Australia: Federal Budget 2026–27
Treasurer Jim Chalmers delivered the federal budget last night, projecting a $4.2 billion surplus — the third consecutive surplus under Labor.
Why it matters: Cost-of-living relief dominates the measures: energy bill rebates extended, bulk-billing incentives doubled, and a new $1,000 tax offset for workers earning under $80,000. The surplus leaves limited headroom before the next election.
Source: Australian Treasury
USA: Trump Signs AI Chip Export Control Order
President Trump signed an executive order tightening restrictions on advanced AI chip exports to a new list of 14 countries, overriding the Biden-era tiered framework.
Why it matters: NVIDIA and AMD shares fell 4% in after-hours trading. The order complicates supply chains for Australian cloud providers purchasing US-origin hardware under joint procurement agreements.
Source: Reuters
UK: Keir Starmer Calls Snap Election for June
Prime Minister Keir Starmer announced a snap election for 11 June, citing a need for a fresh mandate following a confidence vote he narrowly survived last month.
Why it matters: The Reform Party is polling second nationally — a result that would fracture the Conservative vote and potentially deliver Labour an even larger majority than 2024.
Source: BBC News