Live: WiseTech's Richard White to step down as chair, but remain on board

WiseTech Global's Richard White will step down as chair, with an independent chair appointed, but remain on the board and with the company, sending shares surging.

The key Wall Street index has closed at a record mark on enthusiasm about chip makers and as oil prices settle to where they were before the war in Iran.

Follow the day's financial news and insights from our specialist business reporters on our live blog.

Disclaimer: This blog is not intended as investment advice.

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Tue 7 Jul 2026 at 11:47am

Tue 7 Jul 2026 at 11:47am

Market snapshot

By Yiying Li

ASX 200: 0.02% to 8,832 points

Australian dollar: flat to 69.51 US cents

Dow Jones: +0.3% to 53,055 points

S&P 500: +0.7% to 7,537 points

Nasdaq: +1.3% to 29,697 points

FTSE: -0.3% to 10,651 points

EuroStoxx: -0.4% to 650 points

Spot gold: -0.5% to $US4,143/ounce

Brent crude: +1.1% to $US68/barrel

Iron ore: flat to $US98.3/tonne

Bitcoin: +0.3% to $US63,958

Prices current around 11:47am AEDT.

Live updates on the major ASX indices:

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Tue 7 Jul 2026 at 11:59am

Tue 7 Jul 2026 at 11:59am

What you need to watch in the second half of 2026

By Yiying Li

Conflict in the Middle East, disruption to AI supply chains, trade policy uncertainty — these are the key risks facing the global economy in the second half of this year, according to Oxford Economics.

Chief Global Economist Ryan Sweet said the peace agreement between the US and Iran was the most significant threat.

"Its durability will determine whether the global economy gets an energy-driven disinflation tailwind or absorbs a second oil shock," Mr Sweet said.

"It's the key domino that will determine whether other risks are amplified or dampened."

The firm is also keeping a close eye on disruption to AI supply chains, a persistent risk, which could occur through numerous channels beyond a chip shortage.

Mr Sweet also flagged the risk posed by trade policy uncertainty.

Oxford Economics said it expected the US trade sanctions to result in marginally higher US rates from late July.

"The US Treasury's authority to adjust tariff rates without new investigations means effective rates can shift at any time," it noted.

"Add the USMCA review cycle and 50+ EU-China trade defence investigations, and trade policy headwinds will persist regardless of the Middle East crisis."

Mr Sweet added that risks were "interconnected and non-linear".

"A peace deal breakdown won't just raise oil prices; it would also increase pressure on AI supply chains in Asia, force central banks to be hawkish, tighten financial conditions, and could shift the outcome of the US midterms and Israeli elections," he said.

"The cascade runs fast."

Tue 7 Jul 2026 at 11:33am

Tue 7 Jul 2026 at 11:33am

More on Microsoft lay-offs

By Yiying Li

We reported earlier that Microsoft announced it would cut 4,800 jobs, or ​about 2.1% of its global workforce.

However, it is not known which divisions or locations in Australia will be affected.

You can read more here.

Tue 7 Jul 2026 at 10:58am

Tue 7 Jul 2026 at 10:58am

Update on Betts administration

By Daniel Ziffer

Last week we brought you news of longtime Australian shoe maker and retailer Betts shutting 20 of its 35 stores.

In an email to customers, Betts Group managing director and CEO Michael Breckler provides an update:

"Over the past two years, my team and I have worked tirelessly to transform Betts into a stronger, more modern business. We've refreshed our brand, introduced exciting new product collections, grown our online business, invested in better customer experiences and made many difficult decisions to position Betts for the future.

"Like many retailers, we've also faced significant financial challenges. Despite making enormous progress, we have now entered voluntary administration. While that may sound concerning, I want to reassure you of one very important thing:

"Betts is continuing to trade and has a very positive outlook.

"Our website remains open, many of our stores continue to trade, and we remain committed to serving our customers every day. The administration process gives the business the opportunity to restructure and emerge stronger. We genuinely believe Betts has a bright future ahead, built on a much stronger brand, loyal customers and an exciting product pipeline.

