Tuesday, 17 March - Mr Jones and me

Good morning, it’s Tuesday, 17 March. In your Squiz Today…

• Trump’s call for allies to help secure the Strait of Hormuz hasn’t had a very enthusiastic response

• It’s a big economic news day, with a Reserve Bank interest rates decision and a Capital Gains Tax report on the dock

• And a wrap-up of everything Oscars…

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Squiz the Weather

Squiz Sayings

Said longtime Vogue editor Anna Wintour, after The Devil Wears Prada star Anne Hathaway asked her what she thought of her dress as the 2 presented onstage together at the Oscars. A classic moment of shade(s) from the fashion legend…

Thanks, but no thanks

The Squiz

As the Iran war continues, US President Donald Trump is stepping up his calls for other countries to help out by securing the Strait of Hormuz shipping lane. As we mentioned yesterday, Trump called on major powers - like China, France and the UK - to send warships to the Strait to enable oil tankers to pass through again, relieving the global oil crisis. But over the last day, many of those countries have largely knocked him back - and Trump isn’t happy about it - he says countries that rely on that oil should also help protect it.

How unhappy is he?

Well, he’s said it will be “very bad for the future of NATO” (the North Atlantic Treaty Organisation) if no one chips in. Given it’s a major military alliance that has been around for nearly 80 years, that’s created pressure on European leaders to respond. But they’re still not keen - UK PM Keir Starmer said his country “will not be drawn into the wider war”, and German Foreign Minister Johann Wadephul said he needed “more clarity” on when the US and Israel considered their military aims to be achieved before Germany would consider sending a ship. Conversations are still happening - and French President Emmanuel Macron said an international mission might be in the works, but it would only be once the most intense phase of fighting has stopped.

So, has anyone said yes?

Not yet - Trump also asked non-NATO countries, like China, Japan and South Korea, to get involved - but they haven’t agreed to anything either. (For our part, we haven’t been asked - but Transport Minister Catherine King confirmed yesterday that we won’t be sending a ship). But experts say these leaders are balancing a reluctance to get involved in the war with an economic need to keep the US happy, as well as relieving the oil crisis affecting their citizens, so they’re walking a bit of a diplomatic tightrope. As those discussions continue, the war shows no sign of slowing down - yesterday, Israel launched “limited and targeted ground operations” against the Iran-backed Hezbollah group in Lebanon, and an Iranian drone strike hit the Dubai international airport in the United Arab Emirates, shutting down air traffic for several hours. 

Growing your interest in finance

We’ll be hearing from the Reserve Bank about its latest interest rates decision this afternoon, but what does an interest rate change actually mean for borrowers, savers and the wider Aussie economy? Hint: it’s kinda complicated… That’s where the team at Commbank Newsroom comes in - they’ve put together an explainer that looks at how shifts in the cash rate flow through to mortgages, savings and economic activity.

Squiz the Rest

No relief from the weather in the north

After the worst floods in 3 decades - and more heavy rain on the way - the Northern Territory’s Chief Minister Lia Finocchiaro met with Treasurer Jim Chalmers and Infrastructure Minister Catherine King yesterday to ask for the federal government’s help to fund what’s likely to be a large and costly rebuilding effort. Residents have begun taking stock of the damage, with Katherine Mayor Joanna Holden saying: "It's going to be weeks and months before their homes are back to what they were previously”. And it’s not over yet - as the weather system moves south into Central Oz, residents in Alice Springs have been told to prepare for possible flooding, with the NT’s emergency chief Wayne Snell saying “the entire catchment is saturated … we’re not taking any chances”.

Tax breaks are on the agenda…

We’re likely to hear more about proposed changes to Capital Gains Tax today, with a Senate inquiry due to hand in its report. As a reminder of how CGT works, profits made by selling investments (for example, properties or shares) are added to your overall income and taxed accordingly - but if you’re an Oz resident and you’ve owned the asset for more than a year, you get a discount of 50%. A Greens-led Select Committee has been looking into whether the discount is stifling productivity and contributing to inequality. Reports say the Treasurer has asked his department to model reducing (paywall) the discount to at least 33%, but the Greens want it scrapped. So it’ll be a big day in economic news, as the Reserve Bank’s latest decision on interest rates is also out today - with the 4 big banks tipping a rise…
*If you want to know more about the CGT and what could be ahead for investors, we’ve got a Squiz Shortcut for you…

