Voice question ‘simple’ enough to pass, says PM
The details of the constitutional change, its function and how it operates will then be worked out following consultation, Anthony Albanese says.
Australia edges towards COVID-19 death milestone
US president Joe Biden had a rare case of COVID-19 “rebound” after taking an anti-viral drug; Indigenous musician Archie Roach has died. Follow updates here.
Is Russia headed for an embarrassing collapse?
The Kremlin’s frontline supplies have been badly hit. If I were a Russian soldier in Kherson I would be pretty scared right now.
RBA tipped to cut rates in late-2023, early 2024
It is expected to begin lowering the official interest rate as soon as next year as higher borrowing costs work to lower inflation and suppress economic growth.
Joe Biden’s COVID-19 ‘rebound’ sends him back to isolation
The reversion, sometimes observed in people who take antiviral drug Paxlovid, again disrupted the president’s schedule after he resumed in-person events.
Ukraine says scores of Russians killed in Kherson fighting
The Ukrainian military said on Saturday it had killed scores of Russian soldiers and destroyed two ammunition dumps in fighting in the Kherson region.
Trust a former investment banker? This executive is glad he did
A coffee meeting with David Di Pilla has taken Sid Sharma on to much bigger things – despite having to pitch in with some toilet cleaning along the way.
The latest in food, wine and where to travel. In your inbox every Saturday.
WEEKEND READS
Super shake-up as soaring inflation and rate rises bite
Top fund managers reveal how they are navigating some of the toughest markets in nearly 30 years.
Australia’s growing inflation challenge
Businesses such as Via Porta are at the front line of the Australian economy, which the government is trying to steer along a narrow path to a soft landing at the same time as prices surge.
Why Labor gutted the building watchdog
By quickly moving to get rid of the building watchdog, Prime Minister Anthony Albanese has made a fragile pact with the CFMEU that the militant union won’t become a political liability.
Finally, a weight-loss drug that really works – but there’s a catch
Novo Nordisk’s Wegovy uses a hormone to regulate hunger. It’s wildly effective, but is it the right solution to the obesity crisis?
- Analysis
- Political leadership
There’s one big difference between the 1983 jobs summit and now
The Albanese government will be hoping for a repeat of the success of the 1983 economic summit but wages growth is much lower today and Bob Hawke benefitted from a stroke of sheer good luck.
AFR MAGAZINE
Scott Farquhar’s gamble on the $1.4b office for a remote workforce
The Atlassian co-founder made his fortune building collaborative software for offices. Next up: the collaborative office building.
Will Sydney’s new modern art gallery be worth its $340m price tag?
It’s been 10 years in the planning and will double the size of the AGNSW. Sydney Modern has pushed past the critics and is barrelling towards its opening at the end of the year.
How to make a hard-to-find Scandinavian specialty at home
Melbourne’s newest Nordic restaurant Freyja, which serves this open sandwich elevated by luxury ingredients, aims to get the work-life balance right for all.
- Opinion
- Style
Why celebrities are wearing second-hand gowns on the red carpet
Once the domain of impoverished students, used clothing is getting a reboot – and a revival in front of the cameras.
The Aussie companies on a mission to reinvent Mekong Delta farming
Vietnam’s rice bowl saved the country from starvation in post-war years. Now, the region has to transform itself again.
Podcast | Hear the entrepreneurs leading the charge into the next industrial revolution.
Companies
Interest rates and cost of living put brakes on mortgage lending
The latest APRA data shows moderating growth in loans to owner-occupiers, but investor growth is picking up in anticipation of more migration.
Trust a former investment banker? This executive is glad he did
A coffee meeting with David Di Pilla has taken Sid Sharma on to much bigger things – despite having to pitch in with some toilet cleaning along the way.
Drinkers’ spirits sink as gin prices soar
Australia has the third-highest spirits excise regime in the world with the so-called “sin tax” on spirits set to rise by nearly 4 per cent on Monday.
Star’s potential $130m casino blowout another big project fizzer
The gaming company blames COVID-19 and the increasing cost of materials. But history shows big projects tend not to land on time or budget.
Sickness hits productivity, smash repairer AMA claims
Industry sources think insurance giant Suncorp is the source of a mystery upfront payment of $10 million that has boosted the embattled company.
