'Unacceptable risks': Crown's Barangaroo casino delayed
The NSW gaming regulator declared it "would pose unacceptable risks on the community against the public interest" to allow gambling at the site before an inquiry into the casino giant hands down its final report in February.
- Live
- Markets Live
ASX ends higher; Bell Potter sees 50pc upside for Afterpay
The Australian sharemarket has closed higher; wage growth has slumped to its lowest level on record; economists tip worse to come; the future of Crown Resorts' Sydney casino has been thrown into doubt.
SA panic buying forces Woolies to impose product limits
Woolworths in South Australia will reintroduce product limits, as panic buying ahead of the six-day lockdown starting at midnight tonight grips the state. While SA has recorded just two new cases of COVID-19 today, NSW has seven and Western Australia six. Follow live updates here.
- Breaking
- Big four
NAB shuts 600 branches after security threat
National Australia Bank has begun to sweep the entire network of branches following a "physical security threat".
Labor wants to work with business, not attack it: Albanese
Anthony Albanese has assured business he would not be indulging in the rhetoric of division for confected political purposes.
- Live
- Banking Summit
NSW stamp duty plan will 'oil the wheels' of housing market: Corelogic
Corelogic's Lisa Claes says tax reform in NSW could stimulate housing demand; ANZ executive Mark Hand says the government may pressure banks to lend to debt-shy SMEs; CBA CEO Matt Comyn says Afterpay and its peers will be reined in; Follow updates live.
- Live
- US votes 2020
'Fired for telling the truth': Trump the terminator
Homeland Security official Chris Krebs received widespread support for standing up to Donald Trump's claims the election was rigged; Joe Biden is trying to work around the block the White House has put on a transition process. Follow live updates here.
BANKING & WEALTH SUMMIT
- Opinion
- Chanticleer
What cliff? Recovery a year ahead of schedule
NAB chief executive Ross McEwan says the economic recovery is going so well that further stimulus in March may not be needed.
ACCC confident use of open banking will increase
ACCC commissioner Sarah Court told the Banking & Wealth Summit that banks should apply to receive customer data, not merely supply it.
APRA to tweak capital rules, revise dividend caps
APRA chairman Wayne Byres says the regulator will make capital allocation more sensitive to risks.
CBA CEO Comyn says property investors will return
The boss of Australia's biggest bank is optimistic about the recovery with property investors set to return where they can find value.
'Getting on with it': ASIC's policy days are over
The watchdog's acting chairman, Karen Chester, says the "recent past of an ASIC imploring the government for new regulatory powers and better field coverage is just that. The past."
Companies
United Malt says China barley bans felt around the world
China's heavy buying of US corn after it imposed trade sanctions on Australian farmers is pushing up barley prices as far away as Canada.
Virgin business class under review as Hrdlicka starts
New chief executive Jayne Hrdlicka has given the first indication of what customers can expect when they fly with Virgin 2.0.
Kogan.com board faces backlash over 'egregious' options
Several Kogan.com shareholders have voted in favour of an 'egregious' options grant, even though proxy advisers have recommended against it.
ALS hopeful of subdued second-wave crunch
ALS boss Raj Naran argues better safety measures should mitigate any economic slowdown as the coronavirus second wave rips through the northern hemisphere.
BHP says Asian giants deserve bigger say on trade
BHP boss Mike Henry says the spirit of Bretton Woods must be revived, but in a way that embraces Asian superpowers
United Malt fears for beer if lockdowns return
The global malt supplier is worried about a second and third wave of COVID-19 after beer sales take a hit.
A2 Milk chair calls escalating tensions with China 'regrettable'
David Hearn added tensions with America and China is not good for business, after the baby formula and milk supplier stuck with its recently lowered guidance for 2021.
Markets
ASX firms 0.5pc as investors lift banks
The Australian sharemarket posted its fourth straight rise on Wednesday, boosted by gains in the banking sector despite new restrictions in South Australia.
RBNZ says funding for lending program was accidentally leaked
The Reserve Bank of New Zealand has admitted that some financial services firms knew about its funding for lending program almost an hour before it was announced.
Tesla value jumps $US40b as it prepares for S&P listing
Shares of Tesla Inc rose as much as 12 per cent after S&P Dow Jones Indices confirmed the company would be added to Wall Street's main index from December 21.
- Exclusive
- Superannuation
Super execs questioned over fund switches during pandemic turmoil
Liberal MP Tim Wilson says super trustees and executives may have benefited by moving money out of virus-exposed funds.
What happened in markets overnight
Australian shares are set to open modestly higher as the Moderna vaccine euphoria tempered. Gold, oil eased. $A slips.
Opinion
Defence pact confirms Japan's forward lean into regional partnership
The united front between Japan and Australia shows both countries are on the same strategic page about maintaining order and managing China in the Indo-Pacific region.
Contributor
Gains from gas-fired energy transition are too great to ignore
Why does the Grattan Institute want to deny Australia the benefits of a shift from coal to natural gas that will lower electricity prices, boost manufacturing, and reduce emissions?
Contributor
Why inflation could be on the way back
The global economy may be shifting as it did four decades ago.
Columnist
NSW's brave stamp duty switch should be even bolder
Instead of a slow opt-in transition, moving all property owners onto a land tax system in one fell blow would be a fairer and simpler reform.
