FEAR & GREED | Business News Afternoon Report | ASX rises, Scott Morrison cleared
5 snips
Mar 11, 2026 Markets climb as miners and banks lead gains and rate expectations shift. Rare earths and gold miners rally on new supply deals and upgrades. A major political figure is cleared by a national commission. A proposed tax overhaul would shift focus from wages to wealth. An AI firm launches operations in Australia while US forces neutralize suspected mine-laying boats near strategic waters.
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Miners And Banks Drive ASX Gains
- ASX rose 0.6% led by miners and banks despite growing odds of an RBA rate hike.
- Fortescue +4%, BHP +1.4%, Champion Iron +7% as iron ore topped $104 US and Linus surged 16% on a Japan Australia Rare Earths deal.
Morrison Cleared While Public Servants Found At Fault
- Scott Morrison was cleared by the NACC of corrupt conduct over RoboDebt but two senior public servants were found to have engaged in serious corrupt conduct.
- NACC said evidence was insufficient for criminal referral; government paid $475 million compensation.
Allegra Spender Proposes Wealth Based Tax Shift
- Allegra Spender proposed shifting tax from wages to wealth via lower income tax and tighter capital gains and negative gearing rules.
- Example: someone on $100,000 would get about $1,600 less tax, funded by reducing CGT discount and phasing out negative gearing.