Oil Price Surge Sends Aussie Shares Plummeting

Australian shares plummeted to a three-month low last week after Brent crude oil prices surged above $US100 a barrel.

The sudden increase in oil prices led to a sharp decline in stocks, with investors worried about rising inflation and potential economic downturns.

The Australian Taxation Office (ATO) has also announced a new tax on software revenue targeting big US tech firms, which is expected to have a significant impact on the industry.

Metacognition, an AI research firm, has joined the global AI race by announcing its entry into the field of artificial intelligence development.