ASX to be investigated after ‘repeated and serious failures’
Luca Ittimani
The Australian share market operator will be investigated over “repeated and serious failures” which have drawn concern from the Reserve Bank.
ASX will be the subject of an inquiry into whether it can maintain stable and secure market operations, after the RBA and Australia’s corporate regulator, the Australian Securities and Investments Commission (Asic), expressed concern about the company running the market.
Shares in the ASX group dropped nearly 5% in early trading on Monday, wiping nearly $700m from the operator’s market value.
Asic had already been investigating the ASX’s system for finalising transactions, known as Chess, which is essential for market trades but suffered an outage in December 2024 and has struggled with years of upgrade delays. The regulator and the RBA also warned the ASX in March they were concerned at the operator’s approach to risks.
That review will now be complemented by a full inquiry into whether ASX is complying with the obligations of its licence as financial market operator. The regulator’s chair, Joe Longo, said:
Asic’s decision to initiate an inquiry follows repeated and serious failures at ASX. ASX is ubiquitous. You simply cannot buy and settle on the Australian public equities and futures markets without relying on ASX and its systems.
Investors and market participants deserve to have absolute confidence that ASX is operating soundly, securely and effectively.
The ASX says it will cooperate completely with the inquiry, which will include the RBA and the banking regulator. Chair David Clarke said:
We acknowledge the seriousness of this action … We have been working hard on a transformation strategy … but we acknowledge there have been incidents that have damaged trust in ASX.
Key events
Benita Kolovos
Victoria premier urges bus pay disputes to be handled at ‘negotiating table’, not with strikes
The Victorian premier, Jacinta Allan, said she would prefer bus drivers resolve their pay despite “at the negotiating” table rather than through strikes across Melbourne and regional Victoria. About 600 bus drivers are holding a 24-hour strike today – their second in a matter of weeks – amid a pay dispute with operator CDC.
Routes across Melbourne, as are some in the regional cities of Geelong and Mildura. Public Transport Victoria has said routes in these areas are expected to run less frequently or not at all (a full breakdown is available on their website).
It comes after 1,300 drivers from CDC and operator Dysons last month took part in what the Transport Workers’ Union said was the largest bus strike in Victoria’s history, shutting down one-third of the state’s bus routes and charter services.
Speaking at a press conference in Richmond on Monday, Allan says PTV had worked to ensure disruption was “minimised”:
I believe every worker deserves a good wage, a fair wage that reflects the conditions that they work in. Bus drivers are a really important part of our public transport network. …
They deserve to be fairly remunerated but those decisions around that remuneration are part of discussions that are happening right now at the negotiating table, and that’s where I’d urge these issues to be resolved.
Paramedics treating three people for gunshot wounds after public shooting in Auburn
NSW police are investigating after a public shooting in the Sydney suburb of Auburn this afternoon. Officers responded to reports of a shooting around 1.15pm on South Parade in Auburn.
Paramedics are on scene to treat three people for gunshot wounds. A crime scene has been established in the area, near Auburn train station, and the surrounding streets are currently closed.
Queensland police arrest four teens for alleged assault of off-duty officer
Queensland police arrested four teens after the group allegedly assaulted an off-duty police officer in the early hours of Saturday morning. Police said the senior constable had recently finished a shift and was heading home on a tram in a suburb of the Gold Coast around 12.15am when he saw a girl allegedly verbally abusing staff.
The officer identified himself in an attempt to de-escalate the situation, before he was allegedly assaulted by the girl and three other boys. He sustained bruising and scratches during the alleged attack.
The girl has been charged with one count of serious assault of a police officer. Two others face charges under the Youth Justice Act, police said.
Only 53% of Australian children developmentally on track when they start school, report finds
Nearly half of all Australian children are not meeting physical, emotional, social and communication developmental milestones by the time they start school, as calls for a universal early education system intensify, AAP reports.
Only 53% of children are developmentally on track when they start school, a slight decrease since 2021, according to the Australian Early Development Census.
The national survey of 288,483 children and 16,723 teachers measured development across five domains: physical health and wellbeing, social competence, emotional maturity, language skills and communication.
The rate of children developmentally vulnerable in two or more domains is at its highest level since the census began in 2009, sitting at 12.5%. Only 43% of children in remote Australia were developmentally on track, compared with 50% in larger regional areas and 54% in the major cities.
