| We begin with the fallout from US President Donald Trump’s sweeping tariffs. The US bore the brunt of the selloff that raced through financial markets yesterday. The S&P 500 suffered its worst day in five years. The US dollar has wiped out all of its gains since Trump won the presidency in November. Meanwhile, futures show the ASX is expected to drop more than 1% today.
If you need to catch up on the whirlwind events, you can watch analysis from Bloomberg Television here. Meanwhile, here’s the formula used to calculate the tariffs, which included a 10% duty on Australian goods.
The fight for Australia’s top job is underway, with campaigning ramping up ahead of a May 3 federal election. On this week’s Bloomberg Australia podcast, Rebecca Jones and government reporter Ben Westcott discuss everything you need to know about the campaign and the key issues being debated. Over the next four weeks, we’ll have special podcast episodes for you in the lead up to the election and help make sense of local — and global — politics.  Bloomberg 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.
The Reserve Bank of Australia says we’re well placed to weather the fallout from US trade policies. The RBA also used its half-yearly Financial Stability Review to call out potential liquidity risks in our superannuation system as more people enter retirement and draw down their money. Meanwhile, it said Victorian homeowners recorded the “most significant” increase in loan arrears.  The Reserve Bank of Australia in Sydney. Photographer: Lisa Maree Williams/Getty Images Across the ditch, New Zealand’s housing market has entered its next phase of growth, property agency CoreLogic said. Lower interest rates are beginning to stoke demand and drive up prices, it said.
Microsoft has halted or delayed data center projects in locations including Australia. It’s not yet known how much of the pullback reflects expectations of lower demand versus temporary construction challenges.
An independent review found that ANZ had leadership shortcomings and a problematic culture that didn't always prevent bad behavior, leading to risk management flaws. The assessment also indicated risk culture problems might not be limited to the markets division and recommended the bank do a further investigation. Wealthy Australians are investing in obscure alternative assets like lobster-catching licenses to reduce volatility in their portfolios. Sydney-based wealth advisory firm Koda Capital is expanding the variety of investments it can offer to the fast-growing rich, chief investment officer Norman Zhang said. | 
