The ASX finished down for the first time in weeks, shedding 0.59% on lower-than-average volume.
Of 11 sectors, nine were lower, with Information Technology leading the plunge at a 2.94% loss. Financials bucked the trend, gaining 0.63%.
AUKUS alliance to expand cooperation
The trilateral partnership between Australia, the United States and the UK (AUKUS) has vowed to expand cooperation on a range of technological advancements, including artificial intelligence (AI), Quantum computing technology and hypersonic undersea weapons.
The three leaders highlighted their continued investment in a free and open Indo-Pacific, particularly relevant given the security deal between the Solomon Islands and China and Russia’s continued assault on Ukraine.
In a joint statement, AUKUS reiterated its commitment to establish a “robust” sharing of naval propulsion technology with Australia that “strengthens the global non-proliferation regime”.
The alliance also plans to expand information sharing and deepen defence innovation cooperation, on top of existing efforts to collectively advance cyber capabilities, artificial intelligence, quantum technologies and additional undersea capabilities.
The White House highlighted the creation of the AUKUS Quantum Arrangement, which is designed to accelerate development and investment in “generation-after-next” quantum capabilities.
“It will have an initial focus on quantum technologies for positioning, navigation and timing,” the White House statement said.
“Together, we will integrate emerging quantum technologies in trials and experimentation over the next three years.”
China’s UN ambassador Zhang Jun voiced concerns that such measures could fuel an Indo-Pacific crisis not unlike the conflict occurring in Ukraine when asked about the deal.
"Anyone who does not want to see the Ukrainian crisis should refrain from doing things which may lead the other parts of the world into a crisis like this," Mr Zhang told reporters.
"As the Chinese saying goes: if you do not like it, do not impose it against the others."
NSW Govt boost for female founders program
The NSW Government has indicated it’s close to signing off on a new tranche of funding to support women in business, understood to be more than $10 million.
Yesterday NSW Treasurer Matt Kean addressed the COSBOA National Small Business Summit on the role of women in business, their underrepresentation “in our trades, our offices and our boardrooms” and improving female workforce participation.
“We need to address both the gender pay gap and the gender investment gap which sees less early stage capital flowing towards women business owners,” Treasurer Keen said.
“That’s despite the fact that women make great entrepreneurs, with female-founded start-ups generating on average twice the return as start-ups founded by men.
“Investing in start-ups founded by women isn’t just the right decision ethically, it’s the smart decision commercially.”
The Federal Government has made similar overtures with the Female Founders program, but allocation of funding has drawn criticism and controversy for the $52 million grant fund.
According to reports from within the industry, some companies that received funding failed to meet the requirements; the businesses were not majority owned by women or run by women, or had recently changed their company structure to become eligible post announcement of the scheme.
Questions were raised by the Opposition during questioning late last month that prompted the industry department to reassess the five largest grants handed out via Round 2 of the Boosting Female Founder program.
Labor Senator Louise Pratt expressed her concern that funding was not going to women-led and owned companies as purported.
“I would be very disappointed if indeed we’ve got male-led companies trying to get their hands on this money, which has been promoted as to support women setting up businesses, particularly in what is a very competitive economic environment where women’s businesses deserve the support they’ve been promised,” Senator Pratt said.
AusIndustry head of division Emma Greenwood says the requisite documents were received and checked by the department.
“There’s been some general comment in the media where others have complained that they’re not female-owned. We’ve gone back and checked those we’re aware of and we’ve established the information that we’ve had is correct,” Greenwood told federal senators during questioning.
“There are the declarations we are provided, and we also generally ask for a range of other information and we check the veracity of that against the registers which are available to us.
“I don’t believe we take everything at face value, we don’t just take the word of a business. We will look at it and try to establish it with the information we have to verify that.”
Here’s hoping the NSW Government’s efforts don’t result in similar controversy.