Good morning, it’s Angus here in Sydney. Here’s what you need to know as you head into the weekend. 

Today’s must-reads:
• A test case for breaking China’s grip on minerals
• AustralianSuper tying up private equity deals
• Our solar rooftop podcast

What's happening now

The struggling Port Pirie smelter  in South Australia could be a test case in how much Western governments are willing to spend to break China’s dominance in critical minerals. Owner Nyrstar Australia is proposing a multimillion-dollar upgrade so the smelter can produce antimony — a key mineral used in munitions, semiconductors, solar panels and batteries. Read Paul-Alain Hunt’s Dispatch here.

AustralianSuper is increasing its allocation to unlisted assets as the country’s biggest pension fund works to finalize four private equity deals by the end of the year, according to the firm’s investment chief.

Australians have enthusiastically embraced rooftop solar panels. Now the government has introduced a A$2.3 billion rebate plan to get more people to install batteries at their homes, to store all of that solar power to smooth out supply at times of peak demand. This week on the Bloomberg Australia Podcast, Rebecca Jones talks to energy reporter Keira Wright about why the government wants more batteries, how much people stand to save under the rebate scheme, and what it all means for the country’s power supply.

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.

Domino’s Pizza’s outgoing Chief Executive and Managing Director Mark van Dyck chose to resign and wasn’t pushed out, the company’s billionaire interim Executive Chairman Jack Cowin said on an investor call.

Australia’s services sector activity accelerated in June and cost inflation softened, sending business confidence to its highest level in more than three years, according to S&P Global. The Australia Services PMI Business Activity Index rose to 51.8 on a seasonally-adjusted basis, from 50.6 in May, The fastest expansion since May 2024. The Reserve Bank of Australia is anticipated to cut interest rates for a third time this year at its July 7-8 policy meeting.

What happened overnight

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

US stocks ended at a record and bond yields rose as June job growth exceeded expectations for a fourth straight month and the unemployment rate fell. Stocks were also bolstered by the US House of Representatives granting passage of President Donald Trump’s tax and spending bill. The Aussie and kiwi edged lower amid broad dollar strength. ASX futures point to a solid start for local equities. Today sees Australian household spending data and with American markets closed for the Independence Day holiday it should be a quiet run into the weekend.

Headline numbers from the US  June jobs report took pressure off the Federal Reserve to consider an interest-rate cut later this month, likely leaving the central bank on hold at least until the fall. US employers added 147,000 jobs last month, exceeding estimates, while the unemployment rate ticked lower to 4.1%.

President Donald Trump secured a sweeping shift in US domestic policy as the House passed a $3.4 trillion fiscal package that cuts taxes, curtails spending on safety-net programs and reverses much of Joe Biden’s efforts to move the country toward a clean-energy economy. The 218-214 vote in the House Thursday sends the legislation to Trump, in time for his July 4 deadline. House leaders had to keep earlier procedural votes open for hours to convince a small band of holdouts to support the legislation.

Donald Trump Photographer: Ken Cedeno/UPI

Trump said his administration may begin sending out letters to trading partners as soon as Friday setting unilateral tariff rates ahead of a July 9 deadline for negotiations. “We’re probably going to be sending some letters out, starting probably tomorrow, maybe 10 a day to various countries saying what they’re going to pay to do business with the US,” Trump told reporters on Thursday.

Singapore introduced fresh measures to tame housing prices, raising the stamp duty for those who sell their private homes within four years. The changes take effect for all private residential properties purchased from Friday. The holding period for homes which will incur a seller’s stamp duty will be extended to four years from three. The rates payable will rise to 16% from 12% within the first year.

What to watch

• Australia’s statistics bureau releases May household spending at 11:30 a.m. Sydney time.

One more thing...

The world’s biggest polluter is cleaning up its act, writes Bloomberg Opinion’s award-winning columnist David Fickling. China’s size is so overwhelming that when its fossil fuel consumption peaks, as it’s doing now, it will shift the direction of the whole planet.