China has appointed Jiang Chenghua, a veteran negotiator with experience in export controls and managing the ​country’s investment ties with the US, as Deputy Representative for International ‍Trade Negotiations.

Jiang replaces Li Yongjie, who was ⁠named as China’s representative to the World Trade Organization in October.

The appointment comes as Beijing prepares for an April visit by US President Donald Trump. 

At the same time, Beijing is turning its attention to pressuring Japan over remarks by Prime Minister ‌Sanae Takaichi regarding Taiwan, ​by leveraging its export control frameworks.

Trade diplomats say Beijing has ‍upgraded the calibre of its negotiators since Trump first targeted China during his previous time in the White House, with some believing China might now hold the upper hand at the negotiating table.

A trade lawyer by training, ​Jiang previously headed the commerce ministry’s import-export ‌control division and worked on negotiations for a China-US bilateral investment treaty, launched in 2008 but ​shelved in 2017 after Trump took office.

China’s global trading partners were stunned ‍when Beijing sharply broadened its rare earth export controls in October, a response triggered by US lawmakers’ moves to further curb Chinese investment ​in ​the world’s top consumer market.

Analysts say ​the escalation likely reflected Beijing’s calculation that ​demonstrating its ability to choke critical supply chains would remind Washington of the leverage China holds should Trump press too far.

Japanese firms fear Beijing is preparing to wield rare-earth export curbs again after China banned shipments of dual-use items to military users earlier in January, including certain rare-earth elements critical to Japan’s ‍automotive industry.

Miners have welcomed the government’s $1.2 billion plan to buy critical minerals to shore up supplies for defence and clean energy technologies.

Antimony, gallium and rare earth metals were unveiled by Resources Minister Madeleine King as the first elements to be included in a long-promised strategic reserve aimed at countering Chinese dominance in high-tech supply chains.

The critical minerals strategic reserve is designed to break Beijing’s grip on the supply of the metals needed for defence equipment such as fighter jets, and clean energy technology.

China, which has a stranglehold on supplies for many critical minerals and the technologies they produce, has flexed its economic muscle by imposing export restrictions on rivals in recent years.

Resources Minister Madeleine King said the stockpile would shore up hi-tech manufacturing supply chains and help stabilise critical minerals markets, encouraging miners to invest in production.

Legislation set to be introduced this year will give the government powers to strike off-take agreements with producers, among other financial instruments like contracts for difference and $185 million for stockpiling select minerals.

Essentially, the government would enter into purchasing agreements with miners so even if prices tank, revenue is guaranteed.

Miners have previously backed a floor price for critical minerals to provide certainty to the volatile market, after the US government’s deal with MP Materials to set a minimum price of $US110 per kg for rare earth elements neodymium and praseodymium.

If prices rise above the agreed level, the government receives a windfall revenue from on-selling the minerals at a higher cost.

“We can encourage more investment, create stability in the market, but also as prices rise, and we think they will, that there’s the opportunity for the Australian taxpayer to get the upside of that price rise as well,” Ms King said.

The first minerals added to the stockpile highlight the focus on military and renewable energy technology.

Gallium is used to produce advanced semiconductors, LEDs, solar panels and communications equipment, while antimony is a key ingredient in batteries, night-vision equipment, fire retardants and, increasingly, solar panels.

Rare earths are used to make magnets that are essential for technologies like fighter jets and MRI machines.

Australia holds one of the world’s largest reserves of rare earths and ASX-listed Lynas Rare Earths is the world’s only significant producer of separated rare earth materials outside of China.

The announcement coincided with Treasurer Jim Chalmers visiting Washington DC, where he will discuss critical minerals at meetings with finance ministers from the G7 nations, as well as India, Mexico and South Korea.

The world needs critical minerals and Australia has plenty of them, Dr Chalmers said.

Lynas shares were up five per cent by Monday afternoon and fellow rare earths player Arafura was 6.8 per cent higher.

Shares in ASX-listed antimony miner Larvotto Resources gained 5.5 per cent.

Managing director Ron Heeks welcomed the announcement, even though Larvotto’s mine development near Armidale in NSW was comfortably economic with antimony prices at current levels.

“We see this as a positive for AUKUS and for Australia,” he told AAP.

The strategic reserve was an important tool in the broader kit of productivity reforms that can deliver a more internationally competitive mining industry, Minerals Council chief executive Tania Constable said.

