- Opinion
- Chanticleer
Why smaller banks want ANZ’s Suncorp deal stopped
The CEOS of Bendigo and Adelaide Bank and Judo Capital Holdings say the ANZ takeover of Suncorp Bank will be bad for competition. Their arguments deserve closer analysis.
- Live
- Markets Live
ASX falls on tech, health, Pendal in deal talks, remains in halt
ASX energy stocks surge, BHP flags soft year ahead in iron ore, QBE pricing failure, JB Hi-Fi posts record FY22 sales, earnings, HUB24 falls on inflows update, RBA minutes released. Follow for updates.
- Live
- Need to Know
Real number of COVID-19 cases likely double reported: Butler
Watch live: Federal Health Minister Mark Butler says ‘hundreds of thousands’ of people are being infected each week; Tanya Plibersek says it’s “not a conflict between jobs and the environment”; NSW inquiry told trade post candidate never ‘fully’ offered job. Follow updates here.
Recent home buyers most vulnerable to rate rises: RBA
Michele Bullock says Australians are well-placed to manage rising interest rates, but warned cost of living and falling real wages posed a risk to households carrying a lot of debt.
IPO market collapses on inflation fears
The ASX’s pipeline contains just one-third of listings, seeking one-10th the amount of capital, compared to the same time last year.
It’s time to seize the real opportunity in lithium: Denholm
Tesla’s Robyn Denholm says Australia must seize the opportunities to expand in all stages of the lithium chain, forecasting Tesla sales will double by the end of the year.
Zelensky takes aim at hidden enemy: Ukrainians aiding Russia
Russian sympathisers are reporting the locations of Ukrainian targets such as garrisons or ammunition depots, according to Ukraine’s officials.
Get tomorrow’s Street Talk today. In your inbox every night, Sunday to Thursday.
ANZ-SUNCORP DEAL
How ANZ’s Project Galileo won over Suncorp’s Nova
Suncorp knew ANZ, the smallest of the big four, was the most logical of the big players, while NAB, fresh off the acquisition of Citi’s Australian consumer business, was another option.
‘We feel dwarfed by CBA’: ANZ’s $25b bet on Queensland
Shayne Elliott said the Suncorp acquisition would help it compete with Australia’s biggest bank, as he pledged to fund the state’s energy transition.
- Opinion
- Chanticleer
ANZ deal delivers Suncorp three big wins
Suncorp has extracted a solid price for its bank from ANZ. But the biggest benefits of the deal stem from becoming a standalone insurer.
ANZ to decide on ‘painting Queensland blue’
ANZ is ready to paint the town blue, but investors are conscious of the timing and cost.
- Opinion
- Big four
Jim Chalmers faces home test on ANZ-Suncorp
The treasurer loves watching his beloved Brisbane Broncos at Suncorp Stadium, so approving an ANZ takeover of the Queensland bank won’t come naturally.
Companies
- Opinion
- Chanticleer
JB Hi-Fi’s huge profit beat hides an interest rate warning
JB Hi-Fi’s record sales and a net profit 30 per cent above expectations suggest predictions of big rate rises to come might not be off the mark.
Professional regulator blasts ‘shocking’ delay in KPMG cheating probe
CA ANZ kicked off an investigation into the cheating – more than 1½ years after being informed of the allegations.
Cautious BHP flags soft year ahead in iron ore
Pandemic and weather disruptions ensured there was virtually no volume growth across BHP’s Australian operations last year, and the year ahead will be soft.
JB Hi-Fi posts record FY22 sales and earnings
The electronics retailer said online revenue jumped more than 50 per cent, while shoppers also returned to stores as COVID-19 restrictions eased.
Ampol gets huge boost from refining margins
Margins for Ampol from processing oil into petrol and diesel surged trebled in the June quarter amid the turmoil in global energy markets.
Whitehaven urges NSW to keep hands off coal cash cow
Whitehaven will report a 15-fold increase in earnings but warned NSW politicians they could kill future investment if they match Queensland’s coal royalty raise.
Blue hydrogen may be a white elephant: ISS
One of the world’s key proxy advisers has recommended a high degree of caution when considering hydrogen investments, particularly those using carbon capture.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Why this top Australian equity manager isn’t betting on banks
Australia’s big four bounced in March and April as investors bet that higher interest rates would support margins. Lazard took this as a selling opportunity.
Here’s what happened in markets overnight
Australian shares are set to open lower after a rally in the US was halted by a technology slide led by Apple’s plan to slow down hiring and spending.
Tech stock meltdown spills into private markets
The gap between public and private company valuations has narrowed, as listed tech stocks nosedive and undermine the lofty valuations booked by private companies last year.
Oil advances as traders weigh Mideast supply after Biden’s trip
West Texas Intermediate neared $US99 a barrel after dropping almost 7 per cent last week as investors fretted that a global slowdown may hurt demand.
ANZ bid for Suncorp Bank ‘a real test’ for regulator
Shareholders should not expect the ACCC to wave through the proposed $4.9 billion acquisition, says Royal Bank of Canada’s equities boss Karen Jorritsma.
Opinion
ESG momentum is suddenly stoppable
The trade-offs between the constituent parts of E, S and G have become fraught for companies amid a global energy crisis, regulatory scrutiny of greenwashing, and a possible political backlash.
Contributor
The productivity problem is too much big government
A culture of bailouts, market rescues and constant stimulus is undermining the lifeblood of capitalism, and allowing zombie companies to pull resources away.
Contributor
Why the Albanese government needs a formal Indo-Pacific strategy
The best way to counter China’s plan to become the region’s hegemon is for Australia to have our own.
Contributor
Migration the right fix for worker shortages
Increasing immigration is not a substitute for training more Australians. But it’s what is needed now to alleviate the crippling migrant-deprived tightness of the labour market.