Tom McIlroy
Australia to hold talks aimed at entering defence pact with EU
Australia is to hold formal negotiations on joining a new defence agreement with the European Union, with the prime minister preparing to discuss plans for enhanced security cooperation at this week’s G7 summit in Canada.
Amid the deteriorating international security landscape, Anthony Albanese will use the talks with EU Commission president, Ursula von der Leyen, and the European Council president, António Costa, in Alberta to explore a security and defence partnership, proposed at the inauguration mass of Pope Leo XIV in Rome last month.
It could involve military exercises and other cooperation in areas of mutual interest including foreign interference, cybersecurity, counter-terrorism, defence industries and critical technologies.
Read more here:
Ash Barty welcomes second child, Jordan
Former world tennis number one Ash Barty has welcomed her second child, Jordan, in a post on Instagram. The tennis legend shared a photo of the newborn wearing a onesie bearing the message “Embrace your weird”. She wrote:
Welcome to the world, Jordan 💕
You are loved unconditionally and we are so grateful to have you in our arms, gorgeous girl.
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Hamish Blake doesn’t want the Gold Logie
Comedian Hamish Blake, the host of Lego Masters Australia, was the lone male nominee for the Gold Logie. Blake, a two-time winner of the award, said this morning he hopes it ends up with one of his six fellow nominees, all “far more worthy” than him. He said on Sunrise:
I think it really does need to go to a far more worthy recipient. And I’m not just saying that because it would be a PR nightmare if the only bloke got up and stole the Gold Logie from a sea of deserving women. It cannot happen. It can’t happen, and it shouldn’t happen.
I’m not trying to do a trick … it’s lovely to be nominated, but now may the best woman win …
Don’t want it! No, no, no.
You can read more about the nominees here:
Some more from ‘great partners’ Canada and Australia this morning before the G7
Anthony Albanese and Canadian prime minister Mark Carney had kind words to say to each other this morning after meeting on the sidelines of the G7 summit.
Jason Clare says ministers have agreed new rules on reporting of abuse in childcare
The education minister has conceded the government “needs to do more” to make sure that childcare centres are safe after announcing tougher rules in early education and care.
Appearing at Goodstart Early Learning in Canberra, Jason Clare pointed to previous reforms to ban the use of personal mobile phones in childcare centres, in response to evidence about offenders working in facilities.
In addition to that … education ministers have now agreed that the mandatory reporting of sexual abuse and physical abuse in childcare centres will need to be reported to regulators within 24 hours, instead of the seven-day rule that exists at the moment, and that will come into effect from the first of September this year.
All of these reforms are about making our early education system better and safer, improving quality and improving the integrity of the system. And when education ministers meet on Friday in Adelaide next week, one of the things that we will talk about are the next steps that we need to take to improve the quality and the safety and the integrity of our early education and care system.
‘Too much negativity’ around artificial intelligence, head of National AI Centre says
The head of Australia’s National AI Centre (NAIC) says there’s too much “negativity and fear” around the emerging technology.
Lee Hickin took to LinkedIn a month after taking up the new role.
He said it was his ambition to “build confidence” in the reality of what AI can deliver, adding there was such a proliferation of “opinions” it had become “very hard to determine what is real, both in terms of the potential and the risk”.
I am by no means diminishing the very real considerations we need to take account of in the deployment of AI – but it’s my sense that much of the potential good that AI might bring to our industry and society is being held back because we are filling the discourse with negativity, fear and a vision of AI that overplays the fear.
I joined the NAIC because I believe we have a great opportunity ahead of us and I believe AI will be a force multiplier in the future my children will inherit.
Sydney Film prize awarded to Iranian film-maker Jafar Panahi
Dissident Iranian film-maker Jafar Panahi has received the prestigious $60,000 Sydney Film prize at the closing night of the film festival for his “astonishing masterpiece” It Was Just an Accident.
In May, Panahi won the top prize at the Cannes film festival for the drama, inspired by his stints of imprisonment at the hands of the Iranian government.
The film was the first made by the director after being released from prison in 2023 – although he has continued to direct over the years despite being expressly forbidden to do so.
Panahi accepted the award in person to an emotional standing ovation from the Sydney audience. The jury, led by director Justin Kurzel, said the winner was “a courageous film with a deep soul and a powerful sense of forgiveness”.
It has outstanding performances and an understated authority which is brimming with truth.
In a joint statement, the jury said in these “times of great conflict and uncertainty, it is more important than ever that filmmakers are given the freedom to express what they see around them”.