Canberra and Washington struck a $13 billion rare earths deal in 2025 for a pipeline of projects to expand mining and processing in Australia.

The two countries committed to investing at least $1.5 billion each to develop critical minerals projects in the next six months.

The dollar has fallen and US equity futures have slid after Federal ‍Reserve chair Jerome Powell said the Trump administration threatened him with a criminal indictment, stoking investor worries about the central bank’s independence.

S&P 500 futures were ​down 0.5 per cent, while European futures slipped 0.1 per cent in Asia on Monday morning and the dollar was roughly 0.2 per cent lower against most major peers, sending it below 158 ⁠yen and to $1.1660 per euro.

Traders said the news was unsettling, though the immediate implication for interest rates was not clear.

Benchmark 10-year Treasury futures rose three ticks for an implied yield of 4.15 per cent, which is about a basis point below Friday’s cash market close.

Fed fund futures have added in about three basis points more in cuts this year, which is small but points to the risk that the Fed gets pushed ‌into being more aggressive.

Gold struck ​a record high of more than $4,600 an ounce, as unrest in Iran lifted precious metal prices and supported oil.

On ‍Sunday, Powell said the Trump administration had threatened him with a criminal indictment and served grand jury subpoenas over Congressional testimony he gave regarding a Fed building renovation project, an action he called a “pretext” aimed at pressuring the central bank to cut interest rates.

The developments amount to a dramatic escalation in the fight between Powell and US President Donald Trump, which dates back to the banker’s first years as chair in 2018.

“Trump ​is pulling at the loose threads of central bank independence,” said Andrew Lilley, ‌chief rates strategist at Barrenjoey, an investment bank based in Sydney.

“The only reason that he’s taking these steps is that he knows that he’s not going to take control ​of the Fed, so he wants to exert as much undue pressure as he can.

“Investors won’t be happy about it, but ‍it shows actually Trump has no other levers to pull. The cash rate will stay what the majority of the FOMC (Federal Open Market Committee) wants them to be.”

The dollar had the sharpest reaction, falling even against typically risk-sensitive currencies like the Australian and New Zealand dollars and ​helping ​the yen to escape from intervention-risk territory on the ​weak side of 158 per dollar.

“This open warfare between the Fed ​and the US administration … it’s clearly not a good look for the US dollar,” said National Australia Bank’s head of currency strategy Ray Attrill.

Elsewhere, Trump’s threats to intervene in Iran, where protests against the clerical establishment appear to be intensifying, helped oil prices hold recent gains and underlined the swirling geopolitical risks for the year ahead.

After sharp gains in recent sessions, benchmark Brent crude futures were down about 40 cents to $62.90 a barrel.

MSCI’s broadest index of Asia-Pacific shares outside Japan crept 0.5 per cent higher, while Japanese markets were closed for a holiday.

The second full week of the New Year will include US inflation data, ‍trade figures from China and a slew of US earnings beginning with JPMorgan Chase and ​BNY on Tuesday.

Parliament will be recalled early to pass hate speech laws following the Bondi terror attack that claimed 15 lives and injured dozens more.

Prime Minister Anthony Albanese says federal parliament will return next Monday to debate a bill aimed at combating anti-Semitism, hate speech and extremism.

“It’s a comprehensive package of reforms which creates serious offences for hate preachers and leaders seeking to radicalise young Australians,” Mr Albanese said on Monday.

The proposed legislation will increase penalties for hate crimes, ensure motivations of extremism will be considered in sentencing, and create a new offence for inciting hatred in order to intimidate or harass.

It will also expand and strengthen the existing ban on prohibited Nazi symbols and make it easier for Home Affairs Minister Tony Burke to cancel or refuse visas for people intent on spreading hatred.

“Let me be clear – once these laws are passed, they will be the toughest hate laws Australia has ever seen,” Attorney-General Michelle Rowland said.

“They will specifically target those who seek to spread hatred and disrupt social cohesion in our community.”

Parliament will recommence with a condolence motion next Monday to recognise the trauma of the Bondi attack and honour bystanders and first responders for saving lives.

“This motion will unequivocally condemn the terrorist atrocity perpetrated at Bondi Beach and commit our parliament to eradicating the evil of anti-Semitism,” Mr Albanese said.

