Commission targets super tax breaks
Generous superannuation tax breaks introduced by the Howard and Keating governments should be wound back, while the pension age should be lifted, the National Commission of Audit has recommended. Individuals born before 1960 be ringfenced from the new means testing, the report said.
Shares slump as investors dump banks
Shares tumbled on the first day of May as investors sold banking stocks despite strong first-half earnings by ANZ, while miners fell after the iron ore price plunged further.
CBA tech chief Michael Harte quits
Australia’s highest profile technology executive, Michael Harte, who piloted the Commonwealth Bank’s landmark modernisation program, will leave the bank midyear after landing the chief operations and IT role at Barclays.
Why the hot money may be headed for Europe
Philip Baker | On Wall Street, the only channel left for sharemarket growth is M&As – which after a few years of this bull market implies further gains might be confined to stock and sector specifics.
Chinese buyers mean rate rises won’t burst housing bubble
Rate rises are an ineffective tool to push down property prices as the influence of Chinese investors increases, UBS says. Australia should consider other regulatory reforms to protect against a housing bubble.
ANZ’s Asia push underpins bumper result
Chanticleer | ANZ Banking Group chief executive Mike Smith says the bank wants to source 25 per cent to 30 per cent of revenue from offshore by 2017.
China factory output posts modest gain
Factory activity in China expanded marginally in April, but concerns remain over the health of the Chinese property market after the country’s biggest developer said supply greatly exceeded demand.
UGL CEO gets over $900,000 for DTZ hire
UGL chief executive Richard Leupen has received shares worth more than $900,000 as part of his “succession incentive” after overseeing the appointment of the new chief executive of property group DTZ.
Budget fears for manufacturing as activity slumps
Manufacturing activity has slumped again, according to the Ai Group, sparking warnings that any tax hikes in the government's May budget could pile more pressure on the industry.
Rio Tinto to cut jobs at Hail Creek mine in Queensland
Rio Tinto is cutting an unspecified number of jobs at it its Hail Creek coal mine in Queensland, in the latest round of job cuts to hit the sector, which is bracing for further price declines for the commodity.
Penfolds salutes 170 yrs with rare shiraz
Wine label Penfolds celebrates 170 years by releasing a rare shiraz in a bespoke box made by the Queen’s nephew which took about 80 hours to craft and a further 40 hours to perfect.
Gross’s outlook cuts neutral rate to 2pc
The increasingly eccentric Bill Gross – chief investment officer at PIMCO – says the “new neutral” US funds rate is 2 per cent rather than the historical 4 per cent.
Samsung NX30 full of bells and whistles
If you’ve ever doubted Samsung’s intention to dominate the camera market the way it dominates other electronics markets it enters, look at the NX30 and doubt it no longer.
Commission wants 10 major assets privatised
Medibank Private’s float will just the start of federal privatisation plans, if Treasurer Joe Hockey takes advice from the National Commission of Audit.
Cabcharge chairman Reg Kermode dies
Reginald Kermode predicted he would die at his desk at Cabcharge’s East Sydney headquarters. He almost did.
Crack-smoking mayor Ford steps down
Toronto mayor Rob Ford has taken leave of absence after a new video emerged of him smoking crack cocaine last weekend.
Sephora to open before Christmas
Sephora, the world’s largest beauty retailer, has brought forward its entry into Australia and plans to open its first store before Christmas.
McMurdo plots Deutsche path
If James McMurdo has achieved one thing heading Deutsche Bank’s local arm, it’s that the industry is once again talking about the German colossus.
Oprah considers bid for LA Clippers
The NBA set in motion on Wednesday an attempt to force a sale of the Los Angeles Clippers, with Oprah Winfrey signalling interest as a potential buyer.
Which apps are draining your phone?
It should come as no surprise that apps involving the streaming of videos and music are the biggest drain on consumers’ mobile data plans.
Clarke pitches in to secure new boundaries
Rear Window | Top dog, Pup, has a new kennel. The neighbours better get ready for a broken f***ing window!
NSW rules out Uber ride-sharing service
Transport for NSW has ruled out apps which allow motorists who are not taxi or hire car drivers to receive money for offering limits.
Boys’ academic woes turn economic
By kindergarten, girls are more persistent and more flexible than boys – and the academic struggles of boys turn into economic struggles.
Foreign tourists spend record $29bn in Australia
International visitors to Australia spent a record $28.9 billion last year – a 6 per cent rise from the prior year.
National
Govt urged to sell assets, scrap industry aid
Government businesses such as Australia Post, Snowy Hydro, the Royal Australian Mint and Australian Rail Track Corporation, should be sold as part of a wholesale dumping of industry assistance worth up to $5 billion a year, the audit commission says.
- University students might have to pay 55pc of costs
- Cap parental leave payment to $28,730, audit urges
- Wealthy to pay for own healthcare costs
- Family home to count in pension assets test
- Budget reform could save $30bn a year
- Future Fund may be forced to alter asset mix
- Iwan Sunito made ‘Claytons’ donation, ICAC told
Sports clubs don’t need fans on board
AFL commissioner Linda Dessau has called for sports clubs to appoint business figures to their boards who are not fans of the team, saying it would improve corporate governance.
