PM calls for back-up over China
Scott Morrison has issued a warning that the world is approaching a crossroads - with competition between the US and China threatening stability and the Pacific region caught in the middle.
International news sites go down in global tech outage
A global outage for a content delivery network has brought down websites around the world, including a number of Australian news sites and the Financial Review.
Andrew Leigh takes on BlackRock, Vanguard over ownership
The Labor MP has published research showing big investors often hold sizeable chunks of shares in multiple rival companies, a phenomenon that some say inhibits competition.
Surging debt leaves Fitch uneasy about AAA
The credit rating agency says Australia’s debt outlook is too uncertain for it to follow S&P in dropping its negative outlook on the AAA rating.
JBS Australia agrees $175m deal to buy pork producer Rivalea
Meat and food processing bigwig JBS Australia is set to significantly increase its pork interests with the acquisition of Rivalea Australia.
Crown team ‘preyed’ on problem gamblers
A veteran Crown executive sent just one problem gambler from his Melbourne high-roller room to seek help over almost a decade and admitted to pursuing ‘money above all else’.
Roberts-Smith was offered PwC partnership
Ben Roberts-Smith will seek millions in damages in his case against Nine, claiming he lost $475,000 in speaking gigs and a partnership at a big four accounting firm.
Professional Life: Inside the biggest news and moves at PwC, Deloitte, McKinsey and KPMG. In your inbox every Wednesday.
HEALTHY NATION
Perfect economic conditions for healthcare to thrive
A survey of sophisticated and wholesale investors by Citi found 46 per cent believe healthcare is the sector of the economy that shows most promise.
Pandemic catapults medical care into the future
Telehealth, precision medicine to find cancers and the use of public health data to better prevent disease have been supercharged by COVID-19, says Health Minister Greg Hunt.
Vaccination rate a sore point for the nation
A year after the outbreak of the pandemic, the success of Australia’s ‘gilded cage’ strategy is facing growing scrutiny.
Universities reel as international students dry up
The university sector is suffering in the aftermath of COVID-19, as closed borders clash with geopolitical tensions and domestic policy to create a perfect storm.
Health researchers step on the gas on many fronts
Experts say the pandemic has reinforced just how crucial cutting-edge research is in health and medicine.
Companies
ANZ says new mental health levy will cost it $20m
The first estimates of the impact of Victoria’s mental health levy have emerged, with Shayne Elliott claiming it will cost the bank $20 million, equal to 200 jobs.
Qantas pushed for domestic air crew to jump vaccine queue
Qantas chief executive Alan Joyce personally pushed for domestic flight crew to be vaccinated in phase 1B alongside healthcare workers and the elderly.
- Opinion
- Chanticleer
Our biggest M&A boom: $83b and counting
Australia is on track for the biggest year of mergers and acquisitions, as cheap capital collides with post-COVID-19 strategy shifts.
- Investigation
- Nuix investigation
ASIC turns blowtorch on who controlled Nuix IPO
Macquarie claims its 76 per cent subsidiary was independent. ASIC has issued Section 19 notices that will test this.
Boral buyback speeds up as Seven rejection nears
An independent expert report by Grant Samuel is almost ready, as Boral’s spending on its own shares reaches $307 million.
Booktopia expects robot stackers to increase stock by 25pc
An $18 million in investment in technology is helping the online book retailer increase capacity, build its range and deliver orders faster.
Aurizon hauls cash-flow forecasts over cooling coals
The rail operator argues it can keep spinning off dollars if coal demand drops, thanks to cuts in one part of the business and growth in another.
Companies in the News
National Australia Bank
Crown Resorts
Nine Entertainment
Updated: Jun 8, 2021 – 4.10pm. Data is 20 mins delayed.
Search companies
View stories and data from an ASX listed company
Markets
ASX edges 0.1pc firmer in muted trade led by tech shares
Gains for the technology sector came despite further pain for Nuix, the embattled data analysis company, which fell on Tuesday on the Australian stock exchange.
RBA policy settings too loose for the times
Australia’s monetary settings are far too loose for the reality of rising house prices and the brewing inflation risks, according to a poll conducted by Fitch.
- Opinion
- Bonds
Drums are beating for central banks, but not to the same tune
If both central banks’ current forecasts play out in real life, in 2024, the RBNZ may nearly finish its hiking cycle, when the RBA will only begin.
- Opinion
- Sydney house prices
Property boom risks grow as buyers go all-in
The banking regulator is taking a narrow perspective on the financial risks stemming from an overheated real estate market.
Why gold may not be a ‘textbook’ inflationary hedge
Some fundies believe the precious metal may be more useful in disinflation strategies.
Opinion
There’s not enough mice to deserve another farmer bailout
Notwithstanding a mouse plague generating lots of gross-out video footage, winter crops in NSW will be much bigger than the past-decade average.
Senior correspondent
The real reason crypto exists
The idea that digital currencies are just an innocent store of value is stupefyingly naive. So the sooner regulators finally step in, the better.
Columnist
Victorian ‘windfall tax’ kicks entrepreneurs and home buyers
Other state governments should not copy this misguided tax, which will stymie development and push up house prices.
Contributor
The supply-side case for fiscal consolidation
Australia’s Productivity Commission says debt and deficit do matter, because the opportunity costs of government spending will hold back the recovery.
