- Live
- Markets Live
ASX rises; Crown board rejects Blackstone bid
The Australian sharemarket has risen at the open; iron ore prices fall back below $US210 a tonne; Crown requests more information on Star merger proposal. Follow the latest here.
- Investigation
- Fintech
The infighting behind the $2.7b Nuix meltdown
It was last year’s hottest float, before missed forecasts sent its stock into a rapid plunge. But the company’s chequered history serves a reality check.
- Live
- Need to Know
Morrison under pressure on border reopening timeline
Scott Morrison is visiting Queensland, taxpayers will pay oil refineries up to $2.3 billion to stop them closing; public health experts want the government to outline a plan to reopen borders.
Ampol, Viva to keep refineries open after subsidy deal
The future of the country’s two remaining oil refineries, in Brisbane and Victoria, has been secured for at least six years thanks to a $2.3 billion government package.
- Opinion
- Australia's China challenge
How Australia got badly out in front on China
Since 2016, Australia has embarked on a policy U-turn, opting to push back, call out and be out in front in needling and confronting China, writes Max Suich.
NBN under fire as telcos rage about cancellations
It’s holding crisis talks with internet providers as its bungled introduction of a new field operations model has seen hundreds of appointments for connections and faults cancelled.
Property hit by $2.7b tax austerity plan in Victoria
The Andrews’ Labor government quietly revealed on Saturday that it plans to tax and fine its way out of last financial year’s $23.3 billion deficit.
Companies
![](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Refineries get $2b handout to stay open
The taxpayer will pay the owners of two remaining oil refineries up to $2.3 billion to stop them closing down and leaving Australia entirely reliant on imported fuel.
- Analysis
- Airports
![Eerie quiet at London Stansted, one-third owned by IFM Investors.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
How Britain’s Aussie-owned airports aim to ride out the turbulence
It will take at least a few years for IFM, AMP and Macquarie to fully shake off the pandemic’s pinch, and then there is the net-zero headwinds yet to come.
- Analysis
- Due diligence
![The cold snap in Texas in February dramatically curbed oil output ad provided Macquarie with a profitable trading opportunity.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Can Macquarie keep the chaos going?
An increasing share of Macquarie Group’s earnings has come from profiting from volatility and dislocation across global markets. But analysts are wondering whether the wild ride will continue?
- Exclusive
- Ethical investing
![Hejaz CEO Hakan Ozyon and COO Mufti Muzzammil Dhedhy are applying for a banking licence.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Wealth firm eyes $250b Islamic finance market gap
Hejaz Financial Services is seeking a banking licence as it builds a vertically integrated wealth shop for Australia’s growing and under-banked Muslim community.
White Oak still talking to Sanjeev Gupta’s GFG about Whyalla
Both the SA Treasurer and unions say White Oak refinancing talks with GFG on the Whyalla steelworks are proceeding.
Rogue branch lawsuit prompts Morgans payout offer
Internal probes had raised alarms about the branch at one of Australia’s biggest retail stockbrokers.
Plastic no longer fantastic as loyalty goes digital
Retailers and shopping centre owners are investing heavily in loyalty to make programs more compelling and to lure shoppers back to malls.
Markets
![Paragon Funds Management’s John Deniz is making the most of the commodity supercycle.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
The fundie winning big in the commodity supercycle
Paragon’s John Deniz has been chasing such periods for years, but he believes the current environment for copper is the best he’s ever seen.
- Opinion
- Bonds
![US Treasury Secretary and ex-Fed chairman Janet Yellen’s comments that interest rates may have to rise caused anxiety for equities.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Why investors can’t help worrying about inflation
The spectre of inflation is again haunting financial markets, causing investors to question whether central bankers will honour their pledge not to tighten prematurely.
![Nine](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Bedlam behind penny stock’s 7500pc rise and fall
WA-based miner Mindax Ltd shocked traders on Friday by rising 15-fold over the morning, before giving back 84 per cent in the afternoon.