The bill will also set up the National Guns Buyback Scheme, which will limit the number of firearms one person can own and make Australian citizenship a condition of holding a gun licence.

“The terrorists at Bondi Beach had hatred in their minds, but guns in their hands – this law will deal with both,” Mr Albanese said.

Existing laws “fell well short of community expectations and have left the community unprotected against egregious forms of hate speech”, Executive Council of Australian Jewry co-chief executive Peter Wertheim said.

“The concerns we have been expressing for many years have become especially acute since the horrific events at Bondi Beach on December 14,” he said.

“Such events make all Australians unsafe, not just those who are targeted.

“We welcome the fact that the government has announced plans to address these issues in the near future.”

Australian businesses and consumers have been left searching for answers after an Australia Post delivery rival ceased operations without warning.

Sydney-based Sendle sent emails to business customers late on Sunday, warning it would halt all pick-up and delivery bookings “effective immediately”.

The decision comes five months after the company merged with two US firms and 12 years after the start-up launched, promising to challenge Australia Post on parcel deliveries.

The shutdown is expected to hit small businesses the hardest as the company had ties with online providers Shopify and eBay Australia, although consumers awaiting parcels delivered by Sendle may also miss out.

Sendle’s message to customers warned the firm would no longer accept parcel delivery bookings from January 12 and existing deliveries may not reach their destinations.

“Any parcels that have already been picked up and are in transit will be delivered at the discretion of the delivery partner,” the message read.

“Any existing bookings scheduled for pick-up on 12 January or later will be cancelled.”

In a statement, the company provided little detail about the sudden shutdown or what it would mean for its clients.

“Sendle has informed its customers that it is no longer taking any future bookings,” it said.

“We are not able to provide any further comment at this time.”

Sendle was founded in 2014 as a rival to Australia Post, offering door-to-door deliveries at a lower cost than their competitors’ Parcel or Express Post services.

The company, founded by James Chin Moody, Sean Geoghegan and Craig Davis, signed deals with firms including Shopify, eBay Australia, Squarespace and WooCommerce to provide shipping solutions for small traders, and also offered carbon neutral deliveries.

In an interview with AAP, Mr Moody said the national postal system was “very ripe for disruption” and Australia Post should be forced to work with providers like Sendle to improve the delivery network.

“How does Australia Post serve the national interest?” he said.

“Is it serving it by being a competitor and trying to be a monopoly that we believe is driving up prices, or does it serve it by saying we want to become a platform for a whole ecosystem of delivery?”

In August, Sendle merged with two US firms, FirstMile and ACI Logistix, to form FAST Group serving customers in the US, Australia, Canada, India and the Philippines.

But Sydney investment firm Federation Asset Management – an investor in the merged company – froze redemptions in its fund in December after raising questions about financial statements.

Australians spent big on Black Friday sales and concerts, driving household spending to the highest annual level in more than two years.

Household spending rose one per cent in November, which means the figure was 6.3 per cent higher than the same time a year prior, the Australian Bureau of Statistics revealed on Monday.

That’s the highest yearly growth rate since September 2023.

The figures point to continued strength in the nation’s economic recovery; more evidence for the Reserve Bank of Australia that the economy does not need further monetary stimulus.

Source: ABS, AAP

The result was higher than expectations, with the forecaster consensus predicting growth of 0.6 per cent.

Ahead of the release, NAB’s economics team said in a research note a key focus would be whether October’s broad-based lift in spending was sustained.

Spending growth was broad-based in November, with eight of the nine spending categories rising, ABS head of business statistics Tom Lay said.

“Services spending rose by 1.2 per cent, driven by major events, including concerts and sporting fixtures. These events are linked to higher spending on catering, transport, and recreation and cultural activities,” he said.

“Growth in goods spending, which lifted 0.9 per cent, was driven by Black Friday sales. Clothing, footwear, furnishings, and electronics seeing the biggest gains as consumers took advantage of widespread discounts.”

Britpop giants Oasis played sold-out stadium shows in Melbourne and Sydney during the month and record crowds turned out to the opening Ashes Test in Perth, although attendances would have been higher had it run for more than two days.

The biggest rise was in furnishings and household equipment, up 2.2 per cent, while spending on clothing and footwear was two per cent higher and recreation and culture jumped 1.7 per cent.

Every state and territory recorded growth of at least 0.5 per cent, with Tasmania experiencing the biggest lift of 2.1 per cent.

