The global economy is undergoing rapid change — with breakthroughs in technology, shifts in trade policy, and renewed inflationary pressures all colliding.

In the U.S., the autonomous vehicle sector is accelerating after Waymo received key regulatory approval to expand its driverless services. The move could give Alphabet a competitive edge over rivals like GM’s Cruise, with the prospect of robotaxis generating real revenue on the horizon.

At the same time, fresh tariff threats are sparking alarm in the retail sector. Walmart has warned that new duties could trigger double-digit price hikes, putting pressure on consumers and potentially reshaping spending patterns, especially in electronics and apparel.

Meanwhile, the UK and EU have struck new trade agreements aimed at reducing red tape around food and emissions. The deals mark a step toward improved cooperation and could provide a modest economic boost for exporters.

With uncertainty still hanging over global markets, investors are once again turning to precious metals. Gold and silver are gaining attention as safe havens, with silver’s industrial use giving it added appeal in an uncertain climate.

Elon Musk says he’ll stay on as Tesla CEO for at least five more years, while scaling back political donations. Despite falling sales, he’s confident in Tesla’s global strength and hinted at a future Starlink listing—though legal hurdles remain.

In politics, the Nationals have split from the Coalition, with some Liberals calling it a vital reset. Former PM John Howard wants unity, but a party review is underway to regain younger, urban voters.

Australia’s central bank cut rates to 3.85% as inflation eases, though weak spending and global risks remain. GDP rose 1.3%, showing signs of recovery.

And in Victoria, a $167 billion debt budget sparked outrage, with protests over job cuts and a controversial tax as net debt is set to hit $194 billion by 2027.

Victoria’s budget forecasts record debt, proposes public sector job cuts, and faces criticism over tax increases and lack of clarity.

Victorian Treasurer Jaclyn Symes has presented her first state budget, indicating a projected surplus of $600 million amidst soaring net debt, which is expected to reach $167.6 billion this year and further rise to $194 billion within three years.

The budget has flagged significant public sector job losses, with the government noting plans to save $3.3 billion by eliminating inefficiencies, although specific details on job cuts remain scarce. Symes mentioned that approximately 1,200 full-time equivalent positions are included in the savings, with additional cuts likely after a report from bureaucrat Helen Silver in June.

Debt bomb

Opposition Leader Brad Battin condemned the government’s approach to debt, arguing it burdens Victorians through increased taxation, particularly criticising the new Emergency Services Levy. The Greens have also expressed dissatisfaction, highlighting a lack of focus on climate change in the budget.

While the net debt is projected to remain stable, cost increases for state projects have amounted to $3.3 billion. Despite the looming cuts, the budget allocates substantial funds to health and crime prevention, including $11.1 billion for health services and $1.6 billion for crime reduction initiatives.

Tax revenue is expected to rise significantly, spurred by the Emergency Services and Volunteers Fund, which will place additional financial strain on landholders, particularly farmers. Reactions to the budget have been mixed, with some welcoming support for struggling families, while others decry job cuts and insufficient investment in regional development.