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The Australian

Good morning,

Australian shareholders are facing a $115bn wipeout on Monday as US President Donald Trump’s trade war pushes markets into bear territory and stokes fears of a global recession, with analysts warning it could turn 'really, really ugly'.

Meanwhile, time is running out for Star Entertainment as its board wargames at least two administration scenarios with the embattled casino operator fast running out of cash and survival options, writes columnist Eric Johnston.

And Australia’s biggest super funds are facing a fresh governance crisis as critics round on the industry in the wake of a coordinated cyber attack on member accounts in the same week criminals targeted executives in an impersonation scam.

Vesna Poljak

Business editor

The markets

Making news this morning

1

Winemakers toast silver linings to US tariff shock

Australian wines shipped to the US will face a 10 per cent tariff, but major competitors in France and Italy will be slugged double that, which could benefit domestic winemakers in the long run.

2

ASIC, MPs turned spotlight on ex-PwC chief Sayers

The corporate regulator and parliament examined whether they had grounds to target figures involved in the PwC scandal including the firm’s former boss, Luke Sayers.

3

Aussie tech needs an attitude adjustment, not subsidies: Cannon-Brookes

Mike Cannon-Brookes says Australian tech companies need governments to ‘just get out of the way’, after the industry was left empty-handed in the federal budget.

Editor's picks

Mermaid Beach sellers ride $11.6m wave

A posse of 10 registered bidders were in the hunt for the five-bedroom Gold Coast house described as a ‘dream offering’ with direct beach access.

By JONATHAN CHANCELLOR

‘James Bond will return’: Amazon’s plans for superspy

Jeff Bezos has wrested control of the James Bond film franchise in a $1.6bn deal. Some say it’s the beginning of the end. But the Amazon founder may have more in common with the spy’s author than many realise.

The Newsreader loses viewers as reality hits

Reality TV and sport dominate the TV ratings for the first quarter of 2025 as commercial broadcasters managed to hold or increase share at the expense of ABC and SBS.

By JAMES MANNING

Commentary

Chevron boss sounds alarm over investment reliability

By GLENDA KORPORAAL

Senior writer

Outgoing Chevron Australia chief Mark Hatfield says Australia is at a crossroads when it comes to the future of the oil and gas sector as an attractive destination for investment.

DataRoom

→	Cloud over data centre profits as market transforms

Data centre values have come back 30 to 40 per cent since they hit fever pitch last year.

→	Experts perplexed by EBOS denials of pet venture

EBOS left some in the market scratching their heads in March with its denials it had been assessing the merits of an acquisition of the Real Pet Food Company.

→	A long and winding Country Road ahead

Sources say former management had recently been working with private equity to make a buyout offer for the retail business.