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The Big Four banks, ANZ, Commonwealth, National Australia Bank and Westpac, plus Macquarie Bank were hit by a surprise proposal for a $6.2 billion levy over four years in the federal budget on May 9.

Under the new measures, banks with liabilities of more than $100 billion will be taxed 0.06% on those “liabilities”.

Speculation about a new levy on the big banks sparked a run on banking shares, wiping $14 billion from their market value. Shares in the Big Four banks fell by between 2.1% and 3.6%.

WA councils support marriage equality

The Western Australian city councils of Bayswater and Fremantle passed motions of support for marriage equality on April 26. Both motions instruct the councils to write to the Prime Minister and all federal MPs, calling on them to make marriage equality a reality.

The motion passed in Bayswater "calls on the council to acknowledge … that many residents are disadvantaged by the current laws and that marriage equality laws have been passed in 22 countries around the world".

Venezuela has been rocked in recent weeks by almost daily protests and counter-protests, as right-wing opponents of socialist President Nicolas Maduro seek to bring down his government.

While the media portrays these events as a popular rebellion against an authoritarian government, supporters of the pro-poor Bolivarian revolution initiated by former president Hugo Chavez say the country is witnessing an escalation in what is an ongoing counter-revolutionary campaign seeking to restore Venezuela’s traditional elites in power and reverse the gains made by the poor majority under Chavez and Maduro.

Australia’s largest milk processor Murray Goulburn has announced it will close manufacturing plants in three small rural towns: Kiewa and Rochester in northern Victoria and Edith Creek in Tasmania.

Murray Goulburn expects 360 people will lose their jobs. The closures are in areas where there are no other industries.

This will have a huge impact on these three local communities. The 700 residents of Kiewa-Tangambalanga will lose 135 jobs from Murray Goulburn's factory closure.

Emmanuel Macron won the second round of the French presidential elections on May 7, receiving 58.21% of the vote compared to the 30.01% share for far-right National Front (FN) candidate Marine Le Pen.

Despite the apparently decisive victory, the vote signals continued political uncertainty in France fuelled by widespread disillusionment with France’s democracy. It raises questions as to whether Macron’s supporters, organised in a new centrist movement called En Marche!, will be able to form a working government out of legislative elections scheduled for late June.

The huge Labour losses in the May 4 local council elections are just what the Labour Right was hoping for.

The left has to be crystal clear about what is happening here. There are many subsidiary factors, but the root of the Conservative Party's substantial gains – 500 seats won against about 400 losses for Labour – is the xenophobic nationalism of Brexit which the Tories have used ruthlessly.

Today, it is Timor-Leste that is giving the tutorial in politics. After years of trickery and bullying by Canberra, the people of Timor-Leste have demanded and won the right to negotiate before the Permanent Court of Arbitration (PCA) a legal maritime boundary and a proper share of the oil and gas.

Australia owes Timor Leste a huge debt — some would say, billions of dollars in reparations. Australia should hand over, unconditionally, all royalties collected since Evans toasted Suharto’s dictatorship while flying over the graves of its victims.

Media coverage encouraged and inflamed Britain’s referendum campaign on whether to leave the European Union last year to make it the “most divisive, hostile, negative and fear-provoking” in British history, according to a new report.

King’s College London’s Centre for the Study of Media, Communication and Power (CMCP) analysed more than 15,000 articles published online by 20 national news outlets. It found the media coverage “acrimonious and divisive” and dominated by “overwhelmingly negative” reports about the consequences of migration to Britain.

FIFA, the governing body of world football (soccer), has capitulated once more to intense pressure from the Israeli government. It has removed from the agenda of its upcoming congress the issue of teams from Israel’s illegal settlements on occupied Palestinian land playing in Israel’s national league.

Fans of Glasgow’s Celtic football club showed their support for more than 1500 Palestinian prisoners on hunger strike in Israeli jails, with large banners and Palestinian flags at Celtic’s May 6 football (soccer) match against fellow Scottish side St Johnstone FC.

Members of Celtic’s “ultras” fan group, the Green Brigade, along with Celtic Fans for Palestine, lifted a huge Palestinian flag, as well as large banners with the slogans “Freedom and Dignity” and “Hungering for Justice”.

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