Proposed federal ICAC an ‘appallingly weak sham’, former judges say
The proposed commission may protect politicians from corruption investigations into scandals such as the sports rorts or commuter car parks sagas, QCs warn.
APRA fires warning shot at housing price bubble
Wayne Byres said APRA is prepared to impose additional curbs on banks if elevated levels of lending to heavily indebted borrowers continues.
Perrottet locks in Monday as first stage of reopening
Hopes NSW would get early marks for hitting the 70 per cent target this week dashed as Premier Dominic Perrottet locks in Monday as the first “freedom day”.
Lending curbs no hand brake on house prices
The steep upward trajectory of house prices is unlikely to be contained by the prudential regulator’s lending curbs.
Wuhan and US team planned to engineer new virus
Leaked documents reveal the international team of scientists was planning to mix genetic data of closely related virus strains, but the proposal did not receive funding.
ATO freezes $80m in assets tied to developer Jim Raptis
The ATO alleged the Gold Coast developer, members of his immediate family and associated companies, were involved in “tax avoidance arrangements”.
EY staff suffer as failing super fund puts members in another dud fund
Sixty-five thousand members of Asgard Employee Super’s failing super product will be shifted into a different failing product, also run by Westpac-owned BT Funds Management.
How to negotiate the new world of work. Expert advice in your inbox every Thursday.
THE PANDORA PAPERS
Gold Coast developer’s connection to Pandora
A man who has seen the booms and busts of the Australian property cycle has emerged in the Pandora Papers.
How a Chinese steel billionaire outplayed Rio on iron ore
The head of Rizhao Steel earned $US3 billion from a Singapore marketing hub at Rio Tinto’s expense – and spent the profits buying hotels and offices worldwide.
- Opinion
- Pandora Papers
The Pandora revelations about Putin’s money are slim pickings
Blocked by post-Ukraine sanctions from storing their loot in the West, the Russian kleptocracy has turned its attention to coup-proofing the regime.
- Exclusive
- Pandora Papers
Harker had second Samoan investment entity
Westpac director Steve Harker, in the spotlight for an offshore super fund, had a second Samoan entity that he used to operate a discretionary trading account through a stockbroker.
- Investigation
- Pandora Papers
What are the Pandora Papers? The biggest leak in history explained
On Monday morning 14 heads of state, 21 former heads of state and more than 130 billionaires woke to a shock. Their offshore banking affairs – usually extremely private – were suddenly public.
SMART INVESTOR
ATO turns screws on ‘confused’ ETF investors
The more complex tax issues for ETFs compared with individual shares is causing investor confusion and ATO concern.
- Opinion
- SMSFs
Who is the expert steering your SMSF?
If you’re not across non-arm’s length expenditure rules or whether a six-member fund would suit you, it’s probably time you received specialist advice.
- Opinion
- Energy
Cheap energy shares: good value or a trap?
Why some fund managers say oil equities are severely mispriced by investors who have given up on stocks that don’t tick the ESG box.
- Opinion
- Commercial real estate
The death of the office is greatly exaggerated
With many new developments postponed, there are opportunities for astute investors to reshape existing offices to cater to workers’ new expectations.
- Opinion
- Sharemarket
How to back battery rally via graphite plays
While there aren’t many home-grown options that are investment grade, a few are trying to spark activity in a sector that will become ever more important.
Companies
Rich Lister Brett Blundy buys stake in Oz Hair & Beauty
The Nappa brothers running the online haircare business also have Accent Group CEO Daniel Agostinelli as a new investor.
- Opinion
- Chanticleer
APRA’s first go at cooling housing may not be its last
The banking regulator has gently applied the brakes to the housing market, rather than smashing the sector when the economy is vulnerable. But APRA may have more to do.
Records tumble amid power reform debate
Low demand for power and soft prices have underscored pressures in Australia’s power grid that contrast starkly with the crisis that has gripped overseas energy markets.
A2 Milk denies misleading market, vows to defend legal action
The $5 billion baby formula merchant has dismissed allegations it misled the market by providing and maintaining FY 2021 guidance.
