Today is March 3rd, and here is your evening news briefing!
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CoreLogic Housing Data Shows February Market Turnaround: Melbourne and Hobart Lead Recovery Amid Rate Cut Expectations. Australian housing market rebounds with 0.3% national growth in February 2025, ending a three-month downturn as Melbourne and Hobart lead recovery, premium properties surge first, and strategic rate cut expectations fuel renewed buyer confidence despite ongoing supply constraints.
Albanese Government Rejects Ukraine Troop Deployment Following Starmer's Coalition Proposal.
Opposition leader Peter Dutton has vowed to lobby Trump on Ukraine policy if Australia's Coalition wins the federal election. Dutton praised Ukrainian President Volodymyr Zelenskyy as a "war hero" and urged European nations to increase their support. Both the Albanese government and Dutton have downplayed the possibility of sending Australian troops to join a "coalition of the willing" peacekeeping mission. The political positioning follows a tense White House meeting between Trump and Zelenskyy.
Tropical Cyclone Alfred is expected to intensify to category two strength, causing significant damage to over 660,000 properties in South East Queensland and northern New South Wales. The Redlands area faces the highest risk, with 23,000 homes potentially suffering moderate to extensive damage. Premiers and Premiers have issued preparedness warnings due to the high likelihood of coastal impact.
Star Entertainment Group has suspended shares from the Australian Securities Exchange due to failure to meet the deadline for lodging its half-year financial results. The company is on the brink of financial collapse, with approximately 9,000 jobs at risk. Star Entertainment has confirmed the gravity of its situation and requires comprehensive refinancing commitments to address existing debt and provide additional liquidity. Without such funding, the company faces the possibility of entering voluntary administration.
The Australian equity market showed resilience, with the ASX 200 finishing 0.9% higher across all sectors, with strong performances in mining, energy, and property trusts. Economic data showed December quarter company profits increased nearly 6%, indicating an accelerated economy despite global headwinds. Star Entertainment Group was suspended from ASX trading due to failure to meet reporting deadlines, and markets are closely monitoring the approaching deadline for new US tariffs targeting Canada, Mexico, and China.
Australian Prime Minister Anthony Albanese has announced three significant Medicare expansions, including over half a billion dollars for women's reproductive health initiatives, tripled bulk billing incentives for all 27 million Australians, and 50 additional Medicare Urgent Care Clinics. This comprehensive healthcare strategy contrasts with opposition proposals, emphasizing Medicare as "part of who we are" and rejecting an "Americanisation" of Australia's health system. The federal government is also coordinating disaster response, implementing "build back better" principles, and maintaining surveillance of Chinese vessels in international waters.
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