Luca Ittimani
Trump tariff announcement wipes $1bn from CSL value
Australian medical companies, including struggling global biotech company CSL, have lost billions in value after Donald Trump announced 100% tariffs on pharmaceuticals entering the US.
Trump on Truth Social said companies building manufacturing plants in the US would be exempt from the tariffs, due to take effect on 1 October.
CSL initially lost $3bn in market value on the news but has pared its losses to $1bn, a 1% fall in its share price, after rushing to reassure investors it expected to avoid the tariffs. A spokesperson said:
We have a very significant United States manufacturing footprint. We are already expanding our US capabilities to meet the growing demand for our therapies … As per previous market guidance, we do not expect any material impact from these tariffs.
The announcement is the latest blow to the market heavyweight. It lost about $20bn in market capitalisation in August on the day it released disappointing financial results but has continued to slide, now $35bn smaller or three-quarters the size it was two months ago.
Trump’s announcement also wiped hundreds of millions from the values of other pharmaceutical companies, with Soul Pattinson down 2.5%, losing $400m from its market capitalisation. Neuren fell 3.6% or $100m, Telix lost 2.6% or $130m and Pro Medicus fell 2.5%
The broader health sector fell 1.5% of its value on the news, although rising values for the big banks and miners have kept the all ordinaries and the benchmark S&P/ASX200 from falling.
Key events
TGA recalls more sunscreens over SPF concerns
Catie McLeod
Two more sunscreens are being pulled from shelves for making SPF claims that may be inaccurate.
Earlier today, the Therapeutic Goods Administration (TGA) issued a recall for two of Advanced Skin Technology’s mineral sunscreens, both sold under the Aspect brand name.
The medicines regulator said Advanced Skin Technology was recalling four batches of the Aspect Sun Physical Sun Protection SPF50+ and four batches of the Aspect Sun Tinted Physical SPF50+.
The TGA says the decision “follows preliminary testing evidence indicating that the SPF levels of their products may be lower than what is claimed on their labels”.
The Aspect sunscreens are the latest in a string of mineral-based sunscreens that have been recalled or “paused” due to concerns about their efficacy, including Ultra Violette’s Lean Screen Skinscreen, which an investigation by consumer group Choice found had greatly overstated its SPF rating.
Advanced Skin Technology has been contacted for comment.
You can read more here:
Penry Buckley
Investigations into whether police insignia used during Sydney home invasion
Investigators are looking into whether police insignia was used to gain entry to a home after a family were allegedly restrained and assaulted in Sydney’s south-west overnight.
In a statement, NSW Police said officers were called to an address at about 12.15am today in Sunny Place, St Johns Park, after reports of an alleged home invasion.
There they were told that four people – men aged 29 and 21 and women aged 56 and 27 – were at home when up to six men allegedly forced their way in and restrained them. Police allege the men stole jewellery and an amount of Australian currency before leaving the scene in two vehicles.
Police allege the 21-year-old man was assaulted, suffering minor facial injuries. He was treated by paramedics, while the 56-year-old woman was taken to hospital as a precaution.
Acting inspector Benjamin Morgan confirmed that while the alleged offenders were not wearing police uniform, investigators were looking into whether they may have worn “T-shirts or shirts with a police logo on it”. He could not confirm if any weapons were used during the alleged attack, and if it was targeted or opportunistic. He said:
It is a traumatic event for anyone to go through. You’ve seen the CCTV footage that is out there, that would have been scary.
I hope the community can take solace in the fact that the police are out there, we are actively engaging with the community, and out in force to try and prevent further incidents like this occurring.
Petra Stock
Rare weather phenomenon could deliver abnormally hot days to Australia’s south-east
A rare rise in stratospheric temperatures over Antarctica could influence weather into summer, with previous events driving hotter and drier conditions for south-east Australia.
The phenomenon – called sudden stratospheric warming – is extremely unusual in the southern hemisphere. It only previously occurred in 2002 and 2019, the latter contributing to a worsening of the black summer bushfires.