NSW toll road fares are ‘deeply unfair’
Prices on toll roads in NSW are inefficient and unfair, and drivers should be charged for total journeys instead of each toll road they use, an inquiry will hear.
Endeavour searches for new hotels boss after Mathieson jnr quits
The recently listed drinks giant is searching for a new hotels managing director to replace Bruce Mathieson jnr, who plans to leave in December.
Lawyer fears media harassment if Papas number released
Westpac now has a new phone number to contact Bill Papas after his Australian phone number and email address were switched off.
Companies in the News
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Markets
A2 Milk denies misleading market, vows to defend legal action
The $5 billion baby formula merchant has dismissed allegations it misled the market by providing and maintaining FY 2021 guidance.
ASX falls 0.6pc; banks, travel stocks tumble
Australian shares fell 0.6pc to 7206.5; JPMorgan downgrades CBA to underweight; RBNZ hikes cash rate 25bps to 0.5pc; Pilbara Minerals beats quarterly shipping guidance; Magellan FUM tumbles. Follow the latest here.
New Zealand central bank starts tightening cycle
The Reserve Bank of New Zealand raised the cash rate and flagged further tightening in response to high inflation, a red-hot economy and soaring property prices.
Investors rush to energy stocks to catch boom
Soaring prices for oil, gas and coal have boosted shares in locally listed energy giants, while tech stocks cannot catch a break.
Smart money From Soros to Elliott sounds alarm on Chinese stocks
Soros chief investment officer Dawn Fitzpatrick said the firm is “not putting money into China right now”.
Opinion
APRA just getting started on runaway house market
With the RBA having washed its hands of financial stability and affordability, the macro prudential regulator has been left to deal with the mounting risks of persistently low-interest rates.
Columnist
The economic threats from China’s real estate bubble
The Chinese government is well aware that the great investment boom in property has gone far beyond reasonable limits. The economy needs different drivers of demand.
Columnist
JobKeeper had too few strings attached. That was its success - and failure
The biggest spend in Australia’s history is being damned for the very measures that, by pumping money quickly into the economy, helped achieve the V-shaped rebound from the pandemic.
Editorial
US posturing on China must go beyond rhetoric
Framed as the Indo-Pacific, Asia is the Biden administration’s theatre of strategic priority. But doubts linger about Washington’s ability to match its words with deeds.
Contributor
Perrottet’s challenge is to charm an electorate mourning Gladys
The NSW Liberals have lost their best re-election asset, especially among women. Here is what the new premier needs to do to win a fourth term, writes Pru Goward.
Columnist
Don’t short change super savers when unlisted assets are sold
Forcing the disclosure of asset prices hands all advantage to the buyer and robs fund members of a sale premium.
Columnist
Politics
Vaccines reducing health impact by up to a half in Victoria
Academic analysis shows vaccines are reducing the health impact of Victoria’s outbreak by nearly a half compared with NSW.
NSW officially hits 70pc vaccination rate, will reopen on Monday
Premier Dominic Perrottet has confirmed the state has passed the crucial 70 per cent rate needed to lift restrictions; Vic eases NSW border rules; Paul Toole is the new Deputy Premier of NSW. Follow updates here.
Berejiklian backs Perrottet as Nationals pick Barilaro’s replacement
Regional Transport Minister Paul Toole becomes NSW’s new deputy premier as Gladys Berejiklian resurfaces for the first time since her resignation.
Perrottet locks in Monday as first stage of reopening
Hopes NSW would get early marks for hitting the 70 per cent target this week dashed as Premier Dominic Perrottet locks in Monday as the first “freedom day”.
Coalition monitoring COVID-19 vaccine misinformation
US President Joe Biden said in July that social media platforms were “killing people” by spreading lies about vaccines.
SPONSORED
World
Tony Abbott courts Taiwan, not China, as regional alliances shift
The former prime minister had the red carpet treatment when he arrived in Taipei this week in a visit likely to annoy Beijing.
