Australia National News & Top Stories | Inspirepreneur Magazine

ASIC Confirms Formal KPMG Investigation While Retaining Eight Active Contracts

ShivangiJune 5, 2026June 5, 202604 mins

ASIC has confirmed it has opened a formal investigation into KPMG following allegations that confidential client information was misused to help secure audit contracts. The regulator told Senate estimates it currently has eight active contracts with KPMG worth about $3 million, including two that began after initial investigations started. ASIC also confirmed that auditors Paul Rogers and Eileen Hoggett are under formal investigation. The scandal has already led to senior executive departures and increased scrutiny from regulators, government agencies and parliamentary inquiries across Australia.

Former RBA Chief Glenn Stevens lands key role in NSW’s A$89B fund

Pooja MalikJune 5, 2026June 5, 202604 mins

Glenn Stevens, chairman of Macquarie Group and former Reserve Bank governor, has been appointed chair of NSW Treasury Corporation. The role gives him oversight responsibilities at an agency managing approximately A$89 billion in assets, as governments increasingly rely on large institutional investment pools and capital markets.

KPMG Australia Fallout Deepens as RBA and Pension Fund Review Ties

ShivangiJune 5, 2026June 5, 202603 mins

KPMG Australia is facing increasing pressure as major institutions review their relationship with the firm following whistleblower allegations involving the misuse of confidential client information. The Reserve Bank of Australia is unlikely to renew KPMG’s whistleblower hotline contract, while pension fund Rest and the New South Wales government are seeking additional information and assurances. The controversy follows the resignation of KPMG Australia’s CEO and audit chief and has intensified scrutiny of Australia’s consulting industry. An independent review is now underway as regulators, clients and government bodies continue to examine the firm’s conduct.

Australia’s Lower House Passes Biggest Tax Reform Package in Decades

ShivangiJune 4, 2026June 4, 202604 mins

Australia’s House of Representatives has passed the government’s biggest tax reform package in decades, advancing changes aimed at improving housing affordability and delivering additional tax relief. The reforms would limit negative gearing to newly built homes, replace the current capital gains tax discount system, and introduce a new 30% minimum tax on net capital gains from July 2027. The package also includes a A$250 tax offset and a A$1,000 instant tax deduction for workers. The legislation must now secure support in the Senate before it can become law.

Meta blames Australia of breaching FTA, invokes US ‘trade action’

ShivangiJune 4, 2026June 4, 202604 mins

Meta has accused Australia of breaching its free trade agreement with the United States through a proposed tax on major technology companies that do not sign payment deals with local news publishers. The Facebook and Instagram owner said the 2.25% levy would apply to all Australian revenue and described the measure as “indefensible”. Meta also warned the proposal goes further than similar taxes that have previously triggered US trade action. The dispute is the latest development in a long-running battle over whether technology platforms should compensate news organisations for content shared on their services.

Australia to Challenge US Over Forced Labour Tariff Plan, Says Albanese

ShivangiJune 4, 2026June 4, 202602 mins

Australia will continue challenging proposed US tariffs after the Trump administration announced duties of up to 12.5% on imports from dozens of countries over forced labour concerns. Prime Minister Anthony Albanese rejected the allegations, saying Australia has robust and world-leading legislation addressing forced labour and modern slavery. The government argues the proposed tariffs are unjustified and risk undermining the global trading system. If implemented, the measures could increase costs for Australian exporters and add pressure to trade relations between Australia and the United States.

Australia’s Sportsbet Owner Ventures Into Rewards Club, Sparking Regulatory Concerns

ShivangiJune 4, 2026June 5, 202605 mins

Flutter Entertainment, the owner of Sportsbet, has entered Australia’s growing rewards club market through Sportsdream Rewards, a membership service offering entries into prize draws for cash, cars, and holidays. Members pay a monthly fee and receive access to giveaways, discounts, and event rebates. The launch has sparked concerns among gambling reform advocates who argue rewards clubs operate under less stringent regulations than betting companies and are not subject to many gambling safeguards. Regulators are now examining the relationship between Sportsbet and Sportsdream Rewards as the federal government prepares tougher laws targeting trade promotion schemes.

Australia Q1 Economic Growth Slows as Trade Weakness and Consumer Struggles Hit Economy

ShivangiJune 3, 2026June 3, 202605 mins

Australia’s economy slowed sharply in the first quarter of 2026 as weaker exports, soft household spending, and higher living costs weighed on growth. GDP increased just 0.3% during the March quarter, below market expectations and down from 0.9% growth in the previous quarter. Net trade became a major drag after exports of coal and iron ore were disrupted by poor weather conditions, while imports surged because of heavy data centre equipment purchases. Consumers also reduced discretionary spending amid higher fuel prices, elevated borrowing costs, and slowing housing activity, raising concerns about the broader economic outlook.

ACCC Orders Amazon, eBay And Kogan To Remove Risky Magnetic Toys

TanmayJune 2, 2026June 2, 202607 mins

Australia’s competition regulator has directed major online marketplaces to remove potentially dangerous magnetic toys from sale as part of an investigation into banned products reaching Australian consumers.

DIT AgTech Launches US Crowdfunding Campaign Targeting $7 Million Raise

TanmayJune 2, 2026June 2, 202609 mins

Queensland-based DIT AgTech has launched a US crowdfunding campaign aiming to raise up to $7 million as it expands its livestock water-supplementation technology into North and South America.