And speaking of breaks…

Fast food giant KFC and its franchisees will be paying $28.8 million to thousands of its employees after settling a class action over rest breaks yesterday. In the lawsuit, current and former staff members of the chicken chain alleged that they weren’t given 10-minute breaks they were legally owed while working at various KFC franchises around Oz. The settlement still has to be approved by the Federal Court, but if it is, around 90,000 staff will be eligible for a payout. It’s a significant settlement because it’s the first of its kind around rest breaks - but it might not be the last, with a similar case against McDonald’s in the works. In that one, breaks were allegedly denied to about 300,000 staff - meaning the payout will likely be much bigger if it’s successful. We’re definitely not talking loose change here…

Realigning the stars

After a 14-day suspension, It’s D-day for radio host Kyle Sandilands to “remedy” his alleged breach of conduct with network ARN from an on-air bust-up with his co-host Jackie ‘O’ Henderson on the Kyle and Jackie O Show. It’s not known what conditions Sandilands has to meet (and he denies any breach), but he says he apologised to Henderson after the spat, in which he told her that her interest in astrology was making her “unworkable”. If they do go back to their $200 million gig, they’ll have to abide by strict licence conditions imposed on ARN yesterday by media watchdog the Australian Communications and Media Authority. Its chair Nerida O'Loughlin said ARN has been “unwilling or unable to control the content that has gone to air” but breaches of the new terms would mean “strong enforcement action”. We’ll see what happens…

One statue after another

Political thriller One Battle After Another is this year’s Best Picture Oscar winner, taking out the top prize at yesterday’s ceremony in Los Angeles. It was the favourite going in, and ended up taking home 6 awards, including Best Director for Paul Thomas Anderson and Best Supporting Actor for Sean Penn (though he didn’t rock up to accept the award). Penn beat major Aussie hope Jacob Elordi in his category, and Rose Byrne also missed out on Best Actress, which went to Irish star Jessie Buckley for Hamnet. Here’s the full list of winners, and for a quick catch-up on the ceremony itself, here’s host Conan O’Brien’s opening monologue, tributes to Rob and Michele Reiner, Robert Redford and Diane Keaton and of course a red carpet gallery for all the glam you can handle… 

Apropos of Nothing

The name of the anonymous street artist Banksy has been revealed - reports say his name is Robin Gunningham, but he legally changed it to David Jones (one of the most common British male names) to evade detection. Or run a chain of Oz department stores, maybe…

The search for the next generation of Olympians and Paralympians began yesterday, where the Australian Institute of Sport finds potential athletes through testing and development. The pressure’s on to build a cracker team, because we’re on home turf for 2032…

And a sly red fox has snuck on board a cargo ship from Southampton in England to New York. He’s made his new home at the Bronx Zoo, where the director of animal programs says “he seems to be settling in well”. It’s gotta be cheaper than flying at the moment…

Squiz the Day

8.00am (AEDT) - Air and Space Conference 2026, focusing on ‘Air and Space Power in National Defence’ - Canberra 

9.00am (AEDT) - Australia Council of Superannuation Investors sustainability and governance investment conference, featuring sessions on AI, climate risk, and modern slavery - Sydney

9.30am (AEDT) - Non-publication hearing for the family of Bondi Beach shooter Naveed Akram, who are applying to have their identities suppressed, Downing Centre Local Court - Sydney

11.00am (AEDT) - Baseball: World Baseball Classic semi-final, Venezuela v Italy, LoanDepot Park - Miami, watch on Kayo 

2.30pm (AEDT) - The Reserve Bank will deliver its latest decision on interest rates - Sydney 

6.00pm (AWST) - Football: Women's Asian Cup semi-final, Matildas v China at Optus Stadium - Perth, watch on 10play

7.00pm (ACST) - Basketball: NBL semi-final series, game 3 (if required) SE Melbourne Phoenix v Adelaide 36ers, Adelaide Entertainment Centre - Adelaide, watch on Kayo

The report from the Senate inquiry into the Operation of the Capital Gains Tax Discount is due to be tabled in parliament in a public hearing - Canberra

ABS data release: Overseas arrivals and departures, Australia, January 2026; Usual nutrient intakes, 2023

🍀 St Patrick's Day

Birthdays for actor Kurt Russell (1951), singer Billy Corgan (1967) and musician Grimes (1988) 

Anniversary of:

• the deaths of Roman Emperor Marcus Aurelius (180) and Saint Patrick (461)

• Edward the Black Prince being made Duke of Cornwall, the first Duchy made in England (1337)

• the patenting of the rubber band and self-raising flour (1845)

• Albert Einstein finishing his scientific paper detailing his Quantum Theory of Light, one of the foundations of modern physics (1905)