Opinion
Commission’s big ideas require a revolution
Tony Shepherd says reform over time is the best way to “bring the community along” in accepting the cuts, while also avoiding any short-term negative impact.
Port of Newcastle sale a hot market tale
The port’s sale is a telling reminder of just how hot the infrastructure asset market is.
Time for Australia to grow up
Alan Mitchell | It’s time for the public to grow up. No more politicians’ baby talk. Australia is not in the grip of a full-blown fiscal crisis, as the commission of audit’s numbers show.
World
China factory output posts modest gain
Factory activity in China expanded marginally in April, but concerns remain over the health of the Chinese property market after the country’s biggest developer said supply greatly exceeded demand.
- US further cuts stimulus as economy picks up
- Thailand says it will try to hold an election in July
- Claiming copyright on Karl Marx? How uncomradely
- Ukraine wins $US17bn bailout from IMF board
- China railway station blast injures 79
- Crack-smoking mayor Ford steps down
- AT&T;, DirecTV consider possible $US40bn deal: report
- Lloyds first-quarter profit seen climbing to £2bn
Asia’s momentum: how can Australia benefit?
Over the past decade, Australia’s economy has benefited enormously from Asia’s rapid industrialisation and urbanisation, especially in China, which helped drive commodity prices and the mining investment boom.
Business
Cabcharge chairman Reg Kermode dies
Reginald Kermode predicted he would die at his desk at Cabcharge’s East Sydney headquarters. He almost did.
- ANZ ups dividend as profit beats expectations
- Grain handlers stymied by port regulation
- Henderson aims to manage £160bn in five years
- UGL CEO gets over $900,000 in shares for hiring DTZ boss
- Rio Tinto to cut jobs at Hail Creek mine in Queensland
- Bell Financial ‘optimistic’ despite revenue fall
- Karoon Gas halts shares for funding announcement
- Rio Tinto sues Vale over alleged conspiracy
Aust Vintage says 2014 grape crush falls
Listed winemaker Australian Vintage has crushed fewer grapes from the 2014 vintage as a result of significant frost last year.
Technology
IBM Australia profit tumbles by $118m
IBM Australia says transformation across the company worldwide and the changing exchange rate are behind its $118 million fall in profit.
- Facebook to let users anonymously log in to apps
- Google Australia pays $7.1m tax on profit of $46.5m
- AT&T;, DirecTV consider possible $US40bn deal: report
- Which apps are draining your phone?
- Resimac buys out online lender State Custodians
- Foxconn invests in social platform ahead of ASX listing
- The world’s largest tech IPO is looming
- CBA to introduce smartphone ATM withdrawals
- Apple, Samsung make final pitches to US court
Samsung NX30 comes with all the bells and whistles
If you’ve ever doubted Samsung’s intention to dominate the camera market the way it dominates other electronics markets it enters, look at the NX30 and doubt it no longer.
Markets
Shares slump as investors dump banks
Shares tumbled on the first day of May as investors sold banking stocks despite strong first-half earnings by ANZ, while miners fell after the iron ore price plunged further.
- China factory output posts modest gain
- Budget fears for manufacturing as activity slumps
- US further cuts stimulus as economy picks up
- $A lifts on US data and Chinese manufacturing
- Iron ore heads towards two-year low as oversupply looms
- Record high for Dow Jones on US economic outlook
- Nickel up almost 15pc in April, copper flat
- McMurdo plots Deutsche path
M&A opportunities for investors
As merger and acquisition activity picks up in Australia, investors should be finding ways to take advantage, say Credit Suisse strategists.
Personal finance
Junk bonds queues indicate risk is back
It doesn’t seem that long ago that investors were just focused on simply riding out the financial storm, preserving cash and keeping a lid on any damage.
Finding home loan deals based on your profession
If you’re on the hunt for a home loan, check whether what you do for a living or the size of your loan can secure you a better deal. Lenders’ “wealth” or “professional” packages can get you access to lower interest rates or a wider range of loans.
Lifestyle
Through the looking glass with mirrors
Melbourne designer Helen Macfarlane didn’t want to wait for her mirrors to age, so she started experimenting.
Spend
Live it up | Alexander McQueen’s silver sandal is a work of art, Dior impresses, and Tasting returns to Cradle Mountain.
Holden Calais V: the last big Australian
Here’s the case for and against the Calais V V8: a tarted up Commodore with a rugged, no nonsense charm.
When lust goes online
There is nothing new in people exposing infidelities, but the lightning speed with which it takes place online is new.
Latest TV
ANZ results surprise as Asia rises
ANZ proves the doubters wrong with a better than expected half year result and a huge dividend increase, thanks to a strong Asia strategy.
Sydney housing calms; Brisbane's gradual rise
RP Data says the Sydney market is still strong but cooling as affordability stings the low end, and those crowded out may look to Brisbane.
Negative gearing to dodge debt levy
The idea of a temporary increase in income tax to quicken the reduction of national debt is not being well received, and could prompt negative gearing of share income.
Can Ewen McKenzie save Australian rugby?
The Wallabies need to start winning again – fast. Coach Ewen McKenzie is using change management skills learnt in the corporate world to reinvigorate his charges and fans.
