Aged care tax killed off
Josh Frydenberg says growing the economy is the best way to fund a multibillion-dollar overhaul of the aged care sector, all but ruling out a new hit on taxpayers.
ASX to slip, Powell fails to assuage Wall St
Australian shares are set to open lower, with futures reversing direction after the Fed boss missed the mark. US 10-year yield spikes higher.
Powell says ‘disorderly’ market conditions would concern him
The Federal Reserve chairman’s comments failed, at least initially, to assuage investors as US government bonds extended their losses.
Italy blocks Astra vaccine export to Australia
The decision comes as the European Union ramps pressure on AstraZeneca to meet its shipment obligations to the bloc.
- Opinion
- Chanticleer
Local fundies dodge Greensill insolvency
Greensill Capital’s move to the brink of insolvency coincides with investors in global markets rethinking the merits of high-growth stocks with fantastic valuation multiples.
- Live
- Need to Know
WHO plans to scrap early virus origins report
The decision comes amid rising tensions between the US and China over the investigation, and a call for a new investigation, the Wall Street Journal reported. Follow updates here.
- Opinion
- Canberra Observed
After the show trial, there’s no way to know the truth
All sides are playing politics with the allegations against Christian Porter. And an independent inquiry can never tell us what really happened.
The untold story of how two university friends hatched the perfect crime only to be undone by the desire for more.
THE SURE THING PODCAST
Listen now: The Sure Thing episode 2
Lukas Kamay used yet-to-be released government economic data to place bets in the foreign exchange market, turning $10,000 into $7.8 million. New episodes every Monday 6am.
- Exclusive
- The Sure Thing
ABS insider trader was ‘susceptible to blackmail’
Chris Hill failed an Australian government psychological evaluation before he began passing confidential information to his university friend, Lukas Kamay.
Revealed: the raid that set off Australia’s biggest insider-trading case
Fifteen officers, two sniffer dogs and a locked bedroom door. It was May 9, 2014, and Christopher Hill was just about to find out exactly what his partner-in-crime had been up to.
- Exclusive
- The Sure Thing
How Facebook helped crack an insider trading scam
Cameras installed around NAB’s dealing captured currency trader Lukas Kamay taking his desk phone off the hook, picking up two mobile phones and heading for the bathroom just before the release of key data from the ABS.
From Oxford to the jailhouse, journey of a criminal scholar
Clinton Free has spent much of the last decade traipsing through prisons in Australia and the United States trying to understand what motivates white collar criminals and how they rationalise their behaviour.
The untold story of how two university friends hatched the perfect crime only to be undone by the desire for more.
Companies
Insurer fired staffer who signed Greensill contracts
Court documents released on Thursday reveal one of Greensill’s insurers, the Bond & Credit Company, launched an investigation last year into the relationship between one of its employees and Greensill Capital.
Inquiry’s gaps frustrate aged care sector
Aged care executives warn that recommendations by the royal commission to boost the qualifications of care workers could exacerbate an already acute shortage of staff.
Thick-skinned Moult works to change Yancoal’s stripes
David Moult earned his management stripes amid Margaret Thatcher’s war with British coal unions. Now he wants to help Yancoal change its stripes.
Rare earth miners cheer Morrison plan but call for ‘real’ support
Canberra needs to ramp up its expertise in assessing critical minerals projects to make successful Scott Morrison’s plan to expand domestic manufacturing.
Time for Nine board refresh now CEO named
The appointment of Stan boss Mike Sneesby may see the streaming platform move closer to the Nine family as part of its ‘total television’ strategy.
Retail Zoo renegotiating debt after profit slump
Profits at Retail Zoo’s holding company slumped after it was forced to close stores and shift to a take-away only model for several months.
- Opinion
- Chanticleer
Myer has a big city problem
Myer’s CBD stores account for 30 per cent of earnings. Restrictions on tourism and remote working are likely to weigh on the group for some time to come.
Markets
Oil surges after OPEC+ broadly extends oil cuts into April
Saudi Arabia’s decision to extend production cuts of 1 million barrels a day for another month fuelled a more than 5 per cent surge in oil prices.
Tesla share reversal to prove temporary, Wedbush
Global demand, in particular within China, will help Tesla reach a trillion-dollar market value this year, Wedbush analysts argue.
Tech stocks slump as profitability awaits
Expectations the strengthening Australian economy will benefit value stocks and put pressure on growth names extended losses for tech shares.
ASX falls 0.8pc, victim of rising bond yields
The Australian sharemarket extended its volatile start to the month, falling heavily on Thursday as global bond yields pushed higher, weighing on equity markets.
Healthcare leads shares 0.8pc lower; banks lift
The ASX closed 0.8pc lower, with tech and healthcare falling. Xero plans to buy Planday for $284.5 million, Synlait dives 9pc on a profit warning and Cleanaway pursues Suez Australia in $2b deal. Gold lower, banks lift. US futures point lower.
Opinion
Morrison defends rule of law over the tribe
Scott Morrison is arguing that the rule of law is fundamental to the proper functioning of liberal democracies such as Australia. But the political pandemic is overwhelming that logic.
Columnist
Big super’s sense of entitlement
The way REST feels entitled to the money of so-called ‘members’ spotlights the governance and other problems in the default superannuation system.
Editorial
Greensill on the brink
That the supply chain finance company is on the brink suggests it might be better if companies just paid their bills on time.
Editorial
Sluggish start in race to hit vaccine rollout target
The arithmetic shows that if 20 million adults are to be vaccinated by late October, Australia will have to set a world-leading pace of daily injections.
