- Live
- Markets Live
ASX to rise; Oil, iron ore slide, bitcoin dives
The ASX is set to advance almost 1 per cent after gains on Wall Street overnight. But commodities sank, Tesla shares dropped and Bitcoin fell almost 10 per cent. Perpetual wants a Crown sale, Avita narrows loss, Resolute confirms CEO.
- Exclusive
- Federal budget
Decade of deficits a ‘big risk’ in a volatile world
Former Business Council of Australia boss Tony Shepherd says more fiscal responsibility is needed from Canberra in the medium to longer term.
Israel says air, ground troops strike Gaza
Stepped-up fighting came as communal violence in Israel erupted for a fourth night, with Jewish and Arab mobs clashing in the flashpoint town of Lod.
Labor’s $10b fix for house prices
A future fund to build social housing is the centrepiece of Anthony Albanese’s response to the budget, which he called a ‘patch-up job’ for the next election.
- Live
- Need to Know
Albanese attacks debt and deficits
Anthony Albanese is out spruiking his budget reply this morning and its centrepiece but is also seeking to leverage our front page story today over the rising concern entrenched budget deficits and debt. Follow updates here.
- Opinion
- Chanticleer
Perpetual urges Crown to begin sale process
Crown Resorts chairman Helen Coonan has successfully deflected a number of proposals to sell the casino business, without making a commitment. Shareholders are frustrated.
Sydney landlords derailed by new stations, but city on right track
Central Sydney’s property market has been jolted by the NSW government’s decision to acquire 13 buildings to make way for two new Sydney Metro West stations.
FEDERAL BUDGET
- Opinion
- Canberra Observed
The federal budget was not socialism, it was ideology on pause
Keeping Australia closed until 2022 is in keeping with a budget that put off the deficit and debt heavy lifting until after the next election.
Labor resists pressure to detail what it will do with income tax cuts
Anthony Albanese and Jim Chalmers won’t say whether the Opposition will overturn legislated cuts for high income earners.
Local wealth manager blasts foreigner licence exemption
Perth financial planner and Liberal Party member Steve Blizard says allowing firms to operate in Australia without a licence creates an “uneven playing field”.
Students say Labor’s Startup Year sounds ‘productive and meaningful’
Entrepreneurial university students say Labor’s Startup Year idea could help break the shackles of corporate career conformism at universities.
Lobby groups warn of higher costs if $450 super threshold axed
Restaurant & Catering Association chief executive Wes Lambert said he had ‘no doubt’ the change would affect the restaurant, cafe & catering sector.
Companies
Koczkar’s plan for a fitter, healthier Medibank
New CEO David Koczkar plans to evolve the former government-owned enterprise from health insurer to healthcare business.
Sanjeev Gupta bails out of ailing Wyelands Bank
The embattled metals magnate’s in-house financial institution has fallen victim to his need to pare back his empire after Greensill Capital’s collapse.
Crown’s Sydney Casino to open by October, go cashless
Crown Resorts has agreed to ban cash from its new Sydney casino to stymie criminals from money laundering on its gaming tables and pokies, and The Star will follow suit.
COVID crisis forced me into Greensill lobbying blitz, Cameron says
David Cameron says he raised concerns about Greensill’s vulnerabilities before its collapse, but he was reassured.
Buy now, pay later faces day of reckoning: Humm boss
Rebecca James says the sector faces a big test to deliver sustainable, profitable growth as intensifying global competition sends stocks in the high-flying sector into a tailspin.
- Opinion
- Chanticleer
Plan to turn Penfolds into Gucci starts at home
Treasury Wine Estates wants to turn Penfolds into a global luxury brand. First it needs to win more customers at home.
Local wealth manager blasts foreigner licence exemption
Perth financial planner and Liberal Party member Steve Blizard says allowing firms to operate in Australia without a licence creates an “uneven playing field”.
Markets
China iron ore futures plunge after record-setting rally
Iron ore snapped back, paring part of this month’s super rally. Chinese steel prices also retreated.
Bitcoin falls below $US48,000 as Musk calls energy use ‘insane’
Elon Musk’s reversal on the cryptocurrency triggered a rush to the exit for some but not the truest of believers in bitcoin.
Bill Gross’s successor to quit at 44 and hit the road with the kids
At just 44, Nick Maroutsos is walking away from overseeing one of the most elite jobs in money management October to consider his second act and hit the road.
What happened in markets overnight
Australian shares are poised to open higher, lifted by a rebound in US stocks. Oil retreated as a key US pipeline restarted. Bitcoin plunged.
US inflation shatters interest rate complacency
The strongest monthly rise in US core consumer prices in almost 40 years shattered investors’ confidence in the prospect of ongoing low interest rates.
Opinion
The federal budget was not socialism, it was ideology on pause
Keeping Australia closed until 2022 is in keeping with a budget that put off the deficit and debt heavy lifting until after the next election.
Political editor
Not a budget for the Liberals’ true believers
The Treasurer insists the budget stays true to the Menzian tradition. But the parties of the right are attempting to seize the left’s economic credentials as big spenders.
Editorial
Budget spendathon kicks the can down the road
The government is right to go hard in the short term to lock in the recovery, but will ultimately need to be honest that there will be a price to be paid for the spendathon.
