Multibillion-dollar LIC cash bonanza set to be unleashed
The $54 billion listed investment fund sector is set to deliver a multibillion-dollar cash bonanza to investors due to strong returns and increased pressure to narrow trading discounts.
- Live
- Markets Live
ASX to edge higher; Wall St rallies
Australian shares are poised to reset their record high; AUSTRAC identifies potential money laundering non-compliance at SkyCity Adelaide. Follow the latest here.
G7 tax deal pressures 30pc company rate
Business has urged the Morrison government to make cuts after the world’s biggest developed economies agreed to a global minimum corporate rate of 15 per cent.
- Live
- Need to Know
New exposure sites in Melbourne
Another 15 exposure sites added in Melbourne including a train line; business demands an end to Melbourne lockdown. Follow updates here.
A new dawn for Australia’s potash pioneers
Australia’s first sulphate of potash mine will start production this week and five local mines could be producing the specialty fertiliser inside four years.
- Opinion
- Bonds
When will investors realise central banks are serious this time?
Ultra-low bond yields indicate bond market investors are prepared to take on the institutions over the likelihood of them achieving their inflation targets.
- Opinion
- Chanticleer
No banks, no miners, no worries for BlackRock duo
Charlie Lanchester and Madeleine Beaumont’s five-year-old fund is up 46.5 per cent in the past year, and they reckon there’s plenty more to come.
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BOOM ON THE LAND
Why investors are beating a path to the agricultural sector
A record in agricultural production is forecast for this year, just shy of $66 billion. It’s a combination of bumper harvests and, even more so, strong prices.
Big money goes nuts for almond orchards and other farmland assets
From cattle stations to almond orchards and timber plantations, institutional capital is ready to invest.
All cashed up with nowhere to go, wealthy buyers target rural trophies
Across the country, the pandemic has prompted a run on trophy homes and properties in regional areas by well-heeled city dwellers.
Wine companies face biggest battle after China hit
Barley growers are doing a solid job diversifying away from China but it’s a tougher ask for wineries with $1.3b vanishing.
The ebbs and flows of the water market explained
Water is a big, complex market in Australia and, like in other sectors, the price responds to the imperatives of supply and demand.
Companies
‘Foolish or just plain stupid’: Nuix bunkers down as siege continues
Despite trading more than 50 per cent below its issue price and issuing another downgrade last week, Nuix has not been engaging one-on-one with its investors.
BHP to overtake Rio in premium iron ore
Close to $10 billion worth of new mines will boost the amount of iron ore leaving Australia in premium lump form and BHP could overtake Rio as the biggest producer.
Multibillion-dollar LIC cash bonanza set to be unleashed
The $54 billion listed investment fund sector is set to deliver a multibillion-dollar cash bonanza to investors due to strong returns and increased pressure to narrow trading discounts.
Ben Roberts-Smith v Nine puts us all in the box
It has been described as the biggest defamation action in Australia’s history. But the consequences are far more wide reaching and profound than defamation.
CBA non-union deal faces rejection threat
Commonwealth Bank has been accused of overselling its landmark non-union agreement to staff and explaining the detail in the same small font it uses for its credit card terms.
- Exclusive
- Courts
Jon Adgemis and Bruce Gordon bury the hatchet over $10m loan
The business associates have quietly resolved their differences over a $10 million loan, which ended up in the NSW Supreme Court.
- Exclusive
- Managed funds
Plenary poaches AMP Capital exec amid fund battle
AMP’s unusual non-binding agreement with US-based Ares Management for a 60-40 joint venture gave Plenary the chance to swoop on a $1.2 billion fund.
Companies in the News
Commonwealth Bank
Macquarie Group
National Australia Bank
Updated: Jun 4, 2021 – 4.38pm. Data is 20 mins delayed.
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Markets
Hunting for value with a contrarian mindset
Wentworth Williamson’s James Williamson doesn’t like following the consensus and loves to hunt out the companies forgotten by the rest of the market.
Global bankers warn Australian investors on carbon risk
The world’s biggest central banks risk creating a ‘dog’s breakfast’ of global climate disclosure rules unless Canberra engages more aggressively with the rest of the world, say investors.
How markets were looking before the bell
Australian shares are set to open higher after the S&P 500 hit a record. The $A has rebounded, oil has extended its rally and the US 10-year yield has plunged.
Tyro’s tilt at rebuilding terminal trust
The failed ‘handshake’ that brought down a significant proportion of Tyro’s terminals added insult to injury for many of its customers.
Investors prepare to lose central bank support
The Reserve Bank of Australia could be the next to taper, a move that could benefit the bank and miner-dominated local sharemarket.
Opinion
Pell contempt case shows courts must adapt to digital age
If the courts just continuing to punish the owners of the printing presses, their frustrations with modern communications technology will just undermine the administration of justice.
Editorial
Strategist saw through foreign policy myths in era of change
The late Neville Meaney’s warning not to let cultural loyalties cloud the pursuit of national interest remains of vital importance to determining Australia’s role in the world.
Columnist
Rooftop solar is a populist Frankenstein
The bright idea of turning roofs into mini-power stations has become a monster destabilising the grid.
Contributor
Too much disclosure is not in super members’ interests
The portfolio holdings disclosure required of superannuation funds under Your Future, Your Super is well intended, but poorly designed.
Contributor
Proxy advisers should play by the same market rules
The self-proclaimed champions of corporate accountability need to be held to the standards of conduct and performance that apply to other actors in the financial sector.
Contributor
A government that isn’t really in control of anything
The past two weeks of Parliament are not consistent with the Morrison government’s strategy of winning an election based on its excellent management of the pandemic.
