The 10 most powerful people in Australia in 2020
A man whose work ethic confounds his rivals, a banker who is power coaching the rest of the industry and a politician overlooked by the rest of his party until the pandemic hit. Meet 2020's most powerful.
- Live
- Markets Live
ASX to fall; Tech lifts Wall St; Select Harvests to raise $120m
The Australian sharemarket is expected to open modestly weaker despite a firmer finish on Wall Street. Tech stocks helped steady US markets as Republicans and Democrats continue to debate the size of fresh stimulus measures. $A briefly traded above US72¢ overnight.
- Exclusive
- Managed funds
Vanguard forfeits $100b before assault on big super
The world's second largest asset manager is readying for its attack on Australia's $2.9 trillion superannuation system as it pledges to return tens of billions to institutional investors.
Trump suggests he won't accept changes to debate rules
US President Donald Trump tweeted: 'Why would I allow the Debate Commission to change the rules for the second and third Debates when I easily won last time?'
- Investigation
- Foreign investment
'A bunch of truckies in suits'
Japan Post made a desperate push to turn Toll around - but the effort was beset by independent 'warlords' and silos inside the organisation.
Federal government failed aged care residents
The royal commission into aged care found Canberra had no pandemic plan; no Moderna vaccine until mid 2021; Queen Elizabeth cancels all big events. Follow updates here.
Budget to reverse R&D cuts, extend FBT breaks
The federal government is set to backtrack on its plans to cut the research and development tax incentive in recognition that it will be needed to bolster advanced manufacturing.
Who runs Australia in the virus age?
AFR MAGAZINE: THE POWER ISSUE
How corporate Australia clawed back its power in 2020
When the crisis hit, one leader grasped its significance – and the opportunity it provided – more quickly than anyone.
Australia’s top five deal makers in 2020
As COVID-19 hit earnings, boards sought to shore up their balance sheets and sparked an equity raising spree. How those tickets were landed was a game of power.
The top five power brokers in law for 2020
The sexual harassment scandal involving one of the most powerful men in the law has been a #metoo moment for the legal profession. Here are the people shaping the new landscape.
The 10 most powerful people in Australian business in 2020
As the business sector’s most prominent member of Team Australia, CBA chief executive Matt Comyn tops this year’s list of corporate heavy-hitters.
New kids on the block join 2020’s property power players
For sheer innovation alone, Mike Cannon-Brookes and Scott Farquhar's plan for a $1 billion office tower wins them a placing as commercial real estate developers.
Companies
- Exclusive
- Crime
Toll accused of sanctions busting in North Korea, Iran, Syria
The Melbourne-based transport company paid about $200 million over allegations by the US Treasury it breached UN sanctions.
No let-up on LNG imports despite Narrabri approval
Rival ventures to import LNG into NSW expect to beat Narrabri gas to market by up to two years but EnergyAustralia, which is involved in an import project and in Narrabri, says both are needed.
Renewables surge, coal dips to a record low
Renewable power provided just over a quarter of Australia's electricity needs in the three months to September, while coal hit an all-time low last month.
Peter Gregg acquitted of Leighton convictions
The former Leighton chief financial officer has won a NSW Supreme Court appeal after being found guilty in 2018 of falsifying financial accounts.
Independents escalate attack on Woolworths' food service plans
Three food service distribution organisations have joined forces to fight Woolworths' acquisition of PFD, establishing a peak industry body.
- Exclusive
- Industrial relations
Cleanaway board rubbished over 'conflicts'
Influential proxy advisers CGI Glass Lewis tell investors to knock down Cleanaway at its AGM after the waste management company issued conflicting statements about a cut to CEO Vik Bansal's bonus.
Picking winners needs super funds to work
Big super funds have the large pools of patient capital the government needs to work alongside its policy initiatives if it is to pick real winners and not just losers, says veteran venture capitalist Bill Ferris.
Markets
Fund managers optimistic about manufacturing push
Six areas of manufacturing have been identified that the government wants cemented as major areas of “sovereign capability” within 10 years.
What happened in markets overnight
Australian shares are poised to open lower. The Dow swung wildly, and managed to end in positive territory on tech buying. Oil dropped.
- Opinion
- Bonds
Banks, RBA must strike fine balance on state government bonds
There is a Churchillian task for the semi bond market. The RBA would love to see the commercial banks help absorb some of that extra bond supply in what would be another form of QE by stealth.
Australian dollar set to rise into year end
The third quarter of 2020 was tricky for the Australian dollar, but it's set to climb into the end of the year, even as the first US presidential debate appeared to bring a Biden win closer.
Iron ore surges ahead of blackout period
Iron ore rallied on the final day of trading for the quarter as investors locked in prices ahead of the week-long blackout period because of China's Golden Week holiday.
Opinion
Budget reply has make-or-break feel for Labor
It took Labor years to take John Howard seriously. To defeat Scott Morrison, it needs to start thinking its way back to office from next week.
Political editor
Power challenge now is to lead a stronger recovery
In pandemic times, the 20th anniversary of The Australian Financial Review Magazine's Power issue asks whether overt and covert networks of Australian power can harness the virus disaster to drive the changes needed for the country to emerge stronger.
Editorial
Banks, RBA must strike fine balance on state government bonds
There is a Churchillian task for the semi bond market. The RBA would love to see the commercial banks help absorb some of that extra bond supply in what would be another form of QE by stealth.
Economics correspondent
Budget double backflips not enough to land jobless target
The Treasurer has flipped on the surplus and the personal tax cuts. But the third twist needed to get unemployment comfortably under 6 per cent is billions more stimulus spending.