"As part of this process, a number of stores will be closing over the coming weeks. While it's never easy to say goodbye to stores and the dedicated teams who have been such an important part of our business, these closures also provide an opportunity for customers to enjoy some exceptional bargains as we clear remaining stock.

"Finally, I simply want to say thank you. For more than 134 years, Betts has been part of Australian families' lives. Your support has allowed us to continue through some incredibly challenging years, and it is because of customers like you that we remain optimistic about what comes next.

"This is not the end of Betts. It is the beginning of the next chapter."

Key Event

Tue 7 Jul 2026 at 10:45am

Tue 7 Jul 2026 at 10:45am

WiseTech shares rally on board changes

By Stephanie Chalmers

Shares in WiseTech Global are up 9.1% in early trade.

The stock remains $74.30 or 66.2% lower over the past year.

Key Event

Tue 7 Jul 2026 at 10:40am

Tue 7 Jul 2026 at 10:40am

Controversial WiseTech global chair Richard White to stand down, but stick around

By Daniel Ziffer

In a statement to the stock exchange, the tech company says it is appointing a new independent chair, Raelene Murphy "with immediate effect".

Co-founder Richard White will remain on the board as an executive director and as 'Chief Innovation Officer'.

In the statement, Mr White referred to "recent personal media attention... creating an unnecessary distraction from the strength of the WiseTech business".

What he's referring to is claims in June by Nine newspapers, that reported the Australian Federal Police were investigating allegations of human trafficking.

He denies all allegations.

At the time, in a statement to the ASX, WiseTech noted the media commentary.

"The media reports that the alleged investigation relates to Richard White in a personal capacity," it said.

"There is no suggestion in this media commentary of an investigation into WiseTech.

"The Company is not aware of any investigation as outlined in the article.

"The Executive Chair [Richard White] has provided assurance to the board that he is not aware of any such investigation and also confirmed that he emphatically and unequivocally denies any involvement in or with human trafficking."

In today's statement the new chair says the claims are "totally at odds" with her personal experience of working with Mr White.

In 2024 the board commissioned a review into allegations relating to Mr White - which appeared to centre on consensual sexual relations with women who he had interacted with on social media platform LinkedIn. The findings were released to the market.

(What is all this about? There's a link to an explainer, below).

Key Event

Tue 7 Jul 2026 at 10:34am

Tue 7 Jul 2026 at 10:34am

WiseTech appoints independent chair but White to remain on board

By Stephanie Chalmers

Some more detail from WiseTech's announcement — Richard White will remain on the board as an executive director and continue in his role as chief innovation officer.

An independent chair Raelene Murphy has been appointed.

Key Event

Tue 7 Jul 2026 at 10:29am

Tue 7 Jul 2026 at 10:29am

WiseTech Global's Richard White has stepped down as chair

By Daniel Ziffer

More to come.

Tue 7 Jul 2026 at 10:24am

Tue 7 Jul 2026 at 10:24am

EFT flurry, with 72 added to the ASX in a year

By Daniel Ziffer

Great repot from my colleague David Taylor, which you can watch below or read here.

The Australian Securities Exchange (ASX) added a record 72 exchange traded funds (ETFs) to its boards last financial year, up from 50 listings the previous 12 months.

ETFs are pooled investment funds that typically follow an index or a sector. They have risen in popularity in recent years, with $350 billion under management.

More ETFs are also swapping hands with trading activity up 26 per cent compared to the previous 12 months.

"There has been a surge in both the creation of ETFs as well as the uptake of ETFs," said Betashares chief executive officer Alex Vynokur.

ASX senior manager Rory Cunningham said there was widespread interest in ETFs from younger investors, high net worth investors and self-managed super funds. ETFs are easily accessible and affordable, but analysts warn these investments come with risk.

Forager Funds chief investment officer Steve Johnson said a lot of investor enthusiasm was around technology and, specifically, AI-related ETFs, which in some cases was no different to gambling, set up to allow investors to bet on the latest, hottest trend.

