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Trump’s Big Beautiful Bill: Big promises, bigger gaps
United States President Donald Trump went to Davos with a familiar sales pitch: brassy slogans, sweeping claims and a mountain of numbers designed to sound transformative. Standing before the world’s corporate elite, he boasted about his so-called “big beautiful bill” and declared an economic miracle powered by tax cuts, tariffs and American muscle. But strip away the branding, and what’s left is not a revolution in prosperity—it’s a risky, expensive experiment built on half-truths and wishful thinking. Trump is trying to sell the idea that America can cut trillions in taxes, bully global trade partners with tariffs, strong-arm central bankers, and somehow emerge richer, cheaper and more stable all at once. It’s a fantasy that plays well on stage but collapses in broad daylight. Start with the headline promise Trump loves to repeat: “no tax on tips, no tax on overtime, no tax on Social Security.” However, these measures are temporary, limited and heavily caveated. They don’t erase taxes outright; they offer deductions that phase out for higher earners and do nothing for workers who already owe little or no federal income tax. In other words, millions of low-income Americans hear “no tax” and get nothing, a
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US pledges $20bn swap line to support Argentina
The United States is in talks to provide Argentina with a US$20 billion (A$30.27 billion) swap line and stands ready to extend further financial support to stabilise the South American economy, Treasury Secretary Scott Bessent said on Wednesday. In a post on X, Bessent confirmed that Washington is negotiating with Argentina’s central bank and is prepared to purchase U.S. dollar-denominated bonds from the country as conditions require. He added that significant standby credit could be made available through the Treasury’s Exchange Stabilization Fund (ESF). Bessent noted, “Under President Milei, Argentina has taken important strides toward stabilisation. He has achieved impressive fiscal consolidation and a broad liberalisation of prices and restrictive regulations, laying the foundation for Argentina’s historic return to prosperity.” "Argentina has the tools to defeat speculators, including those who seek to destabilise Argentina's markets for political objectives," Bessent said. "I will be watching developments closely and the Treasury remains fully prepared to do what is necessary." The move comes as Argentine President Javier Milei faces mounting market pressure following his party’s heavy defeat in a recent pr
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US offers support for Argentina's economy
The United States has offered to help stabilise Argentina’s volatile economy, according to President Donald Trump and Treasury Secretary Scott Bessent. Trump said Argentina is unlikely to need a financial bailout after meeting with Argentina President Javier Milei today, though Bessent said the U.S. is “ready to do what is needed”. “All options for stabilisation are on the table,” wrote Bessent. “These options may include, but are not limited to, swap lines, direct currency purchases, and purchases of U.S. dollar-denominated government debt from Treasury’s Exchange Stabilization Fund.” Argentina’s peso rose by 6% on Monday after Bessent’s pledge, its first gain in eight days. The peso’s value has plummeted over the past week as investors pulled their money from the country, with Milei saying the markets were “in panic mode”. Argentina’s central bank spent $1.1 billion of its reserves to buy pesos last week, and its government has temporarily suspended agricultural export tariffs to encourage sales. Milei is an ideological ally of the current U.S. administration, with Trump endorsing Milei’s re-election bid today ahead of midterm legislative elections next month. The World Bank also said today that it would
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Australia commits $500m to boost green iron industry
Australia took a major step closer to becoming a green iron manufacturing powerhouse following revelations last week that iron ore companies can, from next month, apply for a share of major funding the federal government is stumping up to help kickstart commercial green steel projects. The federal government is throwing A$500 million to help turbocharge Australia’s green iron sector through the launch of the National Development Stream of the Green Iron Investment Fund (NDSGIIF). Iron ore companies have been invited to start throwing their hats in the ring for a slice of the funding on offer ahead of the NDSGIIF’s official launch on 28 October.Sprint for global dominance in green ironAccording to Federal Industry and Innovation Minister Tim Ayres, funding under NDSGIIF – together with Australia’s natural resources and know-how - will underpin Australia’s sprint for pole position as the world pivots towards developing a global green steel sector. Based on the Department of Industry, Science and Resources numbers, global demand for green iron could reach more than 850 million tonnes by 2050 in a net-zero scenario. While green iron proposals are currently under consideration around the country to capture the growing globa
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US Senate narrowly passes 'big beautiful' spending bill
