ASX soars to record as ‘Goldilocks’ era looms
It took 14 months for the ASX to reclaim its record high - and the fact it happened on budget eve with a soaring iron ore price is no accident.
- Exclusive
- Federal budget
Tax and regulation overhaul to attract global talent
An overhaul of employee share schemes and the rules governing foreign investors and financial service providers will be unveiled in the budget.
Seven Group makes opportunistic $8b bid for Boral
Kerry Stokes’ Seven Group Holdings has made a bold bid to move up Boral Ltd’s share register.
- Live
- Need to Know
Extreme right using virus conspiracies to lure young people: UK
The UK Prime Minister has signalled a strategic shift in England’s fight against the coronavirus pandemic. Follow updates here.
- Opinion
- Chanticleer
Why Macquarie’s not as green as you think
Macquarie Group’s record profit was accompanied by lots of discussion about green credentials. But scratch below the surface and the profit driver is infrastructure.
- Analysis
- Federal budget
How Josh Frydenberg was convinced to target unemployment
Despite the strong jobs recovery, the Treasurer decided to double down on fiscal policy and aim the budget at lower joblessness.
Star plans ‘BHP of gaming’ in Crown bid
The Star says a $12 billion merger with once-bitter rival Crown Resorts would create an Australian network that could compete globally for the next 20 years.
SMART NATION
Long way to go before we become a tech nation
Can Australia call itself a technology country? To give the lawyer’s answer: it depends.
Australian retailers step on the gas in e-commerce
The pandemic has triggered a structural shift to e-commerce and retailers are increasing investment in digital transformation.
Global tech companies eye ASX amid pandemic
Up to 25 per cent of companies in the Australian Securities Exchange’s listings pipeline are in the tech sector, including firms readying for an IPO Down Under.
Burgeoning fintechs prove a point about the nation
Australia’s fintech sector will see accelerated growth in the next few years, as the nation’s systemic advantages enable businesses to grow faster.
Nation needs smarter strategies to retain AI talent
To find success in robotics and AI, Australia needs to play to its strengths and focus on the areas where it can lead the world.
Companies
- Opinion
- Chanticleer
Crown bidders’ regulatory risk
NSW gaming authority chairman Philip Crawford will play an influential role in the process of determining who is the next possible acceptable owner of Crown Resorts.
- Analysis
- Trucking
Christine Holgate takes on one of the toughest jobs in Australia
Fixing Toll’s dysfunctional culture in a highly competitive industry is going to be a challenge for the celebrity CEO, ex-managers say.
Tyro buys Medipass health payment app from NAB Ventures
Tyro has paid $22.5 million for a digital health payments platform that it will integrate to create a new health unit.
Business conditions ‘simply stunning’ as confidence hits all-time high
A surge in retail sales, stronger than expected employment figures and job ads in March and April, and a record $200 iron ore price, are driving record conditions.
McCann the ‘perfect choice’ for Crown
The casino operator has appointed a cleanskin CEO, untarred by the gambling industry who, crucially, has the trust of key shareholder James Packer.
- Opinion
- Chanticleer
Packer and Crown can squeeze more out of suitors
Just three months ago, Crown was being pilloried for its governance and risk failings. Now it is the subject of a bidding war that’s far from over.
WA gaming regulator says media forced out top casino officer
A royal commission in WA has been told the state’s chief casino officer only stood down because of media attention on his friendship and fishing trips with staff at Crown Perth.
Markets
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Iron ore surges anew, Chinese exchanges seek to slow rally
The price of iron ore extended its advance to a fresh record as global demand for steel continues to incentivise production at Chinese steel mills.
- Opinion
- Foreign investment
Australia joined the ranks of the capital exporters last year
Australia turned into a net lender of capital last year, as the Reserve Bank provided banks with ample cheap funding at a time when consumers were squirrelling away savings.
Pengana selects new external managers after stock-pickers exit
The Sydney-based fund manager has partnered with asset managers in Connecticut and New Jersey to fill the void created by two senior staff exits in March.
ASX closes at record high as miners rally
The ASX has closed at a record high as rising commodity prices combined with a casino bidding war to push the market 1.3 per cent higher on Monday.
Pendal bets on value trade with $413m buy
Pendal Group has agreed to acquire a Virginia-based asset manager in a deal that doubles its US funds under management and adds value portfolios at a moment of outperformance for the investing style.
Opinion
Super profits and iron ore fire up record high without hype
Forecasting commodity prices is impossible, but the same doubt that stops investors owning BHP is nowhere to be found when we appraise the ASX’s speculative heroes.
Markets editor
Australia joined the ranks of the capital exporters last year
Australia turned into a net lender of capital last year, as the Reserve Bank provided banks with ample cheap funding at a time when consumers were squirrelling away savings.
Columnist
Lines of dispute with China are getting sharper
Josh Frydenberg’s big-spending budget and a booming domestic economy obscure the risks and reality of the fractured relationship with Australia’s biggest trading partner.
Columnist
Treasurer should make fiscal repair a budget priority
When Josh Frydenberg stands up in Canberra on Tuesday evening to deliver the budget, the focus should be on what he says, or doesn’t say, about the fiscal strategy for repairing the nation’s public finances.
Editorial
How Australia’s iron ore export ban was beaten
We have three visionaries to thank for mineral resources riches that are pouring into the federal budget coffers.