Tue 7 Jul 2026 at 10:15am

Tue 7 Jul 2026 at 10:15am

Netwealth an early mover, up +3%

By Daniel Ziffer

In the delightfully circular world of financial services, firm Netwealth is listed on the stock exchange.

That means it has to update the market, as it has today.

In the news it has signed a client, Morgan Stanley Wealth Management Australia, to provide some tech to it, and expects the "net flow" of funds it will be managing this financial year to be $15.4 billion.

The year after? $18B-$20B, which would be an increase of 17%-30% on this current year.

The shares have the company worth a staggering $5 billion in its own right, as a tech company, superannuation fund and a business that does the administration for others in finance.

Tue 7 Jul 2026 at 10:12am

Tue 7 Jul 2026 at 10:12am

Deloitte Access Economics grim forecast, cuts growth

By Daniel Ziffer

What's hitting Australia's prospects of economic growth?

No biggie, just:

rising interest rates

weak consumer and business confidence

stalling housing investment

a prolonged cost-of-living crisis

A new outlook from Deloitte Access Economics details the view of the "Big Four" firm, which is decidedly grim.

Headline CPI may remain above 4% for the remainder of the calendar year, with underlying inflation edging higher as the oil shock works through supply chains, peaking in early 2027 before returning to target in 2028.

Interest rates will likely rise by 25 basis points in August followed by a 12-month pause before normalising inflation allows the RBA to ease monetary policy late next year.

The unemployment rate will average 4.9% in 2026-27 and may peak at 5% across 2027-28, before falling slightly as lower inflation and interest rate cuts stimulate the labour market.

Overall, Deloitte Access Economics currently expects the Australian economy to grow by 2.2% in 2025-26, 1.3% in 2026-27 and 1.9% in 2027-28 — a decrease on prior forecasts of 2.4%, 1.9% and 2.0%, respectively.

And here's why, with a quote from partner and report author Stephen Smith that's worth reading in full:

"Australia's growth outlook has deteriorated over the past six months. The economy is still expanding, but growth has slowed and the outlook has become more fragile. Inflation has reaccelerated, interest rates have moved higher, and the oil price shock triggered by conflict in the Middle East is not yet fully resolved.

"To date, 2026 has revealed the vulnerabilities that have developed within the Australian economy over recent history. Australia is now structurally exposed in ways that have become hard to ignore. Deloitte Access Economics has rarely adopted such a downbeat assessment of the short-term outlook.

"For too long, strong population growth has masked a weak underlying productivity performance and lifted aggregate growth while doing less to improve living standards. Years of insufficient investment in housing, infrastructure, energy and the economy's productive capacity have left the supply side of the economy struggling to keep pace with demand.

"The result is an economy more prone to inflation pressures at lower rates of growth. Meanwhile, the Middle East conflict has been another reminder that as a small open economy with a concentrated export base, Australia is highly sensitive to geopolitical disruption, shifts in global demand and commodity prices, and the security of trade routes.

"The interaction of geopolitical exposure, weak productivity, stretched household balance sheets and a constrained supply side was easy to overlook when interest rates were low, commodity prices were high and population growth kept aggregate growth ticking along. They are harder to dismiss now that inflation is sticky, investment needs are rising and the global environment is more uncertain.

"With oil prices retreating to levels close to those seen before the Strait of Hormuz was closed,

Australia – and the rest of the world – appears to have avoided a worst-case scenario. But with the

focus turning back to the domestic environment, the picture is hardly reassuring."

Tue 7 Jul 2026 at 10:07am

Tue 7 Jul 2026 at 10:07am

ASX 200 opens lower in early trade

By Daniel Ziffer

The market has just opened for trading and the flagship ASX 200 index is marginally down.

It tracks the value of the 200 largest listed companies in the nation.

It's off -0.07% or 6.5 points to 8,824 points.

