More than 1,200 large companies paid no tax in 2022-23, the Australian Taxation Office (ATO) has revealed.

It’s the 10th corporate tax transparency report from the ATO — and while the amount of tax collected was higher overall, there were still 31 per cent of companies that didn’t pay tax.

There are various reasons that may be the case, from accounting losses to claiming tax offsets that reduced their tax bill to zero.

ATO Deputy Commissioner Rebecca Saint said there were “legitimate reasons” why a company may pay no income tax, and that the agency plays close attention to ensure that companies “are not trying to game the system”.

You can read the full report from Nassim Khadem and search the full list of companies and what they paid here:

This note from ANZ just dropped:

The AUD fell as low 0.6540 overnight, weighted down by lower US equities.  AUD/USD later reversed the fall and is currently trading near 0.6580.  

Today’s ABS monthly household spending indicator (MHSI) for September will provide an important update on spending (11.30am Sydney time). 

This is a new and experimental series but has a much broader coverage than yesterday’s retail trade figures (~68% of household consumption compared to 30‑35% for retail trade).

The MHSI has been substantially weaker than retail trade over recent months. 

We expect AUD/USD to remain heavy for now because of the impending US election and still solid US economy

Australia’s property market is showing further signs of a slowdown, with national house prices rising slightly in October as more home-owners and investors looked to capitalise on the spring selling season.

Data from CoreLogic showed that the national median house price rose by a modest 0.3 per cent in October to $809,849.

It marks the 21st consecutive month that property prices have risen in the country, however, the modest rise was due to uneven growth in the capital cities.

Read more here:

Shares of Facebook-owner Meta and Microsoft both fell on Wall Street overnight, despite both companies beating earnings estimates in results reported after the bell on Wednesday.

Amazon, Apple and Google’s Alphabet also fell.

Microsoft and Meta both said their capital expenses are growing due to AI investments, which could reduce profitability.

“You had three of the Magnificent Seven all say they basically have open-ended budgets for AI spend and investors don’t like to hear that,” said Carol Schleif, chief investment officer at BMO Family Office told Reuters.

One of the world’s biggest tech companies has just released its latest results.

Apple’s sales for the fourth quarter were almost $US95 billion ($144 billion) which beat expectations. They were bumped by strong sales of the latest iPhone.

Yet other product lines missed expectations and the China sales total was less than Wall Street expected, which helped send Apple shares down 1.2% in extended trading.

Its CEO Tim Cook says Apple customers are downloading a new version of its iPhone operating system that uses AI, at twice the rate they were a year ago.

The OS has features like helping people write an email in a “more professional” tone. Some features of it have been delayed.

Apple’s rivals Microsoft and Meta  both said this week they expect continued increases in spending to support their AI strategies.

Good morning, Emilia here with you for the next few hours.

This morning you’ll be hearing a lot about tech stocks, with Microsoft taking a hit and Apple releasing results.

Overall, Wall Street has had its worst day in weeks, with the S&P 500 down 1.9%, the Dow off 0.9% and the tech heavy Nasdaq off a whole 2.8%.

Australian share markets are expected to open lower as a result.