In early September this year, air temperatures 30km above the Southern Ocean and Antarctica began to climb, and are now sitting about 30C warmer than average.
Read the full story here:
Caitlin Cassidy
With that, I will pass the blog into the capable hands of Stephanie Convery. Have a great weekend, and happy Grand Final Day eve for all those who celebrate.
Thunderstorm asthma warning issued in New South Wales
NSW Health has issued a thunderstorm asthma warning as the weather continues to warm up across the state.
The peak risk period in NSW is between October and December.
Senior staff specialist in allergy and clinical immunology, Prof Connie Katelaris, said specific thunderstorm conditions related to moisture and airflow could increase people’s exposure to high concentrations of very small fragments of pollen.
This exposure can trigger symptoms [such as] wheeze, chest tightness, breathing difficulty and cough. Symptoms can escalate very quickly and may become life threatening. Even if you don’t have asthma, pollen is at its highest throughout spring and could spark problems in people with allergies like hay fever or those who have undiagnosed asthma.
Luca Ittimani
Trump tariff announcement wipes $1bn from CSL value
Australian medical companies, including struggling global biotech company CSL, have lost billions in value after Donald Trump announced 100% tariffs on pharmaceuticals entering the US.
Trump on Truth Social said companies building manufacturing plants in the US would be exempt from the tariffs, due to take effect on 1 October.
CSL initially lost $3bn in market value on the news but has pared its losses to $1bn, a 1% fall in its share price, after rushing to reassure investors it expected to avoid the tariffs. A spokesperson said:
We have a very significant United States manufacturing footprint. We are already expanding our US capabilities to meet the growing demand for our therapies … As per previous market guidance, we do not expect any material impact from these tariffs.
The announcement is the latest blow to the market heavyweight. It lost about $20bn in market capitalisation in August on the day it released disappointing financial results but has continued to slide, now $35bn smaller or three-quarters the size it was two months ago.
Trump’s announcement also wiped hundreds of millions from the values of other pharmaceutical companies, with Soul Pattinson down 2.5%, losing $400m from its market capitalisation. Neuren fell 3.6% or $100m, Telix lost 2.6% or $130m and Pro Medicus fell 2.5%
The broader health sector fell 1.5% of its value on the news, although rising values for the big banks and miners have kept the all ordinaries and the benchmark S&P/ASX200 from falling.
Andrew Messenger
Qld corruption commission blocks release of advice about Townsville mayor, local government minister says
Queensland’s local government minister says she has been gagged from releasing advice from the state’s corruption commission about former Townsville mayor Troy Thompson.
Ann Leahy issued Thompson a show cause notice last week, after a briefing from the Queensland Crime and Corruption Commission. Today she said he did not respond to the notice until resigning on this morning:
Clearly, the people of Townsville would want to know that information before they go to the polls, and it is my view that they deserve that information.
So this morning, I have taken advice from the CCC. The CCC has specifically restricted me from releasing that information. The avenue for the release of the information sits with the CCC.
Leahy confirmed that he remains eligible to run again.
She was repeatedly asked if she could issue an additional show cause notice to Thompson if he was reelected. She said:
I don’t make decisions for Mr Thompson, but I would encourage every candidate to be open and transparent with the voters of Townsville in the lead up to this election. So that’s potentially a question that’s better asked to Mr Thompson.
Luca Ittimani
Fortescue CEO says China’s reduction plan no ‘soft target’
The chief executive of Australian miner Fortescue has dismissed criticism of China’s emissions after inking deals with four Chinese companies to support the company’s carbon reduction plan.
Dino Otranto, Ceo of Fortescue’s mining arm, says China’s target of reducing its emissions by between 7% and 10% of their peak by 2035 will benefit Australia as both countries move to renewable energy. He told Guardian Australia:
[Reduction] is well within reach. There’s no excuses any more, and we want everybody to get on with it.
