Wild ride as Frydenberg revolutionises the budget rules
This week’s free-spending budget marks a seismic moment in Australian politics – opening up dangerous traps for Labor and the Coalition.
Stock winners from the ‘spendathon’ budget
With billions of dollars set to be pumped into the economy over the next few months, domestic-facing consumer stocks are likely to receive the biggest boost.
Ex-CEO claims ‘stitch-up’ amid $1m expense probe
Smash repairer AMA’s ousted chief executive, who faces a lawsuit over expense and overpayment claims, argues he was not offered a fair chance to confront allegations.
- Opinion
- Chanticleer
Why bitcoin should be regulated
Elaborate systems to safeguard cryptocurrency are ironic, given regulators and the government are doing nothing to protect the interests of Australians who own these assets.
Warning ‘off-budget’ spending could hit AAA rating
Both the government and Labor are using off-budget funds to pay for electorally appealing policies that don’t show up on the budget bottom line.
- Opinion
- Federal politics
Australians stuck in a gilded cage until election
The budget represented one of the most spectacular, and opportunistic, volte-faces in political ideology in at least the past 30 years, writes Laura Tingle.
Gupta’s Whyalla rescue deal doubts as UK fraud agency launches probe
With GFG under official investigation for suspected fraud and money laundering, potential saviour White Oak is scrambling.
Companies
How the boom bypassed iron ore’s poor cousin in Qld
The Queensland coal towns that helped Scott Morrison to election victory in 2019 are missing out on the global steel boom – and rightly or wrongly, many blame BHP.
Accused banks get small victory in cartel case
The three investment banks defending a landmark competition law case have won the right to look at the ‘first accounts’ of their alleged cartel conduct.
This company thinks it can solve unemployment
Like Elon Musk, this founder wants his business to be seen as a financial proposition – because if investors keep getting good returns, the ability to scale up and solve social problems is meaningful.
ABC wins defamation case over racehorse cruelty
Racing NSW boss Peter V’landys has failed in an attempt to sue the ABC and Caro Meldrum-Hanna over his portrayal in a 7.30 segment on cruelty to former racehorses.
Tinkler vows to fight claim on Coffs Harbour house
A former business partner turned creditor of Nathan Tinkler has moved to claim and sell a luxury property in Coffs Harbour.
Retailers will need some wooing in Penfolds charm drive
Some independent retailers say customers moved on from chasing Penfolds Grange in Australia after much of it went to China.
Crown keeps data tight, prepares for Victorian royal commission
Crown Resort’s chairman Helen Coonan has not heeded calls from one of the largest shareholders in the troubled $8.6 billion casino operator to kick off the formal sale process and open the books to its three suitors.
Markets
Iron ore tumbles below $US210 a tonne
The price of iron ore fell sharply, shedding 12 per cent in Friday trade in Asia, as Chinese regulators warned about price gouging.
US stocks finish volatile week higher; oil rallies
All three major US benchmarks advanced at least 1 per cent with the biggest technology shares rebounding from a sell-off earlier in the week.
Rare car prices rising ‘faster than gold’
Rare classic cars are considered by many collectors to be works of art. Like works of art they are attracting big prices from aficionados and a new generation of investors.
Tech darlings tumble as investors sour on sector
The value of Zip has more than halved in three months, while Afterpay shares have fallen more than 45 per cent since February.
- Opinion
- Property market
Rising mortgage rates will help cool housing market
Normalising bank funding costs should drive fixed loan rates higher, which will help cool ebullient Australian property at just the right time for regulators, writes Christopher Joye.
Opinion
Budget deficits are about more than money
Recurring red ink represents a profound political reluctance to accept that the pie must be grown before it can be carved up.
Editorial
Border hardliners got their way. Now what?
It seems like life in Australia has continued as close to normal as possible, but our closed borders mark a significant shift in our approach to the outside world.
Contributor
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.
Politics
Closed borders: Skilled migrants weigh whether to stay or go
The prospect of closed international borders for another year risks turning away many of the “best and brightest”.