Columnist
Politics
Business demands end to Vic lockdown and ‘doomsday’ prophesies
Business groups are demanding an immediate exit strategy for Victoria’s 14-day lockdown after only a handful of new coronavirus cases on Sunday.
Setka’s allies attack CFMEU long-time leader
In an extraordinary intervention, union bosses have publicly attacked former CFMEU national secretary Michael O’Connor and called for him to get the boot in internal elections.
NSW needs to build 1.7 million extra homes
NSW will need to build an extra 1.7 million homes over the next 40 years to cope with new population and economic growth.
AustralianSuper calls proxy adviser proposals ‘misplaced’
The country’s largest super fund says Treasury’s plan for proxy advisers fails to identify the problem it is trying to address.
Victoria to receive 100,000 extra Pfizer vaccines
Health Minister Greg Hunt says the federal government will send extra Pfizer jabs to Victoria; Victoria’s two new cases are all linked to known outbreaks; tourism operators to receive a $32.2 million package. Follow live updates here.
SPONSORED
World
Melinda Gates’ lawyer reveals what he advises not to do in a divorce
Helping her split from Microsoft co-founder Bill Gates is Robert Stephan Cohen, who has decades of experience advising high-net-worth and celebrity clients.
- Analysis
- Coronavirus pandemic
![Anthony Fauci: “I had to sometimes contradict what [Trump] said because what he said was not correct.”](http://web.archive.org./web/20210606221753im_/https://static.ffx.io/images/$zoom_0.2648%2C$multiply_0.2644%2C$ratio_1.777778%2C$width_1059%2C$x_0%2C$y_109/t_crop_custom/e_sharpen:25%2Cq_52%2Cf_auto/f0e18435703a21dbec8d0b6588362577bffc6180)
Fauci under siege over lab leak theory
“America’s doctor” is facing calls to resign and criticism from the right over his insistence that the pandemic probably has its roots in wild animals, rather than a Chinese lab.
Israel security warns of violence as Netanyahu faces ouster
Some right-wing groups are angry at Naftali Bennett, head of a small ultra-nationalist party who is slated to replace the prime minister in a power-sharing pact.
- Opinion
- Ageing
China’s declining birthrate won’t hurt its growth
Demographics have already stopped contributing to China’s economic growth. The labour force has been declining since 2012 and is now 40 million fewer than a decade ago.
Ireland confident G7 tax deal won’t dent multinational investment
Finance minister Paschal Donohoe said companies such as Apple had been in Ireland for decades and were among its largest employers.
Property
Industrial landlords, property investors face land tax hike in NSW
The red hot industrial and residential property markets will come at a cost for owners in NSW as increased official land values will trigger land tax rises.
Kidder Williams boss adds Tassie farm to rural empire
David Williams has acquired 718 hectares of Derwent River-fronting farmland near Hobart that has potential for viticulture, tourism and residential subdivision.
Tenant portal Equiem gets Lincoln Property Company investment
The large US office owner and manager sees the Australia-founded tenant portal as a key part of its return-to-office push.
Tiverton to reap rewards of regeneration at Picardy
Acquired for $27 million four years ago, the 10,000-hectare Queensland run could fetch as much as $60 million after its conversion to cropping under Tiverton’s strategy.
Investors extend lead over first home buyers
Investment borrowing levels are not back to the highs that last prompted macroprudential action, but economists say regulators are watching closely.
Wealth
- Opinion
- Flat Chat
Green means go for well-run unit blocks
How investing in sustainability can make perfect sense for your property portfolio.
- Opinion
- Sharemarket
Barclays has further to go in post-pandemic revival
Further reserves releases will lift profits and allow the prospect of higher capital returns from dividends and share repurchases.
How to stop a property seller from tricking you into paying more
Just because you’ve signed the paperwork doesn’t mean the deal is sealed.
Technology
- Opinion
- Chanticleer
PwC-backed start-up helps tackle biggest cyber risk – you
Most cyber attacks still involve human error. PwC hopes its tie-up with a US start-up can tackle the problem in real time.
Direct debit shake-up builds pressure on credit card giants
Mid-way through next year, the real-time payments network NPP will switch on PayTo, upending how businesses request recurring debit payments.
- Opinion
- Mergers & acquisitions
How Airtasker ended up buying a movie star-backed former tech darling
Zaarly was once a genuine tech darling, a marketplace that caught the attention of big name investors and Hollywood stars. In May Airtasker bought it for just $3.4 million.
Work & Careers
- Exclusive
- University
Charles Sturt University under scrutiny from regulator
The beleaguered Charles Sturt University was given unprecedented dispensation from publishing its annual report, sparking speculation the institution’s finances and operations are in crisis.
Why it’s ‘Roll Over Beethoven’ for unis to cover costs
Universities around the world are in trouble and have a more insidious chronic ailment to deal with, often known as Baumol’s cost disease.
Life & Luxury
The message from Fashion Week: get up, get dressed, go out
It’s time to get dressed up again – big, bold fashion is in again.
Portrait of previous winner takes out Archibald Prize
Peter Wegner has won the $100,000 portraiture prize with a subject born in the same year it was first awarded.
German Film Festival swings from dark intensity to romance
For fans of German cinema it will be no surprise there are few laughs to be had from the 30 films in this year’s selection, but there are rewards to be had.
John Olsen’s vision blazes brightly in new exhibition
Works not seen in public for decades will be on show at a major exhibition by the 93-year-old artist.
Archie 100 paints alternative portrait of the Archibald Prize
A new exhibition argues the most interesting Archibald Prize entries weren’t always the winners.