China accounts for nearly a third of the world’s total emissions. Its targets have attracted criticism from climate scientists for being well below an achievable and necessary 30% reduction.
Asked whether criticism of China’s target as too low was unfair, Otranto says it is.
You lot have responded that it’s a bit of a soft target, but … China is leading the way in renewable energy deployment. It has done so for the last few years, and it will continue to do so … [and] they will probably beat the target.
China added more than 300GW of solar and wind energy in each of the past two years and would only need to add 180GW a year to reach its new target of 3,600GW by 2035, announced on Wednesday by China’s president, Xi Jinping, at the UN general assembly.
As Guardian Australia’s Graham Readfearn writes, China’s target has made it harder for opponents of Australia cutting emissions to argue against smaller nations’ climate action.
Luca Ittimani
Fortescue announces Chinese partnerships to eliminate emissions
The Australian mining giant Fortescue will partner with four Chinese companies to wipe out its 3m tonnes of direct emissions by 2030, defying scepticism of its haul truck and hydrogen plans.
Heavy mining machinery including trucks were responsible for about 1.3m tonnes of CO2-equivalent emissions under Fortescue’s direct control in 2024-25, out of a total 3m. It plans to move to a fully electric fleet and hit zero emissions by 2030.
The government’s Climate Change Authority last week warned supply constraints of electric mining equipment could hold up Australia’s emission reduction and competing iron miners BHP and Rio Tinto have avoided aggressive electric truck uptake.
Fortescue today announced it would source up to half of its electric fleet from China-based XCMG. Dino Otranto, chief executive of the company’s mining operations, dismissed industry hesitance to adopt electric heavy equipment, telling Guardian Australia:
I am the face of a lot of that criticism amongst my peers, certainly, in the mining industry [but] we’re deploying it … and we wouldn’t be doing it if it wasn’t profitable.
Fortescue will also use batteries from BYD, solar panels from Longi and wind turbines from Envision, under new agreements with the China-based companies, and buy out Spain’s Nabrawind to build wind energy capacity.
Fortescue has championed the use of green hydrogen despite shelving two projects this year. Otranto defied scepticism of the clean fuel’s role in decarbonisation, pointing to the forthcoming opening of Fortescue’s green iron plant at Christmas Creek:
Our aspirations have certainly not wavered whatsoever.
Australian shares on track for fourth week of losses
Australia’s share market is trading flat after a lacklustre start to the session, as the mining sector continues to counterbalance broader weakness. The benchmark S&P/ASX200 was flat at 8,773, as the broader All Ordinaries lost 1.9 points, or 0.02%, to 9,061.5.
The move followed a lacklustre session on Wall Street overnight, and as US and Australian economic data prompt investors to rethink the outlook for the two nations’ interest rate cutting cycles.
While no monetary easing is expected at next week’s Reserve Bank meeting, ANZ and Westpac economists have held their expectations for a November rate cut but stressed the importance of incoming jobs figures in any upcoming decisions.
Six of the 11 local sectors were trading lower by midday, and again it was materials enjoying relatively lonely success with a 0.8% rise.
Large cap miners BHP (+1.5%) and Rio Tinto (+0.9%) continued to perform after a recent rally in copper prices.
Healthcare stocks tumbled 1.4% after the White House announced 100% tariffs on medicines entering the US, with exemptions for companies building manufacturing centres there.
The Australian dollar is buying 65.33 US cents, down from 65.93 US cents on Thursday at 5pm.
– Australian Associated Press
Mark Butler says government ‘working through’ US pharmaceutical tariff announcement
Krishani Dhanji
Circling back to the press conference in Adelaide, and Mark Butler says the government is still trying to understand the scope and impact of the tariffs, promising to do “everything” it can to protect the pharmaceutical benefits scheme.
The US administration announced this morning that it will impose 100% tariffs on pharmaceuticals.
Butler says the government is talking to companies who might be affected, and noted that there are some qualifications to the US administration’s announcement.