Economics editor
Skills training must invest in future jobs
The budget is full of cyclical labour market solutions for the COVID-19 crisis. But the real unemployment problem is the structural mismatch in the training system with the skills needed in the emerging economy.
After the ‘horror’ 1951 budget came the restrictions on imports
From the archives: As part of our Platinum 70 Year we are taking a look back at the AFR view of major domestic and international events during the past seven decades.
Contributor
Coalition spends big as border rhetoric shifts
Josh Frydenberg is getting plaudits for spending up to boost jobs growth and investment, but he and Scott Morrison are also sounding worryingly like Mark McGowan on borders.
Columnist
Politics
Government poised to unveil plans for Hunter power plant
The Morrison government is expected to announce as early as next week its plans to build a gas-fired power station in the Hunter Valley.
- Exclusive
- Defence spending
New pressures emerge in French submarine fight
French executives say they are confronting a “political timeline” as they race to repaire relations with the government over the $90 billion submarine program.
NSW MP under investigation for sexual violence allegation
NSW Families Minister Gareth Ward has stepped down after revealing himself to be the MP at the centre of the allegation.
Christian Porter in two courts over defamation claim
The former attorney-general’s defamation claim against the ABC will be back in court on Friday – on two fronts.
Australia snaps up 25m doses of Moderna vaccine
The deal brings another mRNA jab into the mix, and could help offset delays to Novavax’s product and limitations on the use of AstraZeneca.
SPONSORED
World
Indian virus strain threatens Britain’s plan to ease lockdown
Prime Minister Boris Johnson said he was ‘anxious’ about the new strain but wasn’t yet convinced he had to delay his roadmap to ease restrictions.
Israel masses troops along Gaza as rocket fire, air strikes escalate
By dawn on Thursday, Israel had renewed its air strikes on the Palestinian enclave, destroying a six-storey residential building in the middle of Gaza City.
Economic tremors hit White House at crucial moment for Biden
Over the past week, the Biden administration has been met with disappointing economic benchmarks, including lacklustre hiring and a surge in consumer prices.
Can Sanjeev Gupta escape the crisis engulfing his business?
The steel magnate has an uphill battle to refinance after Greensill’s collapse.
- Opinion
- Middle East tensions
Is this the start of the next Palestinian uprising?
Though the clashes could quickly blow over, Israelis, Palestinians and their neighbours worry they will spiral out of control.
Property
Sydney landlords derailed by new stations, but city on right track
Central Sydney’s property market has been jolted by the NSW government’s decision to acquire 13 buildings to make way for two new Sydney Metro West stations.
Redcape shares bounce after earnings upgrade
The pub owner and operator has lifted both its earnings forecast and distribution payout after improved trading across its portfolio of venues.
New home sales sink as HomeBuilder qualifying period ends
The monthly figures suffered a large drop but the outlook for sustained strong housing construction remains unchanged.
Elanor checks in at Ellenbrook medical centre
The healthcare buy takes the real estate fund’s portfolio to $201.2 million.
AMP Capital’s $7b office fund a merger candidate
The potential exit of the fund would put more pressure on the investment platform, whose private markets business is being readied for an ASX spin-off.
Wealth
Think twice before shifting pension to SMSF
Anyone entitled to a government defined benefit super pension should hang on to it for the annual inflation-indexed income, writes John Wasiliev.
How budget changes will affect your SMSF
While there is cause for celebration, none of the proposals are set to start until July 2022 so could well become election issues.
- Opinion
- Aged care
How extra dollars could improve life in aged care
Residents need to be more assertive with providers to make sure they actually benefit from budget changes.
Technology
Tax breaks tipped to trigger innovation boom
While biotech industry leaders welcomed the arrival of a long-desired patent box, other deep tech sectors were left wondering why they were excluded.
Taylor backs technology to reduce carbon emissions
Federal Energy Minister Angus Taylor wants technology to help Australia reach its carbon reduction targets.
- Exclusive
- Cyber security
Engineering firm involved in Nine HQ hit by cyber raid
The Sydney-based company confirmed the attack and said it had engaged external IT and cyber security experts.
Work & Careers
Frustrations remain as universities inch towards return of students
As states push forward with plans to return small numbers of international students, there are still barriers to overcome.
- Opinion
- Legal industry
Law firm leaders fail on fun, fame and fortune
There is a leadership deficit in most Australian legal organisations – at a major cost to employees and firms.
Life & Luxury
Afterpay to sponsor New York Fashion Week
Starting in September, the buy now, pay later company will be the principal supporter of the event, its third global fashion week deal.
All the world’s a stage for design titan David Rockwell
A lavish new book from the US architect and set designer is the printed equivalent of an excellent dinner party, with worldly friends discussing big ideas.
High-flyers hope for redemption at the US PGA
Glory awaits in the year’s second major golf championship, but the dunes and alligator-infested marshland of Kiawah Island’s Ocean Course can turn ambition to dust.
How Golden Globes went from laughing stock to power player
The Hollywood Foreign Press Association gained influence until scrutiny of its practices and its lack of diversity left it without an awards show next year.
- Opinion
- Review
Is this Australia’s first thief-proof e-bike?
You have to work hard to get the Zoomo Sport going from a standing start, but the anti-theft system is a game-changer.