Discretionary spending rose 1.2 per cent for the month, outpacing spending on essentials which climbed 0.7 per cent.

The outlook for spending remained strong for people who owned their homes outright, head of economic research and global trade for Oxford Economics Australia Harry Murphy Cruise said

But mortgage holders and renters faced tighter budgets and weaker confidence, he said.

“That will see steady, but unspectacular, aggregate spending growth through this year.”

Federal Reserve chair Jerome Powell says the US Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony about the Fed’s building renovations. 

The move represents a major escalation in US President Donald Trump’s battle with the Fed, an independent agency he has repeatedly attacked for not cutting its key interest rate as quickly as Trump prefers. 

The subpoena relates to his testimony before the Senate Banking Committee in June, Powell said, regarding the Fed’s $US2.5 billion ($A3.7 billion) renovation of two office buildings, a project that Trump criticised as excessive.

In a video statement, Powell said the threat of criminal charges are “pretexts” to undermine the Fed’s independence when it comes to setting interest rates.

“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions – or whether instead monetary policy will be directed by political pressure or intimidation,” Powell said.

The Justice Department in a statement said it can’t comment on any particular case, but added Attorney General Pam Bondi “has instructed her US Attorneys to prioritise investigating any abuse of tax payer dollars”.

The potential indictment has already drawn concern from one Republican senator, who said he’ll oppose any future nominee to the central bank, including any replacement for Powell, until “this legal matter is fully resolved”.

“If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” said North Carolina Senator Thom Tillis, who sits on the Banking Committee, which oversees Fed nominations. 

“It is now the independence and credibility of the Department of Justice that are in question.”

US President Donald Trump says no more Venezuelan oil or money will go to ​Cuba and has suggested the Communist-run island should strike a deal with the United States, ramping up pressure on the country.

Venezuela is Cuba’s biggest oil supplier but no ⁠cargoes have departed from Venezuelan ports to the Caribbean country since the capture of Venezuelan president Nicolas Maduro by US forces in early January amid a strict US oil blockade on the OPEC country, shipping data shows.

Meanwhile, Venezuela and the US are progressing on a $US2 billion ($A3 billion) deal to supply up to 50 million barrels of Venezuelan oil to the United Stats with proceeds to be deposited in US Treasury-supervised accounts, a major test of the emerging relationship between Trump and interim President Delcy Rodriguez.

“THERE WILL ‌BE NO MORE OIL ​OR MONEY GOING TO CUBA – ZERO! I strongly suggest they make a deal, BEFORE IT IS TOO LATE,” Trump wrote on ‍his Truth Social platform on Sunday.

“Cuba lived, for many years, on large amounts of OIL and MONEY from Venezuela,” Trump added.

Trump did not elaborate on his suggested deal.

US officials have hardened their rhetoric against Cuba in recent weeks.

Cuban Foreign Minister Bruno Rodriguez said in a post on X on Sunday that Cuba had the right to import fuel from any suppliers willing to export it.

He also denied that Cuba had received financial or other “material” compensation in return for ​security services provided to any country.

Thirty-two members of Cuba’s armed forces and intelligence services ‌were killed during the US raid on Venezuela.

Cuba said those killed were responsible for “security and defence” but did not provide details on the arrangement between the two long-time allies.

Cuba relies on imported ​crude and fuel, mainly provided by Venezuela, and Mexico in smaller volumes, purchased on the open market to keep its power generators and vehicles ‍running.

As its operational refining capacity dwindled in recent years, Venezuela’s supply of crude and fuel to Cuba has fallen.

But the South American country is still the largest provider with 26,500 barrels per day exported last year, according to ship tracking data and internal documents of state-run ​PDVSA, which ​covered roughly 50 per cent of Cuba’s oil deficit.

Mexico has emerged in ​recent weeks as a critical alternative oil supplier to the island but the ​supply remains small, according to the shipping data.

Mexican President Claudia Sheinbaum last week said her country had not increased supply volumes but given recent political events in Venezuela, Mexico had turned into an “important supplier” of crude to Cuba.

US intelligence has painted a grim picture of Cuba’s economic and political situation but its assessments offer no clear support for Trump’s prediction that the island is “ready to fall,” Reuters reported on Saturday, citing three people familiar with the confidential assessments.