- Analysis
- Federal budget
What’s on the other side of the economic boom?
As the stimulus fades and vaccines are rolled out, Australia faces the prospect of subdued growth.
Peter Costello warns Frydenberg over budget spending
Australia’s longest serving treasurer has called on the Coalition to reconsider legislated increases in compulsory super contributions.
- Analysis
- Federal budget
Can Albanese become the patron saint of fiscal rectitude?
The Opposition Leader believes voters want fiscal responsibility. The question is: will voters buy it coming from Labor?
Federal budget is in the red, but extra $6.4b in GST helps states
Closed borders and government stimulus have sent $6.4 billion in extra GST revenue to the states and territories, but they are still expected to deliver budget deficits.
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World
US has your back on China, Payne tells allies
US Secretary of State Anthony Blinken publicly vowed America would not leave Australia ‘alone on the pitch’ in the face of China’s economic coercion.
Blackouts threaten entire US West as summer heat arrives
If a heat wave strikes the region at once, the rolling outages that darkened parts of California last August will have been previews, not flukes.
Expat tax shake-up stokes fears of ‘harsh outcomes’
The biggest shake-up in decades of the rules that define who is and isn’t an Australian tax resident has stoked simmering resentments in the expat community.
- Analysis
- Israeli-Palestinian conflict
Israel’s war will never end
For Israelis and Palestinians, ethnic violence is rooted in the mutual denial of the other’s core identity.
Abandon coal: Britain raises stakes for climate summit
Britain’s call comes as PM Boris Johnson phones Scott Morrison to gee him up for a 2050 net-zero target ahead of a G7 meeting next month.
Property
Price pressures build in building - and elsewhere
It’s only a matter of time before inflation filters through the wider economy. But the jury’s out on how severe or widespread it will be.
The Australians behind a Saudi bid to build a $650b sci-fi city
The $650 billion dream to build a 170-kilometre long desert city has run into problems, but among its believers are former NSW politician Andrew Stoner and business chief Andrew Liveris.
Intoxicated agent sells Byron Bay house for $12m sight unseen
Frank Mlikota of Parkinson Prestige says he was barely sober or even dressed when he sold the Belongil Beach retreat of Ezy Mortgage founder Peter James.
Housing demand cools but prices stay hot
Inquiries from home buyers are slowing, but investor demand continues to grow and is likely to fuel further price growth, a new report says.
Gambling website founder sells pad for $3m above guide
Joshua Chan of Latest Casino Bonuses has sold his Bronte home for about $12.5 million after breaking Australia’s record apartment price with a purchase nearby.
Wealth
- Opinion
- Superannuation
Key super opportunities for wealthy savers
Changes to the work test and ‘legacy’ pensions could offer better tax outcomes for your heirs and access to big sums stuck in super.
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.
Technology
- Exclusive
- Electric cars
Your next Uber ride could be electric
A company that says it is Australia’s biggest leaser of vehicles to ride-share drivers has just placed the country’s largest order for electric vehicles.
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.
- Technology
- Space
The space bubble that could come crashing back to Earth
When space companies go bust, nobody is responsible for retrieving their equipment from space.
Work & Careers
The case for giving – it’s time the wealthy did the right thing
Just because you don’t want to donate money to charity doesn’t mean that society can’t require you to give back, says the founder of AirTree Ventures.
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.
Life & Luxury
How to bag a bargain: live auctions of second-hand designer clothes
The resale economy is tipped to hit $US64 billion over the next five years, and Australian brands – big and small – are ready for it.
The word you don’t want Gen Z to call you
Millennials look out: Your younger siblings are taking aim at all you hold dear. If they label you or what you are doing ‘cheugy’, it doesn’t mean you’re cool.
Acclaimed British chef brings her core mission to Sydney
She won her third Michelin star turning humble ingredients into a luxury at her London restaurant. Now she’s bringing her version of fine dining to Australia.
Motoring visionaries who made the world love cars
From Carl Benz to Elon Musk, these 10 men, and one woman, built and reshaped the auto industry.
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.
