US Treasury Secretary Scott Bessent said Washington is expanding secondary sanctions that could pressure entities and countries that continue doing business with Iran. Markets largely shrugged off the announcement, and oil prices fell more than $2 a barrel. Brent settled at $US92.17 a barrel and US West Texas Intermediate ended at $US85.01.

Australia-based Corporate Travel Management has been accused of serious overcharging while delivering a UK government refugee-accommodation contract, with the amount involved nearing A$100 million. Investigators found the company billed for more rooms than hotels actually had, and also engaged in double-billing or charged for exclusive hotel use where no exclusivity existed. In 2021, it was contracted to arrange 1.4 million hotel nights across about 60 UK hotels, but an internal review later identified a gap of almost 50 million British pounds between what it billed the government and what it paid hotels.

China has rejected 10 containers of Australian mung beans, citing chemical residues above permitted levels. About 95% of Australia’s mung bean crop is desiccated with glyphosate before harvest, and residue limits are set by importing countries. Australian output in 2026 is expected at 100,000 to 120,000 tonnes, almost all for export. The rejection could accelerate a shift toward alternative herbicides among growers.

Commonwealth Bank reported annual profit of A$10.9 billion, while its net interest margin eased to 2.05% and operating expenses rose 6% to A$13.76 million. The bank said home loan applications have fallen 15% since May 12. The government has abolished the 50% capital gains tax discount and replaced it with a 30% minimum tax rate on net capital gains, lifting the tax burden for many sellers. ASX futures were down about 0.4%.

Strikes planned for this weekend at Port Hedland, Australia’s largest iron ore export port, could cost BHP about $100 million in revenue and the West Australian government more than $7 million in royalties. Port Hedland exported 580 million tonnes of iron ore in the last financial year, accounting for almost three quarters of outbound commodities from the Pilbara ports, according to Pilbara Ports data. The dispute centres on workers’ pay and conditions and includes a 24-hour ship-loading ban followed by a 24-hour stoppage.

A New Mexico state court has ordered Meta Platforms to pay $US567 million ($806 million) and change how Facebook and Instagram work for young users in the state after finding the company responsible for harming children’s mental health. The court also ordered a range of youth-safety measures, including monthly limits on teens’ use, notification restrictions, tighter controls on adult contact with minors, safeguards for AI chatbots and stronger review of child sexual abuse reports. Judge Bryan Biedscheid said most of the money will fund treatment services for young people. Meta said it will appeal the ruling.

Former Hellyer mine executives Brad Monks and Rodger Johnston were ordered to repay a combined $8.5 million plus interest after a court found funds had been misappropriated, and their personal estates were sequestered. The ruling cited $2.9 million moved from a Pieman trust account to entities linked to Monks—Corporate Hustle and Wilson Street Capital—and allegations that a further $2.4 million was taken via related-party payments and unauthorised credit card spending, according to Hellyer Gold Mines. The court’s January 2025 judgment criticised the defendants’ conduct as “bordering on bizarre” and apparently aimed at “deliberately delaying the proceedings.”

Australia is stepping up efforts to build domestic rare earths processing capacity, with Iluka Resources’ A$1.8 billion Eneabba refinery in Western Australia’s Midwest about 60% complete. The project has backing including a A$1.65 billion federal government loan and a A$220 million long-term offtake arrangement. Attention has also turned to Lynas Rare Earths’ A$800 million refinery in Kalgoorlie. The developments underline Australia’s strategy to navigate intensifying global competition over rare earths and strengthen supply chain security.

Transgrid has completed its $3.6 billion, 700-kilometre Project EnergyConnect high-voltage transmission line linking southern NSW with the South Australian and Victorian electricity grids. The company has also begun a South West Renewable Energy Zone upgrade, lifting the Dinawan substation and the line to Wagga Wagga from 330 to 500 kilovolts. The NSW government is contributing A$225 million toward the work to boost renewable generation grid connections in the region.