What to know if you’re travelling to the US
After revelations an Australian man was detained upon arrival at Los Angeles airport and deported back to Melbourne for his writing on pro-Palestine protests by university students, travellers to the United States may be pausing for thought.
Alistair Kitchen said he was “clearly targeted for politically motivated reasons” and said officials spent more than 30 minutes questioning him about his views on Israel and Palestine including his “thoughts on Hamas”.
Can immigration deny you entry if you refuse to hand over your phone? What can officials look at or download, and how can you protect your devices?
Here’s what you need to know and what you can do if you are heading to the US:
Australians urged to stay on top of Smartraveller advice amid Israel-Iran conflict
Prime minister Anthony Albanese and many others, including the foreign minister, have spent the morning pointing Australians to the Smartraveller website amid the growing conflict in the Middle East.
The website has updated its Israel and Palestinian territories page to stress people should not travel there due to the “volatile” and “deteriorating” security situation. It reads:
Following military strikes in Iran, there are military and rocket attacks against Israel. Israel has declared a national state of emergency. In an attack or other armed conflict, you should take shelter, follow the advice of local authorities and monitor local media.
The Smartraveller page for Iran has similar guidance for Australians.
ASX to be investigated after ‘repeated and serious failures’
Luca Ittimani
The Australian share market operator will be investigated over “repeated and serious failures” which have drawn concern from the Reserve Bank.
ASX will be the subject of an inquiry into whether it can maintain stable and secure market operations, after the RBA and Australia’s corporate regulator, the Australian Securities and Investments Commission (Asic), expressed concern about the company running the market.
Shares in the ASX group dropped nearly 5% in early trading on Monday, wiping nearly $700m from the operator’s market value.
Asic had already been investigating the ASX’s system for finalising transactions, known as Chess, which is essential for market trades but suffered an outage in December 2024 and has struggled with years of upgrade delays. The regulator and the RBA also warned the ASX in March they were concerned at the operator’s approach to risks.
That review will now be complemented by a full inquiry into whether ASX is complying with the obligations of its licence as financial market operator. The regulator’s chair, Joe Longo, said:
Asic’s decision to initiate an inquiry follows repeated and serious failures at ASX. ASX is ubiquitous. You simply cannot buy and settle on the Australian public equities and futures markets without relying on ASX and its systems.
Investors and market participants deserve to have absolute confidence that ASX is operating soundly, securely and effectively.
The ASX says it will cooperate completely with the inquiry, which will include the RBA and the banking regulator. Chair David Clarke said:
We acknowledge the seriousness of this action … We have been working hard on a transformation strategy … but we acknowledge there have been incidents that have damaged trust in ASX.
Penny Wong speaks with Israel’s foreign minister, calls for de-escalation with Iran
Josh Butler
Australian foreign minister Penny Wong spoke with her Israeli counterpart overnight, again calling for a de-escalation of the growing conflict with Iran.
Wong spoke by phone with Gideon Sa’ar, Israel’s foreign minister, last night. It’s understood she urged restraint and de-escalation, after Iran and Israel traded missile strikes over the weekend, with many killed. Wong also called for a return to dialogue and diplomacy.
It was similar to Wong’s public statements, as reported yesterday. Israel’s ambassador to Australia, Amir Maimon, said on social media yesterday:
Some still urge diplomacy, as if words can stop warheads. This is how the conflict began. Israel cannot afford the illusion that existential threats are empty words.
Prime minister Anthony Albanese echoed Wong’s sentiments at a press conference earlier today. Australian sources are pointing out that the United States, United Kingdom, Germany and Canada are also all urging dialogue and diplomacy too.
Adeshola Ore
One million Australians missing specialist doctor appointments due to cost, report finds
One in 10 Australians pay almost $600 each year to see specialist doctors, with 1 million delaying or skipping appointments due to the cost, according to new analysis. A report by the Grattan Institute, released on Monday, revealed outpatient fees have soared over the past 15 years.
Experts say a lack of regulation of specialist consultation fees and training positions has led to ballooning costs. Some specialist doctors charged more than triple the Medicare scheduled fee, the analysis found. The scheduled fee refers to a fixed payment that the federal government will pay the doctor for the service.
Of these “extreme-fee charging” specialists, psychiatrists had the highest average out-of-pocket costs for an initial consultation – $671. This was followed by $372 for endocrinologists and $369 for cardiologists.
Read more here:
