Feuding states create roadblock to Australia's recovery
The 'Team Australia' approach of just a few months ago has given way to competing state agendas, leaving businesses and families isolated and making Scott Morrison's task more difficult.
- Opinion
- Chanticleer
How this fundie thinks outside the box
Dimensional Fund Advisors has been flying below the radar for decades. But its approach to investing and distributions are proving right for the times.
The party is over for dividends - but where to now?
With CBA's slashed payout heralding the end of high bank yields, professional investors outline the alternatives for income-seekers.
PM could dump promised rise in super
Scott Morrison says there has been a ‘rather significant event’ since the 2019 election – when the Coalition pledged not to alter the legislated rise in super.
At home with the Trumps
Mar-a-Lago, also known as 'the Winter White House', is where US President Donald Trump is most comfortable, surrounded by adoring courtiers, says a new book.
Carnage masks winners in the COVID-19 gloom
The doom and gloom has lifted for some companies while others are finding that even in a global crisis, there is nowhere to hide.
NSW Health slammed by Ruby Princess inquiry report
A report by the special commission of inquiry into the Ruby Princess debacle recommends law changes to avoid a future catastrophe.
EARNINGS SEASON
![](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Gold boom prompts Newcrest to ponder Telfer extension
Australian gold miners are extending the life of their mines with the stroke of a pen by raising their gold price assumptions.
![Iluka Resources managing director Tom O'Leary.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Iluka forges ahead with rare earths plans
The mineral sands miner is set to begin producing ready-for-processing rare earths material and has raised the prospect of building its own plant in Australia.
- Opinion
- Chanticleer
![Profit season is showing that no all resilience is equal.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
What we learnt: Profit season’s early buzzword
It hasn’t taken long for the buzzword of the August 2020 profit season to become clear. All companies want to claim it, but not every ASX company has as much of it as claimed.
- Opinion
- Chanticleer
NAB bankers feeling the COVID-19 pain
Chief executive Ross McEwan has talked about the psychological impact on staff and customers in Melbourne because of the second lockdown.
How Greg Goodman navigated the pandemic (and made record profits)
Being a global business with operations in China, Hong Kong and Japan helped Goodman prepare and adapt more quickly to COVID-19, says the Goodman Group founder.
CORONAVIRUS PANDEMIC
![Victorian Premier Daniel Andrews walks to his media briefing on Friday.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
The 24 hours that set the virus loose in Victoria
The blame game continues over why private security guards were chosen over police or the Australian Defence Force for quarantine hotels.
![Is the drop in cases simply a reflection of a drop in tests? TD asks.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
'No tests, no cases' cloud pandemic's evolution in the US
The virus data has always been unclear, and in the US, it's increasingly become intertwined with the November presidential election.
![We expect filmmakers to be guilty of anacronisms like putting William Wallace and his army in kilts, 500 years before they were first worn, but we expect more from literary titans.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
The illustrious history of literary howlers
Novelist John Boyne's Google search may have left him red-faced, but many great authors have got it wrong.
Victorians warned to avoid third and fourth wave
Average case numbers have dropped by a third as Victorians are warned early relaxation could cause a third and fourth wave.
Ardern extends lockdown as cluster grows
The New Zealand PM says the country's latest outbreak comes from a new strain of the virus.
Companies
![Frank Stronach (left) with daughter Belinda in happier times.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Canadian billionaires split their company to end family feud
One of Canada's richest families has settled a bitter public battle to control some of America's most famous racetracks.
![The UK economy shrunk by 20 per cent from April to June. Premier Investments, owner of retail brands including Smiggle and Just Jeans, has struck a new model of rent agreements in the UK.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Lew's UK rent deals a nightmare for local landlords
The 130 Smiggle stores in the UK are now on proportional rent deals in a sick British economy.
- Exclusive
- Renewables
![](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
NSW to build 170MW mega battery
NSW has awarded the first contracts to build massive batteries for its power grid as it moves to roll out at least 15 such projects across the state.
![Second Generation camelier Stuart Anesbury pictured with his camels in Broken Hill](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Regions call on Australia to get back in the saddle
The Anesbury family's camel rides in Broken Hill comprise one of the nation's 302,500 small businesses praying for business to pick up.
WA on shaky ground in $30b battle with Palmer
Clive Palmer and the West Australian government are headed for a High Court showdown over mining tenements
Victorian lockdown ‘psychologically damaging’
NAB chief executive Ross McEwan says Victoria is in 'a terrible state' and doesn’t expect to see signs of a national recovery until 2022.