Tue 7 Jul 2026 at 9:47am

Tue 7 Jul 2026 at 9:47am

Indian PM here this week

By Daniel Ziffer

Will be big news when the plane lands, with Indian Prime Minister Narendra Modi in Australia this week for the first time since 2023.

Sure there will be chats with our PM Anthony Albanese covering defence, trade and education, but there's a bigger question:

Now we've got so many successful Indian-Australians, why don't we have stronger trade links with the country?

Professor Vikas Kumar from the University of Sydney Business School has put this out ahead of the visit.

“The real question is not whether Australia is interested in India. It is whether Australian firms have the capability to engage India seriously. India is no longer only a market to enter – it is a strong partner for building capability across technology, AI, services, clean energy, education and talent.

"India should not be treated as the next China. Australian firms need a specific India strategy, not a recycled China strategy. The Modi visit will generate enthusiasm, but enthusiasm is not enough. Australia needs deeper India literacy, stronger partnerships, and better state-level understanding.”

Something to think about.

Tue 7 Jul 2026 at 9:31am

Tue 7 Jul 2026 at 9:31am

Are there crates of banknotes in Australian garages? Seemingly, yes

By Daniel Ziffer

Fascinating read yesterday, which you can watch at the link below.

The Reserve Bank of Australia (RBA) prints billions of dollars worth of banknotes every year, printing $2 billion worth of $100 notes.

But $100 notes are a rare sight in the tap-and-go economy.

So where are they?

ABC's Story Lab reporter Julian Fell has been investigating this.

He says of all the transactions in Australia, cash is used in about one in five of them. The RBA has done some research into where Australia's cash goes. It estimates between 9 and 14 per cent of Australia's cash is used in legitimate transactions, around 5 to 9 per cent is either lost or destroyed. Then money is hoarded either here or overseas, and/or ends up in the shadow economy.

"So if you look at those numbers and you go and add them all up, you'll realise that doesn't actually come to 100 per cent," Mr Fell says.

"That's only accounting for about 70% of Australia's cash."

He says even after accounting for lost, stolen or destroyed notes, criminal activity, and hoarding — both domestically and internationally — about $32 billion worth of banknotes are still unaccounted for.

There are calls for the higher denomination notes to be phased out (as has happened in the EU) to make money laundering and smuggling more difficult and expensive.

Tue 7 Jul 2026 at 9:07am

Tue 7 Jul 2026 at 9:07am

Reporting into superannuation 'lead generation' details harms

By Daniel Ziffer

"Lead generation" has gone from being niche marketing chat to a political hot potato since the collapse of two super funds and $1 billion being lost.

Regulators are now looking into the practice.

Adding to the evidence, the Consumer Action Law Centre has published a new report (below) that outlines the practice and what it can lead to.

Here's what it says:

Manipulative lead generation is the capture, use and sale of people's personal information to sell them a product. 'Consent' for personal details to be used is generated in opaque and manipulative ways, if it exists at all. People do not understand what they've consented to and in most cases have no idea which companies are holding, buying and using their information.

It's not like advertising, says Consumer Action's assistant director, policy and campaigns Eleanor Doran:

"Manipulative lead generation is unlike traditional advertising, where the link between an advertisement and the business selling the product is clear.

"People think they are entering their details online for a certain purpose, only to find themselves facing aggressive marketing, or even a doorknock, from an unfamiliar business who has bought this information."

Lead generation played a significant role in the collapse of First Guardian and Shield Master Funds, where 11,000 Australians lost over $1 billion. First Guardian and Shield collectively paid approximately $105 million to lead generators who referred victims to financial advisors who convinced investors to move their retirement savings into the high-risk funds.

The report calls for banning lead generation in high-risk sectors, the expanding of the Unfair Trading Practices prohibition to cover financial products, regulating lead generation advertising on digital platforms and strengthening consent and disclosure requirements.