United States Republicans’ tax and spending bill has narrowly passed the Senate amid widespread opposition, paving the way for major tax cuts and reductions to social welfare programs. The bill passed with 50 votes in favour and 50 votes against, with Vice President JD Vance breaking the tie. It would cement major tax cuts into law, including many for high earners, as well as slash funding for Medicaid and allocate billions of dollars for deportation efforts. “Almost all of our Great Republicans in the United States Senate have passed our ‘ONE, BIG, BEAUTIFUL BILL.’ It is no longer a ‘House Bill’ or a ‘Senate Bill’. It is everyone’s Bill,” wrote U.S. President Donald Trump on Truth Social. The bill will now return to the House of Representatives for another vote, with Trump calling for the House to pass the bill by 4 July. The tax and spending bill, formerly known as the One Big Beautiful Bill Act, includes US$4.5 trillion in tax cuts. It stands to make the 2017 tax cuts imposed during Trump’s first term permanent, which significantly lowered taxes on the wealthy. It would allocate US$45 billion to Immigrations and Customs Enforcement for detention facilities and $14 billion for deportation operations, as the agency co

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Few Australians aware of new Buy Now Pay Later rules
While a majority of the Australians surveyed use Buy Now Pay Later services, just 18% of these customers are aware of new regulations, a report by Afterpay and Experian has found. Buy Now Pay Later (BNPL) providers are required to hold an Australian credit licence and conduct credit checks on new users as of 10 June. While 18% of BNPL customers surveyed were aware of these changes, 62% said they would feel more confident using BNPL under the new regulations. “Awareness of the new rules remains low, but support for a proportionate regulatory framework is high. That tells us we have an opportunity — and an obligation — to improve credit literacy and help Australians understand how credit reporting works, what behaviours affect their scores, and how to make choices that protect and grow their financial wellbeing,” says Experian A/NZ Credit Bureaux managing director Brian Bond. “The evolving BNPL landscape isn’t just about compliance — it’s about building consumer confidence and driving loyalty. Shoppers are increasingly looking to retailers and providers that align with their values of transparency, responsibility, and financial wellbeing,” the Australian Retail Association said in a statement. The report found that 76% o
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Victorian government helps small business save thousands
The Victorian government has announced it will cut payroll tax for small businesses and slash red tape for cafes, bars and restaurants. During their visit to the Terminus Hotel, Premier Jacinta Allan, Treasurer Jaclyn Symes and Minister for Planning Sonya Kilkenny announced that from 1 July 2025, the payroll tax-free threshold will lift from A$900,000 to $1 million. This means that around 6,000 businesses will no longer pay payroll tax, and an additional 22,500 will pay a reduced amount, saving approximately $14,550 per year. The payroll tax changes and the introduction of the Commercial and Industrial Property Tax reform are set to save Victorian businesses around $1.35 billion over the next four years. “These planning changes are all about saving our local pubs, cafes and restaurants time and money and letting them focus on what they do best – serving great food, creating local jobs, and bringing people together,” Minister Kilkenny said. This follows lifting the threshold from $700,000 at the start of the financial year. The Allan government has also announced changes to make it easier to open a restaurant serving alcohol and expand outdoor dining. Businesses will no longer need approval from local councils and
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NDIS facing a ballooning budget, savings at risk
The Albanese government is facing the prospect of a Budget blowout as almost $9 billion worth of savings earmarked for the National Disability Insurance Scheme are delayed or at risk. The Budget, published in March, showed savings of $19 billion over the next four financial years, in relation to the NDIS, but nearly $9 billion of that is now looking unlikely. The savings figures depend on two factors which seem further out of reach than they were in March: an overhaul of the way NDIS participant plans are set up and a funding deal between states and federal governments. The predicted $8.8 billion in savings relied on participant budgets becoming standardised to make up $8.1 billion of that figure, and the remaining $700 million came from shifting children from the NDIS to state programs. According to analysis from the AFR of the March Budget and the NDIS' annual financial sustainability report, spending on the scheme is currently on track to outpace defence spending for 2026 and 2027. It is also likely to become the country's most expensive social program this decade. The program is rapidly growing largely due to the number of child participants, most of whom have developmental conditions or are neurodivergent, w
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Many Bulgarians sceptical of joining euro zone
Bulgaria has been given the green light by the European Commission and the European Central Bank and adopts the euro as its currency; however, some are still sceptical about the idea. The country was given the go-ahead to adopt the euro as early as 1 January 2026 after Brussels declared that Bulgaria met the formal economic criteria. This is because it has public debt that is low at just 24.1% of GDP, and inflation has dropped to 2.8%, which is within the allowed margin. According to a recent European Union survey, around half of Bulgaria’s population is against adopting the currency. This is due to fears of higher prices and the loss of independence. Bulgarians also fear currency change after many experienced 300% hyperinflation in 1997. “When you don’t trust the institutions in the country, it is much harder to make any transition,” Petar Ganev, an economist at the Institute for Market Economics in Sofia said. This leaves many afraid that the cost of basic goods like vegetables could rise, especially in rural areas. “[Rural voters are sceptical] not because they’re eurosceptic, but because of fears over an increase in the cost of living,” Bulgarian economist and the country’s former deputy prime minister, Atana