States shut out Sydney as Premier resists lockdown
States erected hard borders with NSW after Sydney’s outbreak grew to 38, as the Prime Minister backed NSW Premier Gladys Berejiklian’s call to introduce ‘common sense’ restrictions.
- Analysis
- Coronavirus pandemic
Berejiklian’s bet to save school holidays
The NSW Premier has resisted imposing a lockdown that could snuff out a COVID-19 outbreak in the city’s eastern suburbs, betting on her vaunted contact tracers.
Liberals hit back at Nats’ bid to blow up Murray-Darling plan
The Liberals have shot down a push by the Nationals to blow up the Murray-Darling Basin plan just two days into Barnaby Joyce’s leadership.
- Live
- Need to Know
Australia to phase out AstraZeneca vaccine by October
The federal government plans to offer up to 3 million doses of vaccine nationally every week but Pfizer won’t become the dominant vaccine until September.
- Opinion
- Chanticleer
Bankers cautious on digital cash
A new report on central bank digital currencies warns of the risks of ‘a vicious circle of entrenched market power and data concentration’.
China’s attack on Australia a ‘massive own goal’: DFAT chief
Australia’s outgoing top diplomat says China is insecure and has adopted a siege mentality.
Bitcoin crumbles as states intensify assault
China and Iran’s crackdown on cryptocurrency mining has rattled the price of bitcoin, pushing it to its lowest level this year.
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Companies
Construction wages barrier to developing lithium battery industry
A home-grown lithium battery industry could expand the economy by $7.4 billion and 35,000 jobs but Australia needs lower construction costs, capita and R&D.
- Opinion
- Chanticleer
Sydney outbreak amplifies Woolies’ CBD warning
The pandemic has weighed heavily on activity in Australia’s CBDs. Woolworths’ latest move suggests it’s not sure that pain is going away.Â
Gupta’s GFG cements standstill deal with Credit Suisse
The billionaire has six weeks of extra breathing space to get a separate refinancing deal with White Oak finalised.
‘Double-counting’ doubts cloud Santos CCS project
Santos has rejected claims that it is set to ‘double-count’ emissions reductions that would be made through its carbon capture and storage venture in South Australia.
CBA systems fail a second time in a week
Commonwealth Bank’s merchant terminals and online banking systems failed on Wednesday, the second time its banking app has been down in a week.
More logistics M&A on horizon, says WiseTech boss
COVID-19 changed how global logistics companies use data. Now the supply chain is consolidating to keep pace with customer demand.
Clean energy funding setback a ‘missed opportunity’
Parts of the energy industry fear the veto on extending funding from key government bodies to carbon capture and electric car charging will slow progress towards net zero emissions.
Companies in the News
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National Australia Bank
Woolworths
ASX Limited
Macquarie Group
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Markets
Bitcoin crumbles as states intensify assault
A crackdown on cryptocurrency mining from China and Iran has rattled the price of bitcoin, pushing it to its lowest level this year.
RBA dismisses supply chain inflation threat
The Reserve Bank of Australia has played down the prospect of global shortages of semiconductors and ships fuelling an inflation surge, saying bottlenecks should ease.
ASX falls 0.6pc as Sydney COVID-19 restrictions bite
The S&P/ASX 200 fell 0.6 per cent on Wednesday, reversing a strong run the day-earlier for Australian blue chips.
Iron ore sales hit record as China exports lift 20pc
Exports increased by $3.7 billion – or 11 per cent – in May, driven primarily by iron ore exports to China, while imports of lithium-ion batteries hit a fresh record.
LICs face fresh pressure after Milton disappears
Milton is the latest in a run of listed investment companies that have morphed into a new portfolio structure or have wound down.
Opinion
Climate zealotry and populism reignite carbon wars
The pushing up of Barnaby Joyce to the second top job in Canberra and the pushing out of Mark Vaile from the top job at Newcastle University are the depressing bookends of Australia’s renewed coal wars.
Editorial
ASEAN worker plan undermines our Pacific island job diplomacy
A quick fix for farm jobs will rob Australia of a serious advantage in the contest with China for regional influence. There are better answers.
Contributor
Botched rollout erodes PM’s ‘leading the world’ claims
The Morrison government is still congratulating itself on its management of the pandemic but the NSW outbreak shows the new and growing threat created by delays in the vaccine rollout.
Columnist
Why the superannuation reforms are a very big deal
The changes will divert billions of dollars from vested interests and ticket-clippers. They are the biggest reforms the Coalition has wrought so far.
Economics editor
Three reasons why this recovery is fragile
A region rife with infection, a recovery reliant on stimulus, and the downsides of debt could all derail the recent good economic news.
Contributor
Virus management, housing boom boosts NSW budget recovery
The strong performance of NSW’s public finances stand out. But the claim this was reforming budget is a stretch.
Editorial
Politics
Liberals hit back at Nationals’ bid to blow up Murray-Darling plan
The Liberals have shot down a push by the Nationals to blow up the Murray-Darling Basin plan just two days into Barnaby Joyce’s leadership.