Tue 7 Jul 2026 at 8:55am

Tue 7 Jul 2026 at 8:55am

First new steel mill in 30 years set to open

By Daniel Ziffer

A $500 million investment in a new steel mill on the site of BHP's former Newcastle Steelworks will bring domestic steelmaking back to the Hunter region of NSW.

The all-electric mill is expected to be operational by January 2028, according to Greensteel Australia, which is announcing the plans.

It claims the mill will be the first in the country to run entirely on electricity, with no gas used anywhere in the process.

Here's Greensteel Australia Chief Executive Officer Romany Ibrahim:

"Australia stopped building steel mills a generation ago. Thanks to the leadership of the NSW and Federal Governments, we're building again.

"They've made it possible to bring manufacturing home to Newcastle, where Australian steelmaking began and where it never should have left."

The mill will produce up to 600,000 tonnes of finished steel per year for the housing, transport and energy sectors.

How will it work? (We send ships full of coking coal to power smelters to get the heat required to turn iron ore into steel.)

It's "electric induction furnace technology".

In a traditional mill, steel is heated in massive gas-fired furnaces that are inherently carbon-intensive.

The company says it has an "innovative design the mill will tap into renewable energy grids".

Refurbishment of the site will begin before the end of this year.

The mill is expected to be operational by January 2028, with reinforcing bar the first product and wire rod and coil planned for future stages.

Tue 7 Jul 2026 at 8:44am

Tue 7 Jul 2026 at 8:44am

ICYMI: House prices set to keep falling, says HSBC

By Daniel Ziffer

What's going to happen to house prices?

HSBC's chief economist in Australia, Paul Bloxham yesterday released a pretty searing note. Here are the top lines:

"Last week's monthly figures for June showed that national housing prices are falling solidly. This is just the beginning.

"The recent big shifts in tax policy concerning investment properties, as well as the RBA's earlier three rate hikes, have rapidly sapped investor demand from the market.

"As we see it, first home buyers and other owner-occupiers are unlikely to want to try to 'catch a falling knife'. With no rate cuts expected anytime soon (there is still some risk of another hike), we expect no near-term circuit breaker, which means the housing price correction is likely to continue for some time yet.

"We see national prices falling in H2 2026 and by 2-6% over 2027 — implying a correction of up to 8% over that period.

"The pace of decline in the June figures suggest the risks to this view look tilted to the downside too. Hold onto your hats."

Bloxham and his economists believe "housing price declines will be broad-based across the nation" whereas so far it's only been Sydney and Melbourne that have seen a slide.

"Our take is that a significant driver of recent momentum in the mid-tier cities — including Perth, Brisbane and Adelaide — has been investor demand. There have been good fundamentals too — with stronger population growth and limited housing supply in these mid-tier cities. But, this is, of course, how typical bubbles form. A well-grounded fundamentally-supported story, attracts speculative interest and the market becomes exuberant with excessive momentum."

In Perth housing prices are up 24% over the past year, and 126% over the past six years.

Expect a lot more chat about this in the coming months.

Tue 7 Jul 2026 at 8:29am

Tue 7 Jul 2026 at 8:29am

AUD could fall to US 67 cents, potentially lower next year

By Daniel Ziffer

The Australian dollar briefly snapped a four-week losing streak against the greenback, sitting above 69 US cents, after a weaker than expected US jobs report dented US rate rise expectations.

But NAB's currency analysts say that is a brief reprieve.

The bank has downgraded its currency forecast, with predictions the Australian dollar could go as low as 65 US cents, by the end of 2027 if the RBA starts cutting interest rates next year.

NAB's head of FX strategy, Ray Attrill, says that's because of several factors, which include the US dollar remaining very strong for some time, NAB's view that Australia will see no more rate hikes this year, and a risk the US may see an interest rate rise in the coming months.

"That does play to the Aussie dollar suffering from that shift in interest rate differentials," he says.

NAB's base case is that the Australian dollar will hit just above 70 US cents during the second half of this year.

However, Mr Attrill says that does depend on the greenback not continuing to strengthen.

