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.
Capex ‘very strong’ in May, but clouds ahead
Business investment rose to a record high in May, with one veteran sales manager crediting the instant asset write-off with delivering a sales boom.
Woodside CEO stares down activists on climate
Meg O’Neill insists there’s no ‘watershed moment’ for the oil and gas industry on climate change, amid scrutiny of the $16 billion Scarborough project’s emissions credentials.
- Live
- Need to Know
UN court upholds genocide conviction for Ratko Mladic
The Bosnian Serb commander oversaw the massacre of thousands of men and boys; A man has been arrested for slapping the French president. Follow updates here.
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.
Negative gearing falls on lower interest rates
The proportion of landlords negatively gearing rental properties has fallen below 60 per cent for the first time on record, reflecting a decline in interest rates.
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.
Professional Life: Inside the biggest news and moves at PwC, Deloitte, McKinsey and KPMG. In your inbox every Wednesday.
Companies
- Opinion
- Chanticleer
Boral reaches crunch point
The release this week of an independent valuation of Boral shares will be critical to the ownership of the company and possibly the outcome of the $8 billion Seven Group takeover offer.
PwC urges high-flying miners to tell tax story better or pay price
The big four consultancy firm says miners need to put all their cards on the table when it comes to how much they pay in tax and royalties.
Ben 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.
Veteran Crown executive admits to preying on problem gamblers
The executive sent just one problem gambler from the casino’s high-roller room to seek help over almost a decade and admitted to pursuing ‘money above all else’.
a2 Milk’s rival sells its struggling China baby formula unit
Beijing’s recent change to its birth control policy may not be as big of a boost as first thought for formula players.
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.
Companies in the News
National Australia Bank
Crown Resorts
Nine Entertainment
Updated: Jun 8, 2021 – 4.10pm. Data is 20 mins delayed.
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Markets
- Opinion
- Interest rates
Why central bankers and investors have different ideas of nirvana
Central bankers are fervently hoping for higher inflation and higher interest rates. It’s a prospect that fills investors’ hearts with dread.
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.
Neglected tech stocks make their mark
The rotation into value that has pushed the market to record levels this year has neglected the technology sector – until now.
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.
Opinion
Appeal for united front on China
By calling on fellow liberal democracies to work together, Scott Morrison is responding to criticism for getting out in front on China, with no strategy to back it up beyond slogans.
Editorial
Population miscalculation
The Chinese people’s desire to to grow rich will now prove far more powerful than the Communist Party’s attempts to use families as an arm of the centrally planned state.
Editorial
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
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.
- Exclusive
- Australia's China challenge
Support for Taiwan on agenda for Australia, Japan talks
The dialogue comes as a top EU diplomat signalled more European warships could be deployed to the Indo-Pacific amid growing tensions with China.
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.
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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
Investa, Oxford target 5000 ‘Indi’ build-to-rent apartments
Even if just 1 per cent of Australia’s housing stock transitioned to build-to-rent, it represents a $74 billion opportunity.
Negative gearing falls on lower interest rates
The proportion of landlords negatively gearing rental properties has fallen below 60 per cent for the first time on record, reflecting a decline in interest rates.
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.
Wealth
‘Finfluencers’ at war over robo-advice deal
Influencer Maddie Walton published a series of videos and posts claiming she felt ‘deceived’ by podcaster Victoria Devine’s communications to the market about her new project.
Four million Aussies set to buy into crypto
Two-thirds of prospective cryptocurrency buyers see the digital assets as a good alternative to an investment property, while one in five see it as a way of saving for a home.
Super doesn’t end when you’re 75
It might seem tough to no longer be able to contribute beyond that age but there are tax management opportunities for those who understand the rules.
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.