NSW tracks four mystery infections as outbreak hits 38 cases
NSW authorities are confident they will be able to link four new mystery cases in Sydney’s latest outbreak as it grew to 38.
Total Australian state and federal government debt to double to $2trn
Total state government net debt is forecast to triple in coming tears, leaving a large bill for future generations.
Unions descend on Canberra for pay deals fight
Unions are trying to prevent six-year agreements for mega-projects that they claim will hurt worker mental health by locking them into antisocial rosters.
United Nations-backed group seeks peace in Treasury’s proxy war
The Principles for Responsible Investment has warned the government’s proxy adviser reforms are backed by little evidence and may flood consumers with useless information.
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World
- Analysis
- Coronavirus pandemic
Why some of the most vaccinated countries are battling huge outbreaks
Examples from several countries suggest the Chinese vaccines may not be very effective at preventing the spread of the virus, particularly the new variants.
Jabbed-up Britain getting on top of delta wave
More people are now dying from flu and pneumonia than COVID-19 in Britain, as the country moves towards a full release from lockdown on July 19 and starts vaccinating 18-year-olds.
Apple Daily to stop publishing by Saturday
The end of the popular 26-year-old tabloid has escalated alarm over media freedom and other rights in the Chinese-ruled city.
Ex-cop leads NYC mayoral race ahead of count that may last weeks
With nearly all the precincts reporting early on Wednesday, Eric Adams had about 31 per cent of the vote, followed by civil rights lawyer Maya Wiley with 22 per cent.
Pro-Beijing legislators intervene in Hong Kong judicial appointment
Justice Maria Yuen withdrew her candidacy for the city’s top court after legislators raised concerns over the appointment.
Property
‘They’re buying the covenant’: Bunnings sale sets record
A new Bunnings near Brisbane sold for $22 million on a yield of 4.2 per cent, the lowest achieved for the sought-after large-format retail warehouse.
Mixed messages over housing supply from NSW government
Just last week the NSW government said there was a housing supply emergency but this week it says a dwelling oversupply looms – where does the truth lie?
Future of offices a work in progress
Big changes are on the way for modern offices and how they operate but some things – such as location – will remain the same, according to an Investa survey.
Blundy’s Aventus hits new high as homemaker centre values soar
Homemaker centre values rose 12 per cent in the six months to June 30 across the 20 large-format properties owned and managed by Rich Lister Brett Blundy’s Aventus.
Record smashed as Rich Listers buy $180m cattle station
Peter and Jane Hughes have bought the Miranda Downs station in Queensland’s Gulf of Carpentaria and 55,000 head of cattle in the biggest single pastoral land sale in history.
Wealth
Can I move money in my pension back to accumulation phase at 75?
In setting out the options for a reader whose income needs are less than the minimum annual limits, we uncover ways to get more back in later on.
ATO reveals top targets for this year’s tax returns
Investment property deduction, home office claims and cryptocurrency records head the hit list.
- Opinion
- Superannuation
Super tax wins before June 30
There are ways to reduce your ATO bill but you need to get them in place before the end of the tax year.
Technology
- Opinion
- Chanticleer
Zoom CEO’s blunt message on the future of work
After a year of extraordinary growth, Zoom CEO and founder Eric Yuan says hybrid work is here to stay. Now he wants to tackle the challenges it brings.Â
Aussie tech firm buys UK sports video rival for $53m
ASX-listed sports tech company Catapult has announced plans to snap up SBG Sports Software.
- Opinion
- Social media
Will boredom kill Instagram?
It turns out that the rest of the world is not, in fact, having a better, more special, more colour-saturated time than you.
Work & Careers
Sydney employers send staff home as mask mandate kicks in
Many of Sydney’s biggest employers are treating NSW’s new COVID-19 restrictions as if they were in a full lockdown.
The inside story of how Mark Vaile fell back to earth
Newcastle is a city dependent on coal. But when a coal chief was appointed chancellor of the local university, all hell broke loose.
Life & Luxury
The Adelaide Hills’ accidental winemakers
After buying a burnt-out Paracombe dairy farm in 1983, the Drogemuller family realised their land was steeped in a rich viticultural heritage.
Bronte auction halted as group seeks $28m to keep rare library intact
Sotheby’s will delay an auction of a ‘lost’ library of rare manuscripts by Robert Burns, Walter Scott and the Brontes as libraries and museums try to raise $28 million to keep it in Britain.
Cruising in a new era: An Aussie tests the waters in the Greek islands
A small luxury cruise through Greece’s Cyclades island group, a land immersed in myths and magic, delivers plenty of pinch-me moments.
This family spent the 2020 Sydney lockdown alone in a luxury hotel
Last year, when the world stopped and the Langham Sydney closed, its splendour went ignored for months. That is, except by the one family in residence.
The greatest bicycle journeys on the planet
A recently released book will have cyclists dreaming of reopened international borders and the chance to pedal some spectacular touring routes.
