Good morning. Here's what happened overnight and what you need to know today.
1.
Pre-election duel: Labor’s surprise tax cuts passed the Senate without Coalition support, as Peter Dutton countered with a $6 billion pledge to halve fuel excise for a year. The bill cleared the Senate in a late-night sitting Wednesday with crossbench support but no debate, after passing the House earlier that day with Greens and independent backing. Finance Minister Katy Gallagher said the Coalition was “saying no to everything” and had “voted no to tax cuts for every taxpayer.” Angus Taylor called it a “70¢ a day tax cut in 15 months’ time” and a “hoax.” The same sitting also extended $20,000 instant asset write-offs and fee-free TAFE. Announced in Tuesday’s budget, the cuts give 12 million workers up to $268 next year and $536 after. Dutton said his plan offers faster, broader savings and “will save many hundreds of dollars” as he positions the Coalition ahead of an election expected to be called as soon as Friday. (Capital Brief)(ABC)(AFR)
2.
Spare parts: US President Donald Trump will announce tariffs on the auto industry this morning, escalating his fight with global trading partners ahead of broader tariffs next week, the White House said. The tariffs are expected to apply to finished vehicles but not parts, Bloomberg reported, citing unnamed sources, potentially targeting more than USD240 billion ($381.3 billion) in annual US car and light truck imports. Press Secretary Karoline Leavitt confirmed Trump will speak from the Oval Office at 7:00am AEDT to detail the move. Markets fell on the news, with the S&P 500 down as much as 1.2%, the Nasdaq 2.2% and Tesla 6.7%, before paring some losses by late afternoon. The move follows steel and aluminium tariffs imposed on 12 March and comes ahead of reciprocal tariffs due 2 April. Trump has said the levies will spur domestic auto growth, praising Hyundai’s recent USD21 billion US expansion. Union officials warned of a “tidal wave” of layoffs, with 200 job losses already reported in Canada. (Bloomberg)(Reuters)(Capital Brief)
