter

City	Avg price (cents)	Qtr increase
Brisbane	185.8	8.6
Melbourne	182.9	2.8
Canberra	182.6	4.9
Darwin	182.5	3.8
Sydney	179.4	1.9
Hobart	176.9	2.7
Perth	174.0	2.5
Adelaide	172.0	-0.3

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Petrol prices rose in most capital cities in the September quarter, according to the ACCC.

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Source: ACCC