Good Morning everyone! It's Thursday July 10 and On Wednesday, Nvidia became the first public company in history to achieve a market valuation of $4 trillion, as its shares rose by 2.4% to reach $164. In other news, what a great game last night for the State of Origin series!

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Today's reading time is 7 minutes. - Miko Santos

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Trump's 200% Pharma Tariff Proposal Targets Australia's PBS System

The Trump administration has announced a proposed 200% tariff on pharmaceutical imports, specifically targeting Australia's Pharmaceutical Benefits Scheme (PBS) in an escalation of long-standing trade tensions over drug pricing. The tariff proposal represents the most aggressive trade measure yet aimed at forcing Australia into negotiations over its heavily subsidized medicine program, which allows consumers to access prescription medications for less than $50 compared to hundreds or thousands of dollars in the United States. Health economics experts suggest the immediate impact on Australian consumers would be minimal, with costs primarily affecting American patients instead.

Australia's largest pharmaceutical exporter, CSL Limited, has expressed confidence in managing potential trade disruptions through its global production network, with market reactions remaining relatively stable following the announcement. The Albanese government continues to maintain that the PBS system is non-negotiable, receiving bipartisan support for a program that covers over 5,000 medications and represents one of the world's most comprehensive pharmaceutical subsidy schemes. The timing and implementation details of the proposed tariffs remain uncertain, creating challenges for both Australian companies and policymakers as they navigate this intersection of trade policy and healthcare access.

RBA Holds Interest Rates at 4.35% as Opposition Blames Albanese Government for $1,900 Annual Mortgage Burden

The Reserve Bank of Australia has maintained the cash rate at 4.35 percent following a 6-3 board vote, disappointing economists and homeowners who anticipated the first rate cut in the current cycle.

Shadow Treasurer Ted O'Brien has attributed responsibility for sustained high interest rates to the Albanese government's economic policies, claiming average mortgage holders now pay $1,900 more annually than when Labor took office.

O'Brien criticized government spending for maintaining elevated inflation levels and poor productivity performance for limiting the RBA's monetary policy options, echoing concerns raised by Reserve Bank Governor Michelle Bullock about international economic volatility.

Compounding economic concerns, O'Brien raised alarm about potential 200 percent US tariffs on Australian pharmaceutical exports, criticizing Prime Minister Albanese's approach to managing the crucial US relationship. The Shadow Treasurer emphasized that effective negotiations require direct face-to-face meetings between the Prime Minister and US President, warning that tariff threats against the pharmaceutical sector have persisted for months without adequate government response.

The developments occur amid broader economic challenges, including debates over next month's economic reform roundtable and ongoing discussions about Liberal Party candidate selection processes, highlighting the complex intersection of domestic monetary policy and international trade relationships affecting Australian economic stability.

RBNZ Holds Official Cash Rate at 3.25% Amid Global Economic Uncertainty

The Reserve Bank of New Zealand's Monetary Policy Committee unanimously decided to maintain the Official Cash Rate at 3.25 percent during their July 9, 2025 meeting, citing elevated global policy uncertainty and the need for additional economic data before making further adjustments.

While annual consumer price inflation is expected to increase toward the upper limit of the central bank's 1-3 percent target band during mid-2025, officials project headline inflation will return to approximately 2 percent by early 2026 as spare productive capacity and declining domestic inflation pressures take effect.

The committee's decision reflects a cautious approach amid conflicting economic signals, including stronger-than-expected GDP growth in recent quarters offset by weaker high-frequency indicators in April and May.

Global trade protectionism and tariff policies present significant uncertainty for New Zealand's economic outlook, though elevated export prices and previous monetary policy easing are expected to support gradual recovery. The central bank indicated that further rate reductions remain likely if medium-term inflation pressures continue easing as projected, with nearly half of existing mortgages scheduled to reprice at lower rates during the September and December quarters.

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BUSINESS & MARKETS

➡️  Telstra Announces 550 Job Cuts in Australia as Enterprise Business Overhaul Continues. Australia's leading telecommunications operator Telstra Group will eliminate 550 positions representing less than 2% of its workforce as part of ongoing enterprise business restructuring and organizational improvements, following last year's reduction of 1,900 employees.

➡️  First Guardian Collapse: 6,000 Australians May Never Recover $446 Million in Lost Superannuation. Six thousand Australian investors face the potential total loss of $446 million in superannuation funds following the collapse of First Guardian, with liquidators warning the complex investigation could take over a year while much of the money was channeled into illiquid property investments and $242 million moved offshore under director David Anderson's management.

➡️  Nvidia Becomes First Company to Reach $4 Trillion Market Value Driven by AI Demand Surge. Nvidia became the first public company in history to achieve a $4 trillion market valuation on Wednesday as shares rose 2.4% to $164, driven by surging demand for artificial intelligence technology and the chipmaker's dominant position in AI hardware and software solutions.

POLITICS & WORLD AFFAIRS

➡️ Trump Trade Deal Deadline Extended to August 1: Only 3 of Promised 200 Countries Reach Agreements. President Trump has extended his trade deal deadline from July 9 to August 1 after completing only three of 200 promised country agreements, with US-EU negotiators close to announcing a framework deal featuring 10% tariffs while other major partners like Japan and South Korea face new trade barriers.

➡️  Iran Issues Death Fatwas Against Trump: Watchdog Group Demands Immediate US Sanctions on Iranian Clerics. A watchdog organization is urging the US government to impose sanctions on 11 Iranian clerics and regime-controlled institutions that have issued Islamic death fatwas calling for the assassination of President Trump, other Americans, and Israeli Prime Minister Netanyahu under Iran's interpretation of "waging war against God."

➡️ Russia Launches Record 728 Drones in Largest Single Attack on Ukraine Since War Began. Russia launched its largest single-night attack of the three-year war against Ukraine, firing a record 728 drones and 13 missiles that primarily targeted western Ukrainian supply routes and airfields, prompting Poland to scramble fighter jets while President Trump vowed to send more weapons to Ukraine despite recent delivery pauses.

ENTERTAINMENT,SPORTS & TRAVEL

➡️ Queensland Maroons Win State of Origin 2025: Cameron Munster Leads Emotional 24-12 Victory Over NSW Blues. Queensland Maroons reclaimed the State of Origin shield with a dominant 24-12 victory over New South Wales at Accor Stadium, led by an emotional Cameron Munster who played just days after his father's sudden death while Tom Dearden earned man-of-the-match honors.

➡️ Christian Horner Fired: Red Bull F1 Team Principal Sacked After 20 Years Following Workplace Allegations. Red Bull Formula 1 team has fired longtime team principal Christian Horner after 20 years in charge, ending his tenure that brought six Constructors Championships and eight Drivers Championships following workplace behavior allegations he was previously cleared of twice.

➡️ Orlando Bloom Posts Family Photo with Katy Perry After Breakup Announcement During Italy Vacation. Orlando Bloom posted an Instagram photo with ex-fiancée Katy Perry and their children during a family vacation in Italy, demonstrating their commitment to co-parenting their 4-year-old daughter Daisy Rose despite announcing their breakup earlier in 2025 after 11 years together.

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