Contributor
The time to brace in financial markets is coming
Central banks have been unable to stop themselves printing money. That means a storm cloud of rising inflation, rising interest rates and rising deficits.
Columnist
The G7 is the West’s last chance to lead
The propaganda line pumped out from Beijing is that the West is in inexorable decline. A successful G7 summit could reinvigorate the idea that the West can provide global leadership.
Columnist
Politics
PM warns against lockdowns as delta cluster link found
Authorities believe the west Melbourne outbreak of the delta strain stems from a traveller who returned from Sri Lanka on May 8.
Economic adviser sounds alarm on ‘dark clouds’ of debt
Productivity Commission chairman Michael Brennan warns the Morrison government’s budget repair strategy risks sending the wrong signal to the community.
- Analysis
- Organised crime
PM seizes on crime bust to push surveillance agenda
Scott Morrison rushed to take credit for a stunning AFP criminal bust using an encrypted app, but he also made misleading claims about surveillance legislation.
Labor, unions to fight Morrison on IR push
The Coalition argues greenfield workplace agreements will stop workers putting undue pressure on employers for better wages and conditions should a project not be completed in a given time.
Crime bust triggers political row over new police powers
Scott Morrison accuses Labor of blocking new laws that would give police greater powers. Labor says the PM is lying.
SPONSORED
World
China courts ASEAN in pushback against the West
Face-to-face meetings by south-east Asian foreign ministers in China underline Beijing’s efforts to counter America’s push to revive its influence in the region.
Investors itching to join $2.2trn US infrastructure rush
As US Congress debates its massive infrastructure spending bill, big taxes are one option. But privatisation could unlock huge opportunities for Australian investors.
ASEAN countries plead with China for more vaccines
Indonesia, Thailand and Malaysia all fear a lack of vaccine supply will hinder efforts to ramp up inoculation programs.
New Alzheimer’s drug approved in US amid controversy
The world’s first drug to remove Alzheimer type plaques from the brain has been approved for use in the US but critics say there’s no conclusive proof this helps.
Biogen’s colossal risk on Alzheimer’s pays off
The pharmaceutical group poured years of effort into developing the therapy, called aducanumab, and was counting on it as its next big advance.
Property
Mortgage and rental stress worsen in May
The proportion of households struggling with mortgage repayments climbed by more than 3 percentage points in NSW and Canberra following steep rises in house prices.
National Storage raises money to drive growth
National Storage is asking investors for $325 million to reduce debt and give it the financial firepower to ramp up its development and acquisition pipeline.
Listed landlords book big gains in COVID-19 rebound
Overall asset values are up by 9 per cent on six months ago led by big gains for industrial portfolios, up 14 percent, while office holdings rose 4 percent in value.
Roc bolts ahead in tussle for Vitalharvest
Roc Partners has lobbed in a $1.33-per-unit offer for Vitalharvest, the highest bid increase since it took on Macquarie for the Costa fruit orchard landlord.
Take-up of industrial land to surge 48pc in Sydney
Not only will take-up of industrial land soar over the next five years, but massive “hyperscale” sheds will become more common in western Sydney.
Wealth
- Opinion
- Superannuation
Start early with super and reap the rewards
Don’t let the new rules tempt you to delay contributions – the sooner you start, the longer compound interest will have to turbocharge your balance.
- Opinion
- Venture capital
It’s worth investors getting to grips with venture capital
The best managers in the space are delivering returns exceeding 15 per cent, and they’re doing it more consistently than in any other asset class.
- Opinion
- Portfolio management
Why bonds still matter in your portfolio
Given lower expected returns, they’re a diversifier of overall risk, with shares still likely to do the heavy lifting in delivering return requirements.
Technology
- Exclusive
- Data analysis
AI credit risk start-up banks $15m after ‘near death’
Rich Data Corporation was facing tough times during the COVID-19 pandemic, but then the business scored NAB as a client.
Medical information leaked in NSW Health hack
Personal details were stolen from NSW Health following a security breach earlier this year.
Big tech watches tide turning on taxes after its years of plenty
The big tech companies can expect more certainty, but less power to negotiate their way towards lower taxation after the G7 nations’ latest accord.
Work & Careers
Financial Review consulting salary guide
The consulting salary guide reveals that Accenture has the highest starting pay at most ranks, while KPMG has the lowest.
- 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.
Life & Luxury
Maurice Terzini takes cues from the street for his new eatery
The restaurateur wanted to capture the urban buzz of central Parramatta for his second CicciaBella venture, which is modelled on the humble Italian trattoria.
- Opinion
- Review
Thrills but no frills in Tesla’s new Model 3
The near-seamless interaction of software, app and hardware is a delight, although you do have to touch the central tablet for almost everything.
Apple to rival Zoom, hurt Facebook
The tech giant released a range of software updates at its Worldwide Developers Conference, with video meetings and privacy changes to give rivals the chills.
Surf trumps snow for tech exec who grew up skiing
He may have been raised next to Utah’s famous snow fields, but Mike Featherstone now finds the balance between work and play at Sydney’s Manly Beach.
Australian World Orchestra gives rare debut for symphony
A recital by the Australian World Orchestra is always an event, but this one was made doubly so by the rare premiering of an Australian-composed symphony.