BHP tightens climate screws on lobby groups
Industry associations must advocate 'constructively' on climate policy and avoid contentious issues such as Kyoto carry-over credits if they want BHP as a member.
Markets
![Warren Buffett shifts his bank bets.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Berkshire switches bets on banks, adds wager on Barrick Gold
The moves are consistent with Warren Buffett's "extremely cautious" outlook, said University of Maryland finance professor David Kass.
![Data on Friday showed US retail sales increased less than expected last month and could slow further due to spiraling COVID-19 cases and a reduction in unemployment benefit checks.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
S&P 500 ends almost flat as record remains elusive
For the week, the S&P 500 rose 0.6 per cent, the Dow added 1.8 per cent and the Nasdaq gained 0.1 per cent.
![Earnings have shown early promise.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Virus recasts earnings picture and spawns new investing playbook
Investors have been quick to crowd into stocks reporting better than expected results, highlighting the companies most likely to succeed in a year of low dividends and earnings growth.
Banks push ASX 2pc higher in historic results week
The ASX ended a second consecutive week of gains, up 2 per cent, as a rally in the banks added to falling case numbers in Victoria.
- Updated
- Sharemarket
Mesoblast scores US regulatory breakthrough
Mesoblast has scored a win in marketing its stem cell therapy drug in the US after a verdict was delivered on Friday morning.
Opinion
Everybody pays the price for border populism
States cannot attempt to keep a clean sheet on infections at home while they undermine the collective economy.
Editorial
Why a Democracy Club won't work
Pulling big democracies into a new multilateral force sounds good, but they can't fix global problems without the help of the leaders they want to shut out.
Contributor
A hard history lesson in real time
As Australia marks the anniversary of the Allies' victory in the Pacific War, Canberra is grappling with another great power shift in the region.
Senior writer
If NSW falls so does the PM's virus narrative
NSW has been held up as the competent systemic face of dealing with a pandemic. So if things fall apart, the narrative that this is a failure of politicians, rather than a series of systemic failures, starts to fray.
Columnist
The biggest lesson for this investor
With distorted asset prices, it pays to exploit opportunities associated with central bank interference, writes Christopher Joye.
Columnist
Logic goes missing as federation fragments
With an eye on political gain, premiers and chief ministers are shutting borders despite the pain inflicted on the rest of the country. And the Morrison government can do little but foot the bill.
Political editor
Politics
![Scott Morrison warns the states against "making whoopee" with taxpayers' money](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Spend big but don't make whoopee, PM tells states
The states must spend on productive measures such as social housing and infrastructure, not "make whoopee" with taxpayers' money.
![RBA governor Philip Lowe says JobKeeper has been 'remarkable'.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
JobKeeper 'remarkable', not a rort: RBA's Lowe
In a wide-ranging testimony to Parliament's economics committee, Dr Lowe said the JobKeeper program was working well but responsible lending rules were holding back credit growth.
![Senator Rex Patrick and his former Centre Alliance colleague Stirling Griff.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
The power of one: Rex Patrick's solo move shakes up the Senate
Senate powerbroker Rex Patrick's belief he needs to be a solo act for his political survival has thrown another wildcard into Senate horse-trading.
HK exec says Australia should step up
Jimmy Lai's right-hand man, Mark Simon, says Australia should take in more Hong Kong citizens and offer sanctuary for the city's companies spooked by the erosion of the rule of law.
State border closures a long-term hit to labour mobility
This year's revolution in working from home could break Australia's city-centricism, but Fortescue warns state border closures will have a long-term impact
SPONSORED
World
![Hong Kong pro-democracy media tycoon and Apple Daily founder Jimmy Lai.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Hong Kong media executive says Australia should step up
Jimmy Lai's right-hand man, Mark Simon, says Australia should take in more Hong Kong citizens and offer sanctuary for the city's companies spooked by the erosion of the rule of law.
![Kamala Harris is a real threat to Republicans and Donald Trump’s reelection hopes – and they know it.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
On the plane with Kamala Harris
Joe Biden and his vice-presidential nominee will make their case to lead America at next week's Democratic convention, but the race is tighter than headline polls suggest.
![Huangsha Seafood Wholesale Market in Guangzhou.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
China's industrial growth steady in July, retail weak
In good news for Australian iron ore demand, China's crude steel production jumped 9.1 per cent in July to 93.4 million tonnes.
- Analysis
- Middle East tensions
Trump claims foreign policy win he craves with UAE-Israel accord
The deal would make Trump the third US president after Jimmy Carter and Bill Clinton to get an Arab nation to establish ties with Israel.