More than two thirds of Australia’s exports to the US are blood and plasma products, and Butler says the government is trying to determine if those exports will be hit with tariffs.
He says:
We’re still working through the latest announcement from the president this morning, Australian time. Obviously we have been aware of the administration’s intention to take action against pharmaceutical imports into America and we have been engaging with them, and making the case why we should continue with the tariff-free trade …
We buy more pharmaceutical products from the US by quite a distance than they buy from us … It is not in the American consumers’ interest to impose a higher price on the export from Australia to America.
Rise in deaths in Australia due to ageing population, new data shows
Registered deaths rose by 2.3% in Australia last year, new data from the Australian Bureau of Statistics (ABS) shows, but the increase is reflective of our ageing population.
The number of deaths registered grew to 187,268 in 2024, up by 4,137 deaths, the ABS found.
ABS head of demography, Beidar Cho, said 68% of all deaths occurred in people aged 75 years and over.
This is higher than it was 10 years ago. A similar trend can be seen in the proportion of deaths that occurred in people aged 90 and over. This age group accounted for 24% of all deaths in 2024 and 2023. This is up from 21% in 2014.
The median age at death was 79.6 years for males, the same as 2023, and 84.7 for females, up 0.1 years since 2023.
The standardised death rate was 5.078 deaths per 1,000 standard population in 2024, down from 5.471 in 2014.
Krishani Dhanji
Illicit tobacco has ‘exploded’ in Australia, health minister says
The tobacco black market is punching a “very serious hole” in Australia’s public health goals and the government’s revenue, says the health minister, Mark Butler.
At a press conference in Adelaide, Butler says the illicit tobacco market has exploded, but Australia isn’t alone, countries like the US are also trying to crack down on a significant black market.
Butler calls it the “biggest threat” the Australia’s tobacco control programs:
The explosion in illicit tobacco was a product of significant oversupply in the world, dumping of this product on every single country around the world by the gangs controlling this traffic, and essentially the stranglehold that some criminal gangs in Australia have got over the market to bank roll their other criminal activities …
We’ll track you down, we’ll start to prosecute you in much greater numbers, confiscate the profits you’re making from this illicit activity and you won’t get away with what you’re doing.
Butler says just less than 10% of adults in Australia now smoke – with the government aiming to get that down to zero.
More than $2m worth of illegal vape products allegedly seized in Sydney
A man will face court next week after around $2.1m worth of illegal vape products were allegedly seized in Sydney’s inner west on Thursday.
In September, officers in Penrith began an investigation into illegal vape products allegedly being supplied in the Petersham area.
Following inquiries, about 10.45am yesterday detectives executed a search warrant at a storage facility in Petersham, where they seized around 60,500 vapes from three storage units. Police allege the estimated street value of each vape was $35, amounting to $2.1m in total.
Following inquiries, police arrested a 24-year-old man at a home in Sydney Olympic Park. He was charged with possess more than 100 times to less than 1,000 times commercial quantity of vaping goods and possess 1,000 times of commercial quantity or more of vaping goods.
He was granted conditional bail to appear at Burwood local court next Tuesday.
Return of patrolling NSW lifesavers comes at ‘important time’ amid unseasonable warmth
Returning to the start of Surf Life Saving Patrol season in New South Wales, the premier, Chris Minns, has joined surf lifesavers to raise flags at a beach in Newcastle this morning.
Surf Life Saving NSW says more than 21,000 volunteer lifesavers are expected to return to the state’s beaches tomorrow.
The organisation says the return of patrolling lifesavers “comes at an important time”, after unseasonably warm weather over the past week. There have been seven coastal drownings in NSW since the start of the financial year in July, all at unpatrolled locations, including the death of a man on Wednesday on the Central Coast.
In an effort to curb similar incidents, the NSW government has invested in new jet skis, which will be rolled out at Surf Life Saving clubs across the state this month in the leadup to the season. Minns said:
Surf life savers and volunteers are everyday heroes and we’re proud to be supporting them as they continue to this essential mission.