Cheaper

• J.P. Morgan reports that while the United States maintains its global leadership in the AI ecosystem, China is rapidly closing the gap. • China is gaining ground by developing cost-efficient AI models that are increasingly attractive for enterprise adoption. • Despite this competition, U.S. frontier models remain essential for high-level tasks including cybersecurity, scientific discovery, and large-scale reasoning.

• JP Morgan reports that while the United States remains the global leader in AI development, China is rapidly closing the gap by producing more cost-efficient models. • Chinese firms are gaining traction in corporate environments by offering AI systems with significantly lower operational costs than American competitors. • Despite this, US-developed frontier models remain essential for high-level applications, including cybersecurity, scientific discovery, and large-scale reasoning tasks.

As the cost of the scheme blows out, the government has announced the full discount will be retained for another year, after which it will only apply to EVs costing less than $75,000Get our breaking news email, free app or daily news podcastLabor has opted to retain its electric vehicle discount in full for another year, as Australians rush to buy EVs amid soaring fuel costs linked to the Iran war.But the budget next Tuesday will include a number of “sensible changes” that wind back the scale of support over the next three years, as the government acknowledges the need to deliver a “more financially sustainable” tax incentive for EVs amid ballooning costs of the scheme. Continue reading...

Chris Bowen says Australians should ‘not get ahead of ourselves’ by expecting prices to fallFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastTrack current petrol and diesel prices across AustraliaPetrol prices are rising again and diesel wholesale prices have hit new record highs as the government warns the US ceasefire with Iran will not make fuel cheaper.The average unleaded prices at service stations rose in some cities on Wednesday for the first time since late March, as fuel tankers hiked their charges. Continue reading...

Flow-on effect will depend on how quickly service stations sell more expensive fuel, experts warn, leaving Easter travel plans up in the airGet our breaking news email, free app or daily news podcastAustralians expecting relief from punishing fuel prices in time for Easter travel are set to be disappointed, with the industry predicting the effects of Labor temporarily halving the excise will take days or weeks to reach some bowsers around the country.The halving of the fuel excise, which begins on Wednesday and lasts until the end of June, means the federal government will now collect 26.3c from every litre over the next three months instead of 52.6c a litre. Continue reading...

Australian manufacturers can call their wares parmesan and kransky, but terms like feta, romano and gruyere will be eventually phased outFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastEuropean food, wine, cars and fashion goods will become cheaper for Australian buyers under a long-awaited trade deal, but farmers are furious about meagre quotas for meat exports.After almost a decade of negotiations, Australia and the European Union have struck an agreement that will lead to both sides slashing tariffs and expanding trade across a range of areas. Continue reading...