Contributor
Are inflation fears justified?
The opening of the global economy tamed inflation. Putting up the barriers again is the reason to start worrying about it again.
Columnist
UK’s woes not just deep but worryingly enduring
The British government has no growth strategy. One might describe this as old-fashioned realistic Conservatism. An alternative label might be defeatism.
Columnist
Politics
Alleged victim’s family seeks inquiry as PM stands firm
The family of a woman allegedly raped in 1988 has requested an inquiry into their daughter’s death. The government believes a coronial inquest will suffice.
Liberal governments outspend Labor on COVID-19 stimulus
Liberal-led governments are the largest contributors to $327 billion spent in COVID-19 stimulus as they ditch long-held fiscal restraint and outspend Labor.
Porter should face inquiry, say lawyers
Leading lawyers say there should be an independent inquiry into rape allegations against Attorney-General Christian Porter.
Tehan leans on states to help replace JobKeeper for tourism
As the tourism sector grows increasingly agitated over the end of JobKeeper on March 31, Federal Tourism Minister Dan Tehan has urged states – and the nation – to step up.
Rare earth miners cheer Morrison plan but call for ‘real’ support
Canberra needs to ramp up its expertise in assessing critical minerals projects to make successful Scott Morrison’s plan to expand domestic manufacturing.
SPONSORED
World
Italy blocks Astra vaccine export to Australia
The decision comes as the European Union ramps pressure on AstraZeneca to meet its shipment obligations to the bloc.
Why Russians still choose Putin’s stability over Navalny’s revolution
In the run-up to Russia’s parliamentary elections, resistance to change isn’t just about simple economic self-interest.
Biden echoes Trump’s hawkish China shift
Joe Biden’s Secretary of State says China is the only country that can ‘seriously challenge’ the global system, with Australia and other Asian allies put at the centre of an aggressive US foreign policy strategy.
Investors call time on Myanmar as Canberra considers sanctions
The horrific shooting of unarmed protesters has forced the world to confront the Myanmar military’s campaign of terror.
Tokyo Olympics likely to exclude foreign spectators
Local media are reporting a decision to exclude foreigners has already been taken, which could reduce ticketing revenue for the already-costly tournament.
Property
Former Morgan Stanley exec snares discounted Torquay golf resort
Former Morgan Stanley Wealth Management vice president Jack Dahan acquired The Sands hotel and golf course at Torquay for $12.8 million; it previously sold for $23m in 2017.
Builders get more say with clients who don’t pay
Changes to NSW payments legislation will make it harder for home owners to withhold payment from their builder.
Swiss swoop on Swinburne Uni tower
The transaction, and the presence of an international investment house as the buyer, will inject another dose of confidence into Melbourne’s commercial market as it recovers from three lockdowns over the past year.
Australia’s most expensive private boat shed for sale
It’s on a vast Point Piper waterfront block and is being offered to buyers on the quiet amid expectations it will set a nationwide record of up to $40 million.
Hong Kong house costs a record $2.6m a year to rent
The 1004 square metre house overlooking Victoria Harbor boasts a private garage, a garden and an elevator within the property.
Wealth
- Opinion
- Strata
Apartment builds are crumbling while townhouses are on the rise
Problems with high-rise buildings and the need for space because of COVID-19 are drawing dwellers to bigger strata spaces.
- Opinion
- Sharemarket
Carbon capture technology for a clearer future
There is big potential in delivering a CCS system that works, is reliable and helps bring net emissions to zero. This is how some ASX-listed companies are progressing.
Three reasons it’s worth recontributing a super pension
They include topping up super when the income is not needed, tax savings if you’re still working and less of a tax imposte when adult kids inherit.
Technology
Revealed: Data centre rivals funded ASPI report into market giant
A report by influential Canberra think tank ASPI is at the centre of a secretive lobbying effort against Australia’s largest data centre operator.
Australia’s app economy adds 20,000 jobs
Job postings also show that Bankwest, Commonwealth Bank, Zip, CBRE, Nine and Accenture are all on the hunt for more software engineers.
Google baulks at proposed online safety bill
The search giant’s local branch says shorter timeframes to remove harmful content could result in the company pulling offline whole websites to meet deadlines.
Work & Careers
‘Mix of pain and pleasure’: MBA students battle through pandemic
In-person classes at Australia’s top business schools have been cancelled, ending the networking MBAs are prized for.
How to change jobs in a pandemic
Job seekers have been forced to get creative and experts agree there are opportunities out there for those prepared to go to market. Here are their top five tips on changing careers in a pandemic.
Life & Luxury
Unlock your vintage vibe and bag a designer brand
Vintage fashion, already in vogue with the eco-conscious, has boomed during the pandemic as people, and businesses, went online.
How Heathcote’s vineyards are adapting to climate change
Altered conditions have spurred winemakers in the region famous for its shiraz to plant new grape varieties, adapt their viticulture and tweak production techniques.
May the fours be with you: Mercedes-Benz cuts cylinder count
In a radical shift, the sixth generation of the popular C-Class features four-cylinder engines across the range.
Tourism Australia’s next big spending plan: City escapes
A lot of taxpayers’ money has been spent to encourage people to “holiday here” but rolling border closures have rendered interstate breaks virtually impossible.
Qantas launches ‘mystery flights’ as borders stay closed
Travellers will be flown about two hours from the departure airports in Sydney, Brisbane and Melbourne, and get a day’s worth of activities on the ground.
