Australian financial intelligence regulator AUSTRAC has launched an anti-money laundering probe into ASX-listed bookmaker Tabcorp, sending the company’s shares significantly lower. Tabcorp is a major Australian gambling company, providing wagering, media, and gaming services across the nation. This new investigation arrives approximately ten years after Tabcorp reached a $45 million settlement over allegations it permitted accounts established with fictitious names to be used for gambling activities, highlighting ongoing scrutiny in the sector.
In parallel financial developments, Federal Treasurer Jim Chalmers is reportedly reviewing potential alterations to the superannuation performance test. These proposed changes are designed to introduce specific carve-outs, encouraging greater retirement fund investments into critical areas such as venture capital, renewable energy projects, and affordable housing initiatives. Furthermore, the Albanese government is poised to announce fresh details surrounding its domestic resources reservation strategy, with expectations of revealing plans for an east coast gas reserve as early as today.
The broader Australian share market experienced an uplift, with the ASX advancing by nearly one per cent by midday AEST, buoyed by hopes of progress in Middle East peace negotiations. This market sentiment coincided with a softening in global oil prices and a notable surge in gold. Among individual companies, investors delivered a ‘first strike’ against ARN, while BFG shares rose by six per cent. Additionally, veteran investor Geoff Wilson voiced strong criticism regarding the government’s proposed tax plans, particularly those affecting capital gains, following remarks from Prime Minister Anthony Albanese.