But, he says, if the RBA cuts interest rates three times next year, as NAB is forecasting, the Australian dollar is expected to go down to around 67 US cents, with a risk it could fall to as low as 65 US cents, by the end of 2027.

He spoke to Alicia Barry on The Business last night. Check it out.

Key Event

Tue 7 Jul 2026 at 8:11am

Tue 7 Jul 2026 at 8:11am

Donald Trump teaches crypto devotees a valuable lesson

By Stephanie Chalmers

US President Donald Trump should have been a godsend to the mysterious world of cryptocurrency.

Instead, it has been a godsend to him, writes our chief business correspondent Ian Verrender this morning.

A late convert to the cause, Trump marshalled the crypto world behind him during the 2024 election — vowing to make America the world's crypto capital.

To achieve that he would loosen regulations, install a crypto-friendly chief to the US Securities and Exchange Commission and ensure widespread acceptance of Bitcoin.

He's delivered on all counts and amassed a vast fortune along the way.

According to filings released last week, Trump and his family reaped a $US1.4 billion ($2.02 billion) bonanza from crypto ventures alone since his return to the White House.

But across the crypto landscape, investors are sitting on massive losses.

Having been delivered everything they've always craved, widespread acceptance and respectability, Bitcoin devotees have found themselves holding just another asset that has no useful purpose and a questionable future.

Read Ian's full analysis here:

Tue 7 Jul 2026 at 7:45am

Tue 7 Jul 2026 at 7:45am

What happened overnight?

By Daniel Ziffer

Lots.

Here's the key points, from Reuters. All figures are in US dollars.

US stocks higher as chipmaker optimism returns

Oil prices steady as costs return to pre-war levels

Chipmaker rise comes ahead of critical AI earnings season

Wall Street surged and oil prices settled around pre-Iran war levels, as investors eyed new developments in the AI and chipmaker sector ahead of corporate earnings.

All three major US indexes ended the day higher. The Dow Jones Industrial Average ended the day up 0.29%, while the S&P 500 jumped 0.72% and the Nasdaq Composite climbed 1.12%.

Worldwide? MSCI's gauge of stocks across the globe rose 0.41%.

The global AI boom continued to dominate markets. South Korean chipmaker SK Hynix on Monday launched a US share sale to 43 trillion won ($28.07 billion) and indications of interest for up to $7 billion from major investors. And Broadcom announced it had expanded its partnership with Apple to develop and supply custom chips through 2031.

Elsewhere, Microsoft joined the trend of tech layoffs, revealing it would eliminate about 4,800 jobs, roughly 2.1% of its global workforce. Investors will be watching closely for how artificial intelligence-related companies are faring amid some fears about a bubble in the upcoming earnings season.

Delta Air Lines and PepsiCo are the big U.S. names reporting this week. Samsung Electronics is set to make a splash on Tuesday as analysts expect an 18-fold increase in profit.

Oil prices steady

Oil prices were flat on Monday, as prices lingered around pre-Iran war levels. US crude was steady at $68.69 a barrel and Brent fell just 0.03% to $72.10 per barrel.

While there were no new developments in the fractious U.S.-Iran peace talks, ships are passing through the Strait of Hormuz, with 160 vessels reported transiting from Monday to Saturday of last week. Meanwhile, Saudi Arabia slashed its official selling prices.

Calming in oil prices looks to be extending some relief to the private sector, as the decline helped to slow the pace of increase in services inflation, according to new data from the Institute for Supply Management. The ISM reported that U.S. services sector activity dipped in June, but employment rebounded after contracting for three straight months.

US President Donald Trump will attend a NATO meeting in Turkey this week, and Fed watchers will get another glimpse into how new Chairman Kevin Warsh steers the central bank when it releases Federal Open Market Committee minutes on Wednesday, the first of his tenure.

Analysts expect Warsh to limit clues as to future interest rate moves, but Fed Governor Christopher Waller defended forward guidance in remarks on Monday, saying it can be a "valuable tool" under the right circumstances.