Contributor
How a resilient financial system supports the recovery
The federal government is pursuing structural financial reforms that will boost the post-virus economy and bring better consumer outcomes.
Treasurer
NSW budget leads the way on tax reform
While the Morrison government shies away from federation tax and financial reform, the NSW government deserves credit for its bold budget measures.
Editorial
Politics
SA lockdown to 'stamp out' virulent COVID strain
SA Premier Steven Marshall has announced a six-day hard lockdown of the entire state because of a new virulent strain of COVID-19 that came from the UK.
Victoria's contact tracing system was overwhelmed, Finkel says
Australia's Chief Scientist says the worst effects of the second wave might have been avoided if the system had been digitised earlier.
RBA praise for Perrottet property reform
Reserve Bank governor Philip Lowe says Dominic Perrottet's stamp duty initiative is the type of reform people have been calling out for.
Wage growth plunges to record low
Workers' pay was cut in real terms in the year to September as wage growth fell to new record lows amid Victoria's second lockdown.
'Getting on with it': ASIC's policy days are over
The watchdog's acting chairman, Karen Chester, says the "recent past of an ASIC imploring the government for new regulatory powers and better field coverage is just that. The past."
SPONSORED
World
Trump sacks official, orders drawdown in barrage to settle scores
He's not going quietly. Enraged and conspiratorial, Donald Trump is firing perceived enemies, ignoring allies on troop withdrawals and prematurely celebrating vote certification moves.
Biden names top White House aides
President-elect Joe Biden named several senior staffers for his White House, while advisers warned that Donald Trump's stalling of the official transition could compromise America's COVID-19 response.
Baidu bitten by late-mover disadvantage
The Chinese search engine is late to the game in live streaming, just as it was in short video apps.
Johnson to ban gas car sales by 2030 in UK 'green revolution'
Britain will ban the sale of new gasoline and diesel cars by 2030, a decade earlier than its previous commitment, the UK Prime Minister said Tuesday.
Amazon expands push into healthcare with online pharmacy
The expansion puts Amazon into more direct competition with pharmacy giants CVS Health and Walgreens Boots Alliance, the two largest chains in the US.
Property
Chinese investor CIC swoops on $925m Dexus asset
Australia's largest office landlord Dexus has ramped up its east coast activity, making strategic moves to sell out of some of Australia's biggest office towers.
Online shopping drives record warehouse take-up
The retail trade services sector accounted for the highest proportion, 42 per cent, of the 2 million square metres of industrial space leased over the first nine months of this year.
Miners take up more space, bankers less
The results of an office occupancy analysis correlate strongly with the relative performance of the various sectors in the ASX 100 in the first nine months.
WA service station sells for $5.4m as locals fill up
Near-new 7-Eleven property sold to Melbourne-based Fawkner Property on behalf of Perth owner syndicate.
The 20-year-olds behind Australia's record-breaking auction
While many of the nation’s 20-somethings are contemplating how to gain a foothold in the property market, Junlin Lan and “Monica” Hairu Yang are upgrading to a $24.6 million house.
Wealth
Something ventured, something gained for high-flying VC investors
Australia's venture capital scene is growing fast but still has a long way to go to compete with trailblazers in other parts of the world such as Silicon Valley.
- Explainer
- Wealth Generation
Why tech stocks are tanking on vaccine news
The markets are undergoing a major rotation from pandemic winners to lockdown losers. Should you jump on the "recovery bandwagon"?
Musk's eventful week continues as fortune jumps $US15b
Musk is poised to become the world's third-richest person after his net worth swelled by more than $US15 billion in extended trading.
Technology
Facebook, Twitter CEOs confronted over speech rules
US senators renewed accusations that the companies are failing to moderate online speech and showed bipartisan support for changing a law that protects them from lawsuits.
- Opinion
- Review
I hate how much I love the iPhone mini
Darn it! Apple's new, diminutive phone is surprisingly usable, and almost as addictive as any other iPhone.
SpaceX closes in on space station
SpaceX’s newly launched capsule with four astronauts docked on the International Space Station on Tuesday, their new home until next year.
Work & Careers
- Exclusive
- Office
More men want to return to the office than women
The pandemic is forcing employers to confront diversity more than ever before - now they will have to if they want to make the most of their workforce.
Why Deutsche thinks you should be taxed for working from home
Deutsche Bank is proposing a $14 daily tax on employees who work from home after the pandemic.
Life & Luxury
Living artists set records at $13m D&H sale
While Russell Drysdale's Going to the Pictures didn't hit the hoped for heights, buyers spent up big on Ben Quilty, Michael Cook and 90-year-old Yvonne Audette.
Why this New York potter spurns the wheel
Ceramicist Simone Bodmer-Turner channels influences from across time and place to create vessels that are dynamic sculptures radiating energy.
Orchestras' 2021 seasons for computers and concert halls
The Australian Chamber and Australian Brandenburg orchestras are emphasising their online programs as much as their live ones.
The 'Airbnb of textiles' has arrived in Australia
New Yorker Stephanie Benedetto is helping the fashion industry solve its sustainability crisis by finding new purpose for dead stock. Now she's bringing her business Down Under.
Instagram launches its first online-only shopping night
David Jones is on board as the social media network leans into its identity as a virtual Christmas shopping mall with "InstaNight Shopping" on December 3.
