Woolworths has confirmed it will stop buying Tasmanian beef from 2027, a move that affects the state and Australia’s domestic market. The retailer has been sourcing the product via JBS Foods’ abattoir in Longford. Local farmers say the decision is a major blow to their businesses. Woolworths said it will keep buying Tasmanian beef through to the end of 2026 and work with affected parties on the transition.

Meta has agreed to pay $US17 billion and add child-safety measures to Facebook and Instagram to settle teen social media addiction claims brought by 47 states. The lawsuit alleged Meta intentionally built addictive features that harmed teenagers’ mental health and misled the public about them. Meta has said potential financial penalties in the case could have reached as much as $US1.4 trillion.

Global benchmark Brent crude fell as much as 6% intraday as markets reassessed the Iran conflict, shifting from fears of military escalation to expectations of economic pressure, which quickly reduced the geopolitical risk premium. Canada then announced retaliatory tariffs of 15% to 50% on about $20 billion of U.S. goods. The trade escalation intensified concerns about slowing growth, further weakening the oil demand outlook.

US Treasury Secretary Scott Bessent said Washington is expanding secondary sanctions that could pressure entities and countries that continue doing business with Iran. Markets largely shrugged off the announcement, and oil prices fell more than $2 a barrel. Brent settled at $US92.17 a barrel and US West Texas Intermediate ended at $US85.01.

Australia-based Corporate Travel Management has been accused of serious overcharging while delivering a UK government refugee-accommodation contract, with the amount involved nearing A$100 million. Investigators found the company billed for more rooms than hotels actually had, and also engaged in double-billing or charged for exclusive hotel use where no exclusivity existed. In 2021, it was contracted to arrange 1.4 million hotel nights across about 60 UK hotels, but an internal review later identified a gap of almost 50 million British pounds between what it billed the government and what it paid hotels.

China has rejected 10 containers of Australian mung beans, citing chemical residues above permitted levels. About 95% of Australia’s mung bean crop is desiccated with glyphosate before harvest, and residue limits are set by importing countries. Australian output in 2026 is expected at 100,000 to 120,000 tonnes, almost all for export. The rejection could accelerate a shift toward alternative herbicides among growers.

Commonwealth Bank reported annual profit of A$10.9 billion, while its net interest margin eased to 2.05% and operating expenses rose 6% to A$13.76 million. The bank said home loan applications have fallen 15% since May 12. The government has abolished the 50% capital gains tax discount and replaced it with a 30% minimum tax rate on net capital gains, lifting the tax burden for many sellers. ASX futures were down about 0.4%.

Strikes planned for this weekend at Port Hedland, Australia’s largest iron ore export port, could cost BHP about $100 million in revenue and the West Australian government more than $7 million in royalties. Port Hedland exported 580 million tonnes of iron ore in the last financial year, accounting for almost three quarters of outbound commodities from the Pilbara ports, according to Pilbara Ports data. The dispute centres on workers’ pay and conditions and includes a 24-hour ship-loading ban followed by a 24-hour stoppage.

A New Mexico state court has ordered Meta Platforms to pay $US567 million ($806 million) and change how Facebook and Instagram work for young users in the state after finding the company responsible for harming children’s mental health. The court also ordered a range of youth-safety measures, including monthly limits on teens’ use, notification restrictions, tighter controls on adult contact with minors, safeguards for AI chatbots and stronger review of child sexual abuse reports. Judge Bryan Biedscheid said most of the money will fund treatment services for young people. Meta said it will appeal the ruling.