Editorial
How should we judge Albanese Labor on the economy?
By the next election, Australians should know whether Labor is a safe pair of hands. But what would it take to deliver a truly superior economic performance?
Economics professor
Why ANZ needs the Suncorp deal
There will be plenty of execution challenges in the $4.9 billion deal in a tough new era for the economy and the banking and financial services industries.
Columnist
Politics
Brace for bigger real wage cuts, Jim Chalmers warns
The treasurer says Australians should brace for bigger real wage cuts before an economic statement to parliament next week that he said would be confronting.
Why climate change is degrading Australia’s potential
The environment is deteriorating faster than expected as climate change, habitat loss and pollution take their toll, according to a new report.
Chris Bowen open to ratchet mechanism to win Greens over on climate
The climate minister is not against allowing future governments to increase Labor’s 2030 emissions reduction target, if that is what it takes to gain support.
The states hit the hardest by surging sick leave wave
Employers in Victoria and Tasmania were hit the hardest by last month’s surge in COVID-19 and flu cases that pushed leave rates higher.
End of climate wars will fast-track wind, solar: Clean Energy chief
Clean Energy Council chief executive Kane Thornton says Australia needs to accelerate its investment in wind, solar and storage to end the over-reliance on coal and gas.
SPONSORED
World
Britons swelter as heatwave approaches record 40C
Britain has suffered through a “red alert” heatwave, with temperatures set to hit 40 degrees, and airport runways melting in the heat as the government warns people to stay at home.
UK Tories cull another PM candidate as infighting intensifies
The Conservative Party leadership battle is boiling down to a bitter contest between a pair of female contenders and former chancellor Rishi Sunak.
Russian gas cuts threaten to shut down Germany industry
Many industrial companies have few options, if supplies dwindle or Moscow halts all flows.
NZ inflation rises to 7.3pc, its highest in 32 years
Inflation quickened to 7.3 per cent, fuelling bets the central bank will need to continue raising interest rates aggressively.
Talk of Saudi tour clouds Smith’s historic Open win
Cameron Smith refused to rule out joining Greg Norman’s rebel LIV Golf tour after winning the Open Championship with one of the most extraordinary rounds in major history.
Property
Serious buyers are out there – they’re just not hurrying
In a sign of how much the market has turned, the vendor of this Sydney property waited until the final week of a four-week campaign before the buyer appeared.
Rental growth to ‘compensate’ for lower industrial values: ESR boss
ESR Australia boss Phil Pearce is confident industrial rents will rise strongly over the next two-three years after snapping up $107m of assets across Melbourne.
Mirvac wins control of $7.7b AMP office fund
The vote ends more than six months of uncertainty over the future of the fund, after Mirvac revived its bid this year, backed by disgruntled investors.
Kennards locks onto former Masters hardware store site
Kennards is aiming to redevelop a site in Melbourne’s north through a mixed-use scheme with retail, fast food and self-storage.
It’s a buyer’s market as auction weakness spreads
Fewer new listings and vendor discounting have helped ease tumbling clearance rates a little, but the market is still trending down. It’s a boon for buyers.
Wealth
Nuclear energy start-up says CSIRO is wrong about costs
Sydney’s HB11 says that, despite the CSIRO recently dismissing nuclear energy as too expensive, its fusion reactor could one day be the cheapest power on the market.
- Exclusive
- Funding
Mastercard and Westpac-backed start-up bucks market with $32.5m raise
Investors including payment heavyweight Mastercard and numerous VC operators have ignored global headwinds to back Aussie fintech mx51’s ambitious plans.
Wall Street set for new ETF gold rush as single-stock era begins
A new ETF-for-everything era may have just begun on Wall Street, swelling an industry that already boasts almost 3000 products and $9.12 trillion in assets.
Technology
Perpetual’s Thomas Rice goes hunting for tech wreck stocks
Crashing tech stocks have left Thomas Rice, portfolio manager of Perpetual’s Global Innovation Share Fund, sifting through the rubble.
- Exclusive
- Business IT
Tech spending holds strong as software firms hike prices
New projections from Gartner show Australian organisations are increasing their technology spend, while software firms are blaming interest rates as they look to hike their prices.
Tech stock meltdown spills into private markets
The gap between public and private company valuations has narrowed, as listed tech stocks nosedive and undermine the lofty valuations booked by private companies last year.
Work & Careers
- Exclusive
- Gender equality
Five ways to break the glass ceiling
A new report recommends scorecards, linking executive pay to diversity, equity and inclusion targets, and fast-tracking women into leadership to improve corporate Australia’s gender balance.
Medium-sized business driving 4pc average pay growth
Average pay rates among small to medium-sized businesses have increased off the back of the tightest labour market in decades, according to new data.
Life & Luxury
Try the tribe vibe at this luxe fitness startup for over-45s
“Getting older shouldn’t be deemed undesirable,” says US fitness founder Ruth Zukerman, who’s focusing her energy on a club concept incubating in Sydney.
Want to learn control and patience? Try golf, says this exec
The Australia-Korea Business Council’s Liz Griffin has been playing the game since she could walk. She says she’s more light-hearted as a result.
Talk of Saudi tour clouds Smith’s historic Open win
Cameron Smith refused to rule out joining Greg Norman’s rebel LIV Golf tour after winning the Open Championship with one of the most extraordinary rounds in major history.
- Opinion
- Review
Which new MacBook should you buy?
For most computer users, there is absolutely no reason to get the new MacBook Pro, now that the new MacBook Air is here.
Your guide to true comfort (and style) on a long-haul flight
Torn at the seams over what to wear? Ripped to shreds wondering how to style your threads? Send your fashion questions to our new column, How to Wear It.