How markets were looking before the bell
Australian shares are poised to start the week higher, bolstered by the resilience of buy-the-dip investors, who paced a rebound in New York.
- Opinion
- Sharemarket
Rising costs are not yet a problem for equities
The economic rebound is causing investors some concerns about rising cost pressures but is unlikely to undermine the equity bull market, says Tribeca’s Liu.
Opinion
‘Dry’ advice on deficit, debt needed again
It’s not quite the same situation as in the 1980s, says one of the original Liberal ‘dries’ from that era, John Hyde. But backbench MPs need to speak out.
Contributor
Listed gym giant Viva Leisure’s looming legal stoush
One of the country’s biggest gym and health club group’s has become embroiled in a fight with franchisees amid allegations of unconscionable conduct.
Investigative journalist and columnist
Victoria’s tax grab
The Victorian tax grab underlines the importance of building fiscal buffers before a crisis. But it is also a lesson about the failure to reform the tax system.
Editorial
Follow health advice to escape the gilded cage
As health experts now warn, breaking out of Australia’s gilded COVID-safe cage will depend on accepting the need to live with the virus when new cases inevitably appear.
Editorial
Western pressure on Iran best strategy for Middle East peace
Instead of the so-called nuclear deal, the Biden administration should maintain the sanctions on the autocratic theocracy to make it clear that promoting conflict throughout the region is unacceptable.
Columnist
Australia’s state of suspended animation on borders
The idea of learning to live with the virus under a policy of suppression rather than elimination is polite political fiction. That means Australia’s borders will remain closed indefinitely.
Columnist
Politics
![china australia generic rowe](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Diplomatic failures at risk of repeat
Australia has a 100-year history of unsubtle diplomacy in dealing with perceived threats in Asia – enthusiasts for calling out China seem largely unaware of it.
![Former Health Department boss Jane Halton led the review into quarantine.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Medicos want border reopening plan
More medical experts are pressing for a national plan to gradually reopen the international border so Australians understand they will need to live with COVID-19 once vaccines are widely deployed.
![Martin Wright’s open top tourist bus business has been badly affected by border closures due to Covid.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
No tourists, no loan...under the bus
For Perth tourist bus operator Martin Wright, the indefinite international border closure is killing his small business and putting stress on his family.
Counting the losses: local four cruise ships cater for just 306 guests
The nation’s only two Australian-flagged cruise lines are doing a booming trade, but foreign ships continue to fight to operate, arguing more ships would deliver millions of tourism dollars to port towns.
Women’s leadership programs no fix for the glass ceiling
Funding women’s leadership programs without dismantling the barriers that prevent women from climbing the corporate ladder will do little to help female leaders.
SPONSORED
World
- Analysis
- Australia's China challenge
![Australians who do business in China blame Scott Morrison more than Xi Jinping for poor relations between Australia and China.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Why business blames Canberra for the China mess
Australians doing business with China are frustrated with Beijing’s trade coercion and terrified at the prospect of war, but many blame Scott Morrison and not Xi Jinping for the disintegration in relations.
![Mask wearing and keeping a safe distance between people are among new COVID-19 measures in Singapore.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Outbreak tests Singapore’s reputation on virus
The government plans to vaccinate children and is imposing a partial lockdown as it battles to contain a surge in community transmission of the coronavirus.
![Taipei has urged people not to panic shop as an outbreak shatters Taiwan’s record on fighting the coronavirus.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Taiwan’s COVID-19 surge a warning for Australia
Taiwan’s government urged residents to stop panic buying and stay at home as the island state’s COVID-19 calm was shattered by its worst outbreak since the start of the pandemic.
Israeli strikes kill 26, level journalists’ headquarters
An Israeli fusillade targeted a senior Hamas leader in Gaza and killed 26 people, according to Palestinian health officials, in the deadliest day of spiralling violence.