Contributor
Hit jobs trigger on the supply side
The Treasurer's 'comfortably under 6 per cent' unemployment trigger for budget repair won't be hit without the supply-side IR and tax structural reform heavy lifting needed to promote job creation.
Editorial
Why the party of thrift shouldn't be timid about cutting taxes
The Liberal Party's ditched the obsession with debt and deficit to pay for pandemic supports. But that should not deter them from their old focus on inefficient taxes.
Contributor
Politics
- Exclusive
- Coronavirus pandemic
Former top cops blast Andrews' power grab
Victoria Police's former chief commissioner Kel Glare and a group of former police commissioners and top cops have blasted Victorian Premier Daniel Andrews' proposed new powers as dangerous and undemocratic.
'Traumatised': Aged care virus planning was insufficient, confused
The aged care royal commission says the sector's workforce is traumatised and insufficiently prepared for managing the coronavirus.
Wharfies union agrees to ceasefire on port dispute
It will withdraw all industrial action at the ports for at least a month despite failing to reach a pay deal following intense negotiations.
Sydney Uni chancellor urges sector to 'speak up'
The chancellor of the University of Sydney, businesswoman Belinda Hutchinson, has urged the sector to take action as the Jobs-ready Graduates bill hangs in the balance.
- Exclusive
- Red tape
'Culture' of regulators faces pressure from PM's department
Overhauling the "culture" of regulators will be prosecuted across the federal government by a new body in the Prime Minister's department, as part of a red-tape cutting shake-up.
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World
Trump cuts refugee cap to 15,000 a year, lowest level ever
"This absurdly low number is based on nothing more than xenophobic political pandering," Krish O'Mara Vignarajah, CEO of Lutheran Immigration and Refugee Services.
The US faces a foreign policy crisis no matter who wins
A second term for Donald Trump is likely to see major alliances dissolved and the certain death of the post-war international order. Joe Biden would grant the liberal order a last minute reprieve.
EU sues Britain over Brexit bill that breaks law
The EU action underscored the worsening relations with Britain after Boris Johnson pushed through a controversial Brexit bill that breaks international law.
UK's historic families are under pressure to explain links to slavery
The Black Lives Matter movement has focused attention of how many of the UK's grand and historic properties were funded by slavery.
Debate planners vow less chaos at next Trump-Biden face-off
Biden suggested a mute button might help and Trump complained the Commission on Presidential Debates was siding with the Democrats in the aftermath of Tuesday's debate in Cleveland.
Property
Sydney house prices to rise but Melbourne drags
Sydney is expected to return to "modest growth" this month or next if the virus is controlled. Melbourne property prices, though, will take longer to recover.
NSW restrictions 'too tough' says pub baron Arthur Laundy
Pub veteran says the limits imposed on venues are too strict as Laundy Hotels sells one of its assets, the Swansea Hotel, for $20 million.
Melbourne developers reopen display suites
The development industry is now playing catch-up after a late start to the spring market. But it won't make up all that lost ground.
New kids on the block join 2020’s property power players
For sheer innovation alone, Mike Cannon-Brookes and Scott Farquhar's plan for a $1 billion office tower wins them a placing as commercial real estate developers.
SCA makes its mark in Darwin with Woolworths mall deal
Woolworths raked in $127 million from the sale of four retail properties, with the last of these selling to SCA Property Group for $33 million.
Wealth
$3m SMSF left in tatters after 'conflict of interest' advice
John Wasiliev, who answers your questions on super, advises an investor on how to cope with huge losses after bad financial guidance.
- Opinion
- Flat Chat
Owners have to pay personal tax on strata scheme profits
An innovative way for a block to finance repairs highlights some tax anomalies that might catch owners by surprise.
How age pension can help retirees deal with super losses
Even those with $1 million portfolios can top up retirement income with government assistance when values fall.
Technology
Facebook bans US ads that claim voting fraud widespread
The move came a day after US President Donald Trump used the first televised debate with Democratic challenger Joe Biden to amplify his baseless claims that the November 3 presidential election will be "rigged".
New Pixel beats iPhone to 5G debut
The Pixel 5 phone was unveiled overnight and it is cheaper than flagship handsets from Apple and Samsung, while offering cutting-edge connectivity.
Bingo to lead regulatory revolution
NSW has launched a digital regulation platform to drive a major transformation in government oversight and compliance.
Work & Careers
JB Hi-Fi boss craves corridor chats and coffee
Working from home has its place but is not sustainable full-time in the long term, says JB Hi-Fi group CEO Richard Murray.
Well-rounded year 12s better prepared for university, experts say
High school leavers with big ambitions who can think broadly and have a wide array of interests are the most likely to flourish at university.
Life & Luxury
McLaren 765LT's intense performance befits extreme model
The newcomer falls within the carmaker's tradition of limited-edition models, except it has failed to do the usual trick of selling out immediately.
From homestead stays to streamed safaris, the wilderness awaits
A suite of brand new hotels to enjoy in Adelaide, virtual safaris sweep Africa, and NSW zoo stays take off: as borders reopen, we're all going ape.
The 10 most culturally powerful people in Australia in 2020
What did Australia’s cultural power luminaries have in common this year? They rose to the challenge of a crisis, then set about making a difference.
This controversial weight loss option is back on the menu
Willpower is clearly not enough for millions struggling with obesity and bariatric surgery is now simpler, safer and more effective than in its early days.
How I came to love my $1200 robot vacuum cleaner
The next-gen Roborock S6 MaxV doesn't eliminate the need for the occasional manual vacuum, but it sure is good at getting out of a tangle.
