The Australian share market has added $40bn in value after Iran announced an “immediate and permanent” peace with the US and Israel, proving that war is bad for business but the sudden cessation of war is apparently quite good.

The benchmark S&P/ASX200 index, worth $2.7tn, jumped 1.45% to 8,931 points this morning. BHP, the Anglo-Australian mining company, briefly hit a record high share price of $65.44, with a market value of over $332bn for the first time. The big four banks all added at least $1bn in market value in early trading. But today’s ASX bounce is smaller than Friday’s, which was in response to Trump cancelling scheduled strikes on Iran. Japanese traders are less chill: the Nikkei is up 4.3%. Australian traders seem more sanguine in the face of good news and more scared of bad news, suggesting Donald Trump’s threats are more trusted than his promises.

Prime Minister Anthony Albanese and Foreign Minister Penny Wong issued a lengthy statement welcoming the US-Iran agreement and calling for continued restraint. They said a full recovery from the closure of the Strait of Hormuz will take time, and that Australia has more fuel in its reserves than ever. “Continued restraint and constructive engagement will be essential to prevent further escalation and secure a lasting agreement,” they said, adding that Iran must address longstanding concerns about its nuclear program. The terms of the deal remain unknown.

Meanwhile, tax experts have backed the budget’s proposed reforms to capital gains tax and negative gearing, but warned they won’t meaningfully shift the productivity dial. ANU tax economist Peter Varela said taxing different assets the same way will get you more productivity. Michael Brennan, head of the e61 Institute and former Productivity Commission boss, agreed in principle but called the changes “not economy changing”. He noted that higher overall capital gains tax would offset benefits. Matt Nolan, a senior research manager at e61, said Australia will remain in the “middle to lower-middle of the pack” on average tax rates, but investors anticipating returns over 15% might find Australia looking similar to high-taxing Denmark.

In a bit of silliness, someone briefly revised the Wikipedia page for the Australian defence minister last night to show Socceroos star Harry Souttar filling the position. The edit didn’t last long, but in an alternate universe…

Drones have been given short-term approval to fly at Coogee Beach after a 35-year-old woman was mauled by a shark on Saturday, despite the beach’s proximity to an airport. The Civil Aviation Safety Authority granted a temporary exemption for aerial surveillance after the woman was critically injured. Surf Lifesaving NSW’s public safety manager, Brent Manieri, confirmed the CASA ban was lifted for the rest of the week. The woman remains in hospital in critical but stable condition.

A new analysis of government survey data found at least one-in-five students at every public Australian university don’t feel free to express their views on campus. The report by the Liberal-aligned Menzies Research Centre, based on the federal government’s Student Experiences Survey, found 28.3% of domestic undergraduates and 32.5% of postgraduates in 2024 didn’t agree they were free to express their views, up from 24% and 28% respectively in 2021.

Seven protesters, including a participant in last month’s Global Sumud Flotilla, were arrested at a Justice for Palestine rally in Brisbane for allegedly saying “from the river to the sea” or holding signs bearing the expression. Spokesperson Remah Naji said a mooted lawsuit aims to test whether police would enforce a ban on the phrase passed into law earlier this year. A high court challenge against the laws is expected mid-July. Queensland police said about 300 people attended, with seven charged for prohibited expressions.

Conservative commentator Lyle Shelton lost a legal challenge against a six-year-old vilification ruling. The case dates to a January 2020 blog post about two Drag Queen story time performers from Brisbane. The Queensland Civil and Administrative Tribunal dismissed a complaint in 2023 partly on the basis that transphobia and homophobia “lives in the past”.