At home with the Trumps
Mar-a-Lago, also known as 'the Winter White House', is where US President Donald Trump is most comfortable, surrounded by adoring courtiers, says a new book.
Property
![](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Investors trapped with apartments they can't sell
Unit prices have declined less than houses since the pandemic downturn hit but oversupply and falling demand is heaping pressure on investor-owners.
- Exclusive
- Foreign investment
![Michael Gu, the founder of failed property group iProsperity, fled the country last month.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Auditors flagged concern over fund using visa scheme money
Auditors raised concerns about iProsperity last year but the federal government provided only minimal oversight of its visa program for wealthy investors.
![n overseas buyer has paid $5.4 million for the waterfront apartment sight unseen.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
David Waterhouse doubles his money on Darling Point pad
The former art collector, options trader and long-estranged member of the famed horse racing family paid $2.5 million for the Sydney apartment two years ago.
Former Woolies boss in $29m prestige home sale bonanza
Bill Wavish has sold his Palm Beach weekender and Kurraba Point trophy home within 24 hours as the number of luxury home listings in Sydney hit record lows.
Goodman surges to new heights as COVID-19 boosts warehouse demand
Greg Goodman's bullishness was matched by that of investors with Goodman Group shares surging to new intra-day high of $18.45 on Wednesday.
Wealth
![Giselle Roux describes investing in gold mining companies as a leveraged way to take a position in gold.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Should I boost my gold holdings?
Be careful you're not just following the crowd and don't go over 15 per cent of your portfolio.
- Opinion
- Flat Chat
Why some strata services are essentially a rip-off
There's bound to be trouble when the company performing the inspections is also the entity that fixes any faults that are found.
- Opinion
- Sharemarket
Move to top drop boosts Budweiser APAC
Increasing disposable income and urbanisation in the Asia-Pacific region are leading a shift in consumer preferences towards more premium beer categories.
Technology
![The clock is now ticking.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Trump orders ByteDance to sell US TikTok interest
ByteDance now has 90 days to divest its interest in video-sharing app TikTok's operations in the United States.
![Andrew Forrest and Professor Julia Powles.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Why Andrew Forrest fears the age of the algorithm
It sounds like a plot from a bad sci-fi movie but the billionaire Fortescue Metals Group chairman sees artificial intelligence and unregulated tech companies as a threat to humanity
![Dan Andrews supporters, often use the Twitter hashtag #IStandWithDan to hurl abuse at his critics.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
The Twitter war on journalism
The social media site was meant to democratise opinions. Is it bullying the press into submission?
Work & Careers
- Opinion
- First Person Pandemic
![99designs CEO Patrick Llewellyn.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Why late-night work calls are no longer a drag for 99designs CEO
The graphic design platform's team is more productive than ever and CEO Patrick Llewellyn is seeing his kids more. But the pandemic has caused one blind spot.
- Opinion
- First Person Pandemic
Husband and wife team find family and work balance a stretch
Half of KX Pilates' studios are closed and owners Aaron Smith and Andi Fiorenza are at home with two kids under five. Staying creative is proving a challenge.
Life & Luxury
![Ricky Ponting with his new wine.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
- Exclusive
- Food & drink
Cricket legend Ricky Ponting cracks a shot at wine
With names like 'Mowbray Boy' and 'The Pinnacle' - Ponting Wines hopes to eventually take the brand to the UK and even India.
![The Sydney Science Trail is online which means you don't have to live in Sydney to take part.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Sydney Science Trail takes kids on an online quest
As part of National Science Week 2020, the Australian Museum and the Royal Botanic Garden have created a free, interactive virtual science experience.
![An image provided by the Event Horizon Telescope Collaboration shows the first image of a black hole, from the galaxy Messier 87, 55 million light years from Earth in the constellation of Virgo.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Why the black hole picture was worth infinite words
The image from the Event Horizon telescopes had an artistry that could make all scientific communication more inclusive, experts say.
![Jean Dujardin and Adele Haenel star in Deerskin.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
This film is a warning about the fanatical pursuit of personal style
A study of fetishism delivered in deadpan absurdity? A parable about filmmaking? Whatever twisted fairy tale Deerskin is, it's not boring.
![Steven Oliver, the creative force behind TV show Looky Looky Here Comes Cooky in Sydney's Hyde Park next to a statue of James Cook.](/web/20200815140213im_/https://www.afr.com/assets/b4682377.gif)
Looky Looky Here Comes Cooky
Indigenous Australians discovered Captain James Cook and have paid a heavy price for doing so.