The CIA’s view is that key sectors of the Cuban economy, such as agriculture and tourism, are severely strained by frequent blackouts, trade sanctions and other problems.

The potential loss of oil imports and other support ‍from Venezuela, for decades a key ally, could make governing more difficult for President Miguel Diaz Canel.

Repairs are under way after a tropical cyclone battered the far north coast, but forecasters warn the threat is not over as Queensland braces for more devastating floods. 

After days of intense build-up, ex-Tropical Cyclone Koji ran out of power as it crossed the Queensland coast, downgraded to a tropical low. 

Cyclone warnings have been cancelled, but residents in the far north still face the threat of major flooding as heavy rain continues to pummel the region. 

Thousands were without power as authorities worked around the clock to restore electricity to affected areas.

As the economic costs of the twin disaster continued to rise, Premier David Crisafulli was confident Queenslanders could handle whatever came their way. 

“There are stages of an event like this – first there’s the wind, then it’s rain, and then there’s the flood,” he said on Sunday. 

“We have seen the wind that’s started to dissipate … we’ve seen large amounts of rain with more to come, and then there’s the he prospect of flooding. 

“Queenslanders will handle that. They always, always do.” 

Warnings have been issued for heavy rain along the central Queensland coast, with falls expected to continue into Monday. 

Some areas could cop isolated totals of up to 340mm in 24 hours across saturated catchments, according to the Bureau of Meteorology. 

Flood watches remain in place for the Channel Country after the monsoon earlier devastated the state’s northwest, isolating towns and properties.

The mammoth clean-up has barely begun, with conservative estimates of more than 45,000 livestock missing or dead. 

“We will continue to watch and see the impact that the system could have – the last thing we want to see is more rainfall in areas that have copped more than a year’s supply in less than a week,” Mr Crisafulli said. 

Fodder drops continue, and authorities are stockpiling antibiotics and veterinary supplies to treat surviving stock and combat infection.

“The economic impact for western Queensland, because of how important agriculture is to underpin those communities, will be large,” Mr Crisafulli said.

“We’re doing everything we can to spare as many cattle as possible and help those primary producers.”

Flood warnings are current for catchments including Herbert, Upper Burdekin, Lower Burdekin, Haughton, Ross, Bohle, Don, Proserpine, Pioneer, Lower Flinders, Norman, Gilbert, Georgina and Eyre, Diamantina and Thomson.

Recovery efforts are ongoing in a region completely decimated by raging bushfires, though for many, the future remains uncertain.

Two major Victorian bushfires are expected to burn for weeks, including the Longwood blaze in the state’s north.

Cooler conditions could offer some relief to firefighting efforts, but for many small communities, the damage has already been done.

Police confirmed on Sunday that human remains had been found near a fire-affected road at Gobur, a remote area east of Seymour.

The remains are yet to be identified, but were discovered 100 metres from a car.

The fire-affected patch was scorched when the roaring Longwood fire moved through on Friday.

Paddocks are littered with the remains of animals and livestock that did not make it to safety.

Ruffy Country Fire Authority Captain George Noye told AAP half of the small town’s residents had lost either their homes or a structure.

The local primary school is also unrecognisable after being burned to the ground.

“It’s unbelievable how wide this fire is. Many people left early,” Mr Noye said.

“It could have been a lot worse with the conditions that we had.”

The Longwood fire has covered about 136,000 hectares since it started amid catastrophic conditions.

The fire is still burning as crews work to clear roads so assistance and relief can flow.

More than 350,000 hectares have burned and more than 300 properties have been lost in the state after summer heatwaves spurred out-of-control bushfires.

Prime Minister Anthony Albanese and Premier Jacinta Allan visited the regional town of Bendigo on Sunday, where they announced funding relief for residents hit hard by the fires.

Residents in communities most impacted by the bushfires can claim a one-off disaster recovery payment of $1000 for each adult and $400 per child as part of a $19.5 million package.

A $10 million program to help distribute fodder to farmers in need will be rolled out as part of the package.

The leaders also visited the small community of Harcourt, where they witnessed the devastation firsthand.

At least 50 homes and structures have been lost to the fire, which continues to burn.

A state of emergency has been declared for 18 local government areas.

Several emergency-level blazes were dotted across the state but firefighting efforts were concentrated on a huge blaze in Victoria’s centre and another in the northeast, near the NSW border.