FEAR & GREED | Business News Afternoon Report | Banks push ASX to new record
Aug 18, 2025
The ASX hits a new record high, fueled by strong bank performances, yet mining stocks face challenges due to falling iron ore prices. Discussions intensify around abolishing stamp duty and electric vehicle incentives sparked by a Productivity Commission speech. Meanwhile, Google faces a massive fine in Australia, and Indonesia announces a reduction in aid to Palestine. Global leaders, including Ukraine's President Zelensky, arrive in the U.S. for urgent discussions amid ongoing international tensions.
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Banks Drive ASX To Records
- The ASX 200 hit intraday highs for six straight sessions and closed at a record 8,960 points.
- Bank stocks led gains while miners and some industrials fell on commodity and profit news.
Scrap Stamp Duty, Reassess EV Tax Breaks
- Productivity Commission Chair Danielle Wood urged scrapping stamp duty for a broad land tax and questioned EV fringe benefits.
- She called stamp duty "exceptionally economically damaging" and highlighted high costs per tonne of carbon abated for the EV concession.
Remove Default Search Restrictions
- Regulators pushed Google to remove pre-installation and default search restrictions from telco and manufacturer contracts.
- Google admitted liability and agreed to a court-enforceable undertaking to change its Android agreements.