Australia Briefing
Good morning! It’s Keira here in Sydney again. Here’s our top stories this morning...Today’s must-reads:• Young voters feel disillusioned •
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Good morning! It’s Keira here in Sydney again. Here’s our top stories this morning...

Today’s must-reads:
Young voters feel disillusioned 
Hope for biofuel sector fades
Social media giants question ban

What's happening now

Australia’s upcoming May 3 election will be the first where young people significantly outnumber those aged above 60. But few of the first-time voters surveyed by Bloomberg saw a positive future under either a re-elected Albanese or a new government under Liberal leader Peter Dutton, with many working several jobs and expressing concerns over high living costs. Meanwhile, Dutton emerged the narrow winner in a heated third debate with Prime Minister Anthony Albanese as early voting begins, according to a panel of political experts.

Major players from Australia’s highly polluting aviation and mining industries say a lack of political clarity and government support is holding back their ability to decarbonise by using biofuels. Australia is squandering its natural advantages that could help it become a major producer of the renewable fuel, they say. 

Meta, TikTok, and Snap questioned the integrity of Australia's social media ban for under-16s after it emerged that Communications Minister Michelle Rowland made a personal pledge to exempt YouTube from the ban.

Governments in developed countries around the world are grappling with their migration policies and Australia is no exception. This week on the Bloomberg Australia podcast, host Rebecca Jones asks immigration expert Abul Rizvi about Anthony Albanese and Peter Dutton’s migration policies ahead of the May 3 election — and whether they will actually help Australia’s housing crisis.

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.

BYD cars are becoming a more common sight on Australian roads since the Atto 3 sport utility vehicle was launched in 2022. Now, the Chinese electric car giant is making its biggest splash yet, entering the nation’s top-selling segment with the plug-in hybrid Shark 6 pickup.

With President Trump's tariff war looming over the Australian election, the next government in Canberra could use critical minerals as a potential bargaining chip to negotiate exemptions from additional levies. Ian Satchwell of the University of Queensland Sustainable Minerals Institute talks about the importance of balancing ties with the US and Australia's biggest export market, China, on Bloomberg’s Australia Ahead. 

Click the image to watch

Nomura is advising clients to stay invested despite market turmoil. With the purchase of Macquarie Group’s US and European public asset management business, Nomura is scooping up about $180 billion in client assets across equities, fixed income and multi-asset strategies.

What happened overnight

Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping…

US stocks, dollar and oil bounced back  after Treasury Secretary Scott Bessent said the tariff standoff with China is unsustainable and he expects the situation to de-escalate. The comments were later backed up by President Trump who added that he has no intention of firing Federal Reserve Chair Jerome Powell. Greenback gains came at the expense of Aussie and kiwi with havens yen and Swiss franc wearing the brunt of the currency reaction. Today purchasing manager indexes from Japan, Europe, the US and Australia may provide insight on the impact of Trump’s global tariffs.

If you had been scanning the headlines about the fight between clean energy and fossil power, you’d think that the energy transition went through a sharp boom-and-bust cycle during the past five years. If you looked instead at the data, you’d have a very different impression, writes Bloomberg Opinion’s David Fickling.

Gunmen killed as many as 26 people in one of the worst attacks on civilians in India’s northern Jammu and Kashmir region in years, prompting Prime Minister Narendra Modi to cut short his trip to Saudi Arabia.

US Treasury Secretary Scott Bessent told a closed-door investor summit Tuesday that the tariff standoff with China cannot be sustained by both sides and that the world’s two largest economies will have to find ways to de-escalate.

Tesla’s revenue missed estimates for the first quarter, with the electric vehicle company backing away from an earlier forecast for sales growth this year. New vehicles are on track to start production in first half of 2025, but tariffs may have a meaningful impact’ on demand, the company said

What to watch

• 9 a.m.   April S&P Global Australia PMI  

One more thing...

Bitcoin advanced above $90,000 for the first time since early March, fueling optimism that the biggest digital token is finally breaking free of a longstanding tendency to move in the same direction as US tech stocks. Bitcoin has rallied almost 23% from an April 7 low, trading more akin to gold, and has begun to decouple from US risk assets.

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