‘Get everyone out, you have 10 minutes’
Fares Akram was asleep at his office after a long night shift when the warning call came – his workplace was about to be hit by an Israeli airstrike, and everyone in it must leave or die.
Property
![The view of Sydney Harbour from one of the residences at One Sydney Harbour.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Inside the $140m penthouse at One Sydney Harbour
The new luxury apartments on the waterfront reflect an investment in international design rarely seen in Australia outside the private property market.
![The four-bedroom house of actor Guy Pearce at 339 Richardson Street in Melbourne’s Middle Park sold at auction for $4.2 million.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Guy Pearce ekes out $100k price gain on Melbourne home after four years
Actor Guy Pearce made a $100,000 gain on his Melbourne home after four years of ownership in a housing market still playing catch-up from a year and a half of losses.
![Kris Daff.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Victorian windfall tax will hit urban infill, developers say
The southern state’s plan to raise $40 million from uplift on rezoning land is a small part of the $2.7 billion it aims to make but will have big implications.
Diverging fortunes for local, sub-regional malls
Yields, which run inversely to value, have risen to to 7.5 percent for sub-regional malls, while for neighbourhood centres they have sharpened to around 6 percent, the largest gap in almost a decade.
- Exclusive
- Rural property
Rich Lister Terry Snow backs $1.5b cattle and carbon play
Canberra’s richest person has provided the cornerstone investment in a company established by Hyperion’s Tim Samway and former Young Rich Lister Tom Strachan.
Wealth
- Opinion
- Property prices
![Residents at One Barangaroo have full access to the hotels – two pool decks, tennis courts, spa and gym.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Luxury living hits the mark
Downsizers are seeking easily maintainable properties that are close to the city and offer services that can include a concierge, pool, gym, and even a chauffeur and chef.
- Opinion
- Investing
Semiconductors are the new oil
The electronic components of devices that we take for granted are an important long-term investment thematic.
Small super funds outperform on member satisfaction
CoreData research shows members of super funds with less than $20 billion in asserts have higher standards of living in retirement and customer service satisfaction than those in mega funds.
Technology
![Steve Fireng CEO and founder of Keypath Education, says COVID-19 only accelerated the already healthy growth in demand for online courses.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Keypath set for ASX as online course demand soars
Keypath Education has been designing, delivering and managing online courses since 2014. Predictions for market growth are behind the company listing on the ASX.
![Gathered Here was initially set up to bring more transparency to funeral industry pricing.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Funerals pricing disrupter Gathered Here raises capital
An online disrupter is experiencing strong growth from offering cheaper wills and has just closed a capital raising.
- Exclusive
- Electric cars
![The BYD EA1 is part of the largest order of battery electric vehicles in Australia.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
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.
Work & Careers
![Georgia Turnham, who studied humanities at Macquarie University, is a cyber security advisor at Trustwave.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Humanities grads moving into cyber security roles
There are jobs in cyber security that don’t require a degree in software engineering or data science.
- Opinion
- International students
International students are being fed lollipops
State and federal governments are sending conflicting messages to international students, and there is a deafening lack of genuine consultation with those already here.
Life & Luxury
![Richard Clapton wants us to find inspiration from his hippie days on a tour behind his new album, “Music Is Love”.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
Richard Clapton wants 70-year-olds back on the streets
The “Girls On The Avenue” hitmaker hopes a new album of hippie-era covers will remind his generation of their ideals.
![If you say you have swags of snags for the barbie, you’re using ‘flash’ language.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
A swag of snags – where Aussie English came from
The convict author of Australia’s very first dictionary would be delighted to know many “flash” terms from his day still linger on in our everyday lexicon.
![Trading in Style co-owners Jenna Isaacman and Bianca Picherit.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
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 Gucci double G belt is cheugy, say Gen Zers.](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
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.
![Clare Smyth](/web/20210517003116im_/https://www.afr.com/assets/bea33247.gif)
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.