Contributor
Time to scrap middle-class welfare
Too much budget funding goes to people who are not poor and who do not need government help.
Columnist
Politics
Carbon border taxes mostly unnecessary, climate guru says
Influential climate economist Nicholas Stern says any EU or US carbon tariffs should be limited to a handful of sectors like steel.
- Analysis
- Federal budget
Australia’s amazing disappearing infrastructure spend
The government blames laggard states, bottlenecks, regulatory hurdles and the chaos of COVID-19 for punching holes in its infrastructure spending plans.
Tourism operators want clear timeline for border reopening
Australia’s $50 billion tourism sector says more businesses are likely to fold up if international borders remain closed until the end of 2022.
Bid to overturn Morrison government’s India travel ban fails
An urgent challenge in the Federal Court sought to overturn a block on Australian citizens returning home.
‘Sense of urgency’: NSW opens mass vaccination hub
NSW residents aged 40 to 49 will receive unused vaccine doses in a matter of weeks as the state opens a mass vaccination hub in Sydney.
SPONSORED
World
Johnson flags end to ‘relying on government edicts’ to fight COVID
Britain’s PM launches major easing of restrictions from May 17 and says people need to start weighing up risks for themselves.
Indonesia drops its guard in bid to lure foreign investors
President Joko Widodo has high hopes for a new sovereign wealth fund, but the choice of projects may deter some investors.
India’s COVID-19 cases dip from peak, but calls for shutdown mount
Many states have imposed strict lockdowns over the past month while others have placed curbs on movement and shut cinemas, restaurants, pubs and shopping malls.
US declares state of emergency to keep fuel flowing after cyber attack
The move lifted various limits on the transport of fuels by road to ease the fallout from the continuing closure of the Colonial pipeline.
Gates divorce talks began in 2019 on Epstein link, WSJ says
Melinda Gates’ unease about Bill Gates’ ties to convicted sex offender Jeffrey Epstein dates back to at least 2013, according to The Wall Street Journal.
Property
Downsizers to kick off another $10b in property sales
The already hot property market is set for another boost after the government expanded a scheme that allows people to turbocharge their super when they downsize.
Developers join forces on $180m InterContinental Double Bay deal
The $180m acquisition of the Sydney hotel by developers Fridcorp and Piety Group is one of the biggest deals struck since the pandemic began.
Goodman heads for $41b valuation as pipeline swells
Analysts at Jefferies and Citi expect Goodman shares to rise above $22 as the industrial giant delivers massive sheds for Amazon and others.
HPI closes in on $1b of pub real estate after Sunshine Coast deal
With the acquisition of the Surfair Beach Hotel from the Scanlon family, HPI owns about $900 million of assets.
Mortgage stress rising as JobKeeper ends
The number of households struggling with cash flow rose to 1.52 million in April, one month after the wage subsidy ended.
Wealth
- Analysis
- Philanthropy
How billionaire women are reshaping philanthropy
The new generation is wresting female philanthropy away from its associations with pearl-clad socialites and gala dinners, heralding demographic and strategic shifts to which charities are scrambling to respond.
- Opinion
- Banking products
Why savers are turning their backs on term deposits
Australian savers, clearly unimpressed by the paltry returns being offered on term deposits, are parking more of their money in at-call deposits and offset accounts.
- Opinion
- Investing
Why you need to work out whether you’re a gambler or an investor
Trading based on short-term market movements shares more characteristics with sports betting than it does with investing – including the likelihood of loss.
Technology
- Exclusive
- Cyber security
Turnbull quintuples down on cyber security
The former prime minister continues his long-standing interest in both technology investments and cyber security, investing in a London-based start-up with Aussie roots.
- Exclusive
- Venture capital
VC fund proves you can profit from impact investing
Impact Investment Group has spun out its venture capital fund, Giant Leap, into its own entity, having proved returns can be generated from companies that benefit society.
How a small ISP used video game tactics in $8m spectrum tilt
Pentanet secured crucial mobile bandwidth in Perth last month, a coup that will boost its ability to compete with major players – and it was down to Civilization VI tactics.
Work & Careers
Workers paid on ‘including super’ basis may get a shock on July 1
Almost two-thirds of companies with a ‘total package’ approach plan to offset at least some of the cost of higher super contributions by reducing employees’ take-home pay.
Balloon walls, robots: Google’s office of the future
The company that once redefined how an employer treats its workers is now trying to redefine the office itself.
Life & Luxury
Nicholas Moore, Judith Neilson join National Gallery board
The former Macquarie chief and leading philanthropist will join the Ryan Stokes-led council overseeing the prestigious Canberra institution.
Wash your rice to get rid of microplastic, experts say
Australians may consume about 1 gram of plastic per person annually with their rice, Queensland University researchers have found.
For this executive coach, a 24-hour run is the perfect length
Slogging hundreds of kilometres may not sound like relaxation, but Kay Bretz is hooked on the sense of freedom and fulfilment, not to mention the endorphins.
Three compelling reasons to get travelling around Australasia
You sometimes need a little push to encourage you to pack your bags, whether it be in the form of a new gallery, a festival or even a slogan.
How lockdown turned author Ian Rankin into a jigsaw fiend
For someone whose day job is crafting intricate plots full of interlocking clues, puzzles seem to be a natural pastime.
