🗞️ Trillionaire

Good morning. Elon Musk became the world's first trillionaire on Friday, following the record-breaking stock market debut of his company SpaceX.

Musk owns a 42% stake in SpaceX, which is now worth more than $2tn after the successful IPO.

Here we are, wondering if we should only buy coffee on Friday's.

All the headlines and more below...

KPMG BANNED FROM FEDERAL WORK AFTER STEALING CLIENT DOCS FOR RIVAL BIDS

KPMG Australia has agreed to stop bidding for any new federal government contracts from June 16 to September 30 while authorities investigate its governance and ethics. The firm used confidential Lendlease board papers to support audit bids for Westpac and Dexus. Then it botched the internal investigation so badly its CEO and audit chief both resigned.

PwC got a 15-month ban in 2023 for sharing confidential government information with prospective clients, then sold its entire government advisory unit for $1 to escape the damage. Lendlease has now dropped KPMG as its auditor. State and federal agencies are reviewing current contracts.

AUSTRALIAN NEWS

• The RBA is expected to keep the cash rate on hold at 4.35% at its June meeting as major bank economists predict no change amid ongoing inflation concerns. LINK

• NAB has warned that the government’s plan to replace the 50% capital gains discount with an inflation-based deduction and curb negative gearing risks deterring investment and harming Australia’s prosperity. LINK

TRUMP JUST CUT OFF AUSTRALIA'S ACCESS TO ANTHROPIC'S BEST AI WITH NO WARNING

The US government suspended global access to Anthropic's two most powerful models over the weekend after reports emerged that Fable 5 could be jailbroken to perform hacking operations. Australian companies and government agencies lost access within hours. No consultation. No notice.

Australia now has memorandums of understanding with Anthropic and Microsoft for potential local data centres, while the EU has started disentangling itself from the same players.

Australia lacks the energy infrastructure, data centre capacity and copyright settings needed to support sovereign frontier model development. Larger enterprises can hedge by self-hosting open-weight models, but most SMEs lack the engineering talent and capital to do it.

COMPANY NEWS

• ASX has admitted to misleading statements about its troubled CHESS replacement project and has agreed to pay a US$20.5M penalty plus US$3M in ASIC legal costs. LINK

• Sigma Healthcare, which owns Chemist Warehouse, ended talks to buy UK chain Boots for up to US$14B as it refocuses on Australian growth, pleasing investors. LINK

• oOh!media has extended due diligence by 6 weeks as four private equity bidders lifted takeover proposals to $845M or $1.60 a share following earlier lower offers. LINK

• Aussie Broadband completed its acquisition of AGL Telco, issuing AGL US$115M in shares for 7% of its capital, while reaffirming FY26 EBITDA guidance of $162M to $167M. LINK

TOGETHER WITH

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CHART OF THE DAY

The biggest World Cup of all time

ONE MORE SCROLL

Editor’s Pick: Fashion on the red carpet for the Cannes Film Festival 2026.

Draft Pick: Socceroos goalkeeper Patrick Beach becomes overnight hero after World Cup win.

Doctor’s Pick: According to a 27-year study, one cup of spinach a day may lower your dementia risk.

BRAINTEASER

Today’s puzzle appeared on the 1% Club UK. It was the 20% question, meaning that 20% of the population could solve it correctly within the 30 second time limit. You have 30 seconds, starting...... now:


What five-letter food is hidden inside the words of the following sentence?

"After Jacob read the new cookbook, he was inspired to take up baking.”

Answer below

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ANSWER

Bread - Across two words, Jacob read

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