Private equity pays record premiums for public companies
Buyout groups paid an average premium of 45 per cent for European companies in 2021, the highest since records began in 1980. In the US, the premiums hit 42 per cent.
Crunch time for Lendlease in China
The ASX-listed developer’s first senior living project has opened its doors just as storm clouds gather over China’s property market.
Trump drops off Forbes 400 list for first time in 25 years
Had the former president invested in a simple S&P 500 market-tracking index fund the day he entered the White House, he would be worth about $10 billion today.
Merch featuring Theranos founder Elizabeth Holmes is getting popular
Fans of the former CEO and alleged fraudster – and those who poke fun at her – are selling T-shirts, mugs, and other accessories referencing the ‘girlboss’.
Property
Industrial demand lifts commercial real estate deals to $27.8b
Industrial and logistics deals rose to $13 billion over the first nine months of the year, more than double total sales recorded in the booming sector in 2020.
- Exclusive
- Commercial real estate
GIC, Charter Hall buy Canberra office for more than $300m
The two funds have pulled off one of the biggest office deals in Canberra’s history, forking out more than $300 million for 50 Marcus Clarke Street.
WeWork hands back the keys as crunch hits hubs
The co-working hub sector has come under intense pressure during lockdowns, especially in Sydney and Melbourne, amid a broader hesitancy to work in city offices in the wake of the pandemic.
Legal eagles to cash in on Melbourne mansion boom
Demand for prestige homes in Melbourne is ‘even stronger than people realise’ amid a shortage of listings with time running out to move before Christmas, agents say.
NAB’s Ann Sherry pins $15m hopes on her Sydney landmark
Her plan to downsize from the 1881-built Abbey in Annandale, known locally as one of four ‘witches houses’, comes amid a fortuitously booming property market.
Wealth
- Opinion
- SMSFs
Who is the expert steering your SMSF?
If you’re not across non-arm’s length expenditure rules or whether a six-member fund would suit you, it’s probably time you received specialist advice.
The real family drama behind ‘Succession’
From sibling squabbles to inheritance infighting, the popular television series has a rich history of familial strife on which to draw.
- Opinion
- Energy
Cheap energy shares: good value or a trap?
Why some fund managers say oil equities are severely mispriced by investors who have given up on stocks that don’t tick the ESG box.
Technology
China’s #MeToo moment puts focus on drinking at work
An online backlash against boozy business banquets and sexual harassment at work is forcing Chinese companies, and particularly tech firms, to make changes.
Facebook blames ‘faulty configuration change’ for six-hour outage
Employees told Reuters they believed the outage was caused by an internal mistake in how internet traffic is routed to its systems.
Australian IT bosses walking tight rope on costs
Tech executives at lenders and insurers are being forced to balance heightened expectations from customers against demands for tighter cost control.
Work & Careers
As Boomers bust, migration must fill the gap: demographer
Australia is sitting on a skills precipice as migration goes into negative territory and the Baby Boomers go into retirement, says demographer Bernard Salt.
Accounting group belatedly launches KPMG cheating probe
Chartered Accountants ANZ has begun its investigation more than 18 months after first being told about the misconduct.
Life & Luxury
Work by late woman sculptor smashes auction record
As auction records tumbled for another Australian female artist the NGA’s “out of the ballpark” $14 million commission sparked heated debate about art valuations.
Millennial bakers spark boom in extravagant cakes
Gone are the last decade’s minimalist creations. The COVID-19 lockdowns have spurred a new wave of young, media-savvy bakers working their craft.
The dating app that’s like Tinder for fitness fanatics
Fitafy founders Stephen Mansfield and Cem Miral say they want to change the online dating game and place health and wellbeing at its core.
The man who played Bobby Axelrod talks future of ‘Billions’
The proudly venal hedge-fund titan depicted by Damian Lewis in the hit financial TV drama flew off into the sunset in season five’s finale. But will he be back?
Finance service for young art collectors in the know launches in the UK
Local gallerists credit Australian-founded Art Money with helping to them keep afloat through the pandemic by wooing Millennial clients.
