Super tax scramble, ASX under pressure, RBA podcast

Good morning, it's Chris here in Melbourne with all you need to know ahead of the weekend. We'll be keeping an eye on the shares of our emba

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Good morning, it's Chris here in Melbourne with all you need to know ahead of the weekend. We'll be keeping an eye on the shares of our embattled stock exchange operator ASX today following a rough ride on Thursday as competition and regulatory issues hit home. But first... Today's must-reads: • Super tax scramble • Interest rates podcast • ChatGPT now chattier

What's happening now

Wealthy Australians are looking to restructure their finances ahead of a proposed tax hike on super balances over A$3 million, with strategies like trusts and insurance bonds gaining traction. The looming 15% surcharge — on top of the existing 15% — is spooking clients and prompting wealth managers to prepare for what could soon affect a growing share of retirees. Our main stock exchange operator has seen better days. ASX shares tumbled almost 9% yesterday — the biggest drop in two years — as US rival Cboe moves to break its grip on local listings and regulators intensify scrutiny. A bungled market announcement and rising probe-related costs added to mounting pressure on the embattled bourse. Under pressure. Photographer: Brendon Thorne/Bloomberg Bloomberg economist James McIntyre was one of the few to correctly predict last month's shock hold decision by the Reserve Bank of Australia. What does he think is in store for interest rates on Tuesday, when the central bank meets again? In our latest podcast, I sit down with McIntyre to discuss where rates are headed. Listen and follow The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you get your podcasts. Terminal clients: Run {NSUB AUPOD <GO>} on your desktop to subscribe. ANZ's culture overhaul has hit a snag, with senior risk executive Mark Evans retiring just months into a key reform role. His exit comes amid a sweeping McKinsey review and a wave of leadership departures under new CEO Nuno Matos. Indonesia has raised A$800 million through its first-ever Kangaroo bond, tapping into Australia's local debt market with strong investor demand. The rare move by a foreign government reflects growing interest in Australia as an attractive destination amid global tariff risks.

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… US stocks closed lower, driven in part by a weak 30-year Treasury auction. The pound ended higher after the Bank of England eased interest rates by a 5-4 vote, casting doubt on a follow-up rate cut. The dollar fell for a fifth day after President Donald Trump put forward a perceived interest rate "dove" to fill a governor's vacancy at the Federal Reserve. A weaker greenback lifted the Aussie and kiwi dollars, which are set to end the week higher in the absence of local data. Meanwhile, ASX futures indicate a soft opening for local stocks. As Willo mentioned, Trump has nominated Stephen Miran, a vocal critic of the Fed and advocate for lower rates, to fill a short-term governor vacancy on the central bank's board. The pick, which rattled the US dollar, signals a dovish tilt as markets brace for potential easing ahead of the Fed's September meeting. Meanwhile, Fed Governor Christopher Waller is emerging as a top candidate to serve as the central bank's chair among Trump's advisers as they look for a replacement for Jerome Powell, according to people familiar with the matter. Indian PM Narendra Modi is ramping up diplomacy with fellow BRICS nations as US trade tensions mount, speaking with Brazil's President Lula and planning a rare visit to China later this month. With 50% US tariffs now hitting both India and Brazil, Modi is pushing deeper ties while refusing to back down on Russian oil purchases.

What to watch

•  Australia foreign reserves data for July released at 4:30 p.m. Sydney time

One more thing...

OpenAI's GPT-5 is here — and it's showing off. The AI superstar just got an upgrade, with sharper reasoning, faster replies, and better code-writing skills that left even Sam Altman feeling a little "useless." Now with quirky personalities like Nerd and Cynic, GPT-5 is not just smart — it's got vibes. Ask me anything. Photographer: SeongJoon Cho/Bloomberg

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