- Updated
- Carbon challenge
Origin Energy’s LNG revenue doubles in 2022
Surging gas and wholesale electricity prices have handed Origin a $4.4 billion gain in the value of its hedging assets, partly offset by a non-cash impairment of $2.2 billion.
PolyNovo soars after snaring J&J veteran as new CEO
Shares in burns treatment specialist PolyNovo bounced nearly 8 per cent on Friday afternoon after the announcement of a new CEO.
Companies in the News
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Markets
Wall Street has the best month since late 2020
After a horrific first half, the S&P 500 had its best month since November 2020 and Nasdaq 100 had its strongest performance since April of that same year.
Oil prices are falling, but motorists are being short-changed
Treasurer Jim Chalmers warns fuel companies they need to pass on savings from falling world oil prices to motorists.
Sezzle better off without Zip, profit in sight, says CEO
Charlie Youakim believes the company could turn profitable by year-end but concedes M&A activity is still a valid way forward for stricken buy now, pay later operators.
Shrinking US economy intensifies recession debate
When the world’s largest economy contracts for a second consecutive quarter, but the jobs market indicates resilience, Wall Street is divided on the implications.
ASX climbs 0.8pc to highest level since early June
Australian blue chips gained further ground on Friday, helped by a turn in investors’ appetite for risk and a growing belief that central banks will have to taper monetary tightening if large economies slow too quickly.
Opinion
Labor clubbed by reality on the economy
Labor has returned to Parliament with some promises of serious change. But on the economy, it is still woefully short of what is needed.
Editorial
Labor starts to cast off the shibboleths of the last decade
The new government started the week casting off the shibboleths and modi operandi that have dominated our politics for at least the past decade relating to climate change and Indigenous recognition.
Columnist
Have Putin’s Ukraine goals shrunk or expanded?
Russia’s stated invasion goals and outsiders’ perceptions of them appear to be shifting shape on a monthly basis.
Contributor
US contraction marks turning point for asset prices
After everything looked heinously expensive last year, some markets are looking cheap.
Columnist
The Liberals’ search for a future as a modern party
Monday’s pre-parliamentary powwow laid bare the threats that, while not quite existential, are arguably as bleak as any that the Liberal Party has grappled with since its inception, writes Phillip Coorey.
Political editor
When young mental health collides with smartphone identity politics
The lockdown generation faces a surge in mental disorders. And in the world of online feedback, trauma is becoming a badge of identity too.
Columnist
Politics
‘Exciting, but there’s a lot to fix’: Labor gets to work
The new government is taking the reins, placing climate and the economy firmly on the agenda in the first week of parliament. Meanwhile, the Coalition is adjusting to life out of power.
Judge says CFMEU considers maximum fines ‘chump change’
A judge has warned parliament that there are not enough powers to deter the CFMEU’s lawless behaviour after fining the union the maximum possible penalty for “disgusting” homophobic slurs and abuse on building sites.
The Garma festival in pictures
The annual Garma festival is a celebration of Yolngu culture aimed at sharing culture and knowledge which also brings politicians and Indigenous leaders together to discuss issues facing Australia's Aboriginal and Torres Strait Islander people.
Inflation can turn negative in 2023
Quarterly inflation could be going backwards by late next year as petrol prices fall and supply chain pressures ease, enabling the RBA to avoid being too aggressive on interest rate rises.
Voice question isn’t the problem, it’s the detail
Getting the Voice over the line will be a tough ask if the Labor government adopts a “trust us” strategy.
SPONSORED
World
Monkeypox is spreading fast. Now kids are getting it, too
The widening monkeypox outbreak is sparking concern that the virus could spread among a surprising cohort particularly prone to transmitting contagious infections: kids.
Russia loses half of its troops in ‘deadly war’ in Ukraine
US intelligence says deaths and injuries in Kremlin forces may be equivalent to the size of the British army.
Victory for ‘WAGatha Christie’ in battle of celebrity soccer wives
Coleen Rooney has won a huge legal battle against fellow soccer wife Rebekah Vardy in a celebrity libel trial that gripped Britain with accusations of Instagram leaks and lost phones.
Russia’s ‘Merchant of Death’ at centre of US prisoner swap
When he was finally jailed in the US in 2011, Russia’s Viktor Bout was tagged one of the world’s most prolific arms dealers. Now he could go free.
Cold showers for Germans as EU tries to save gas
Panicked politicians in Berlin are scrambling to find ways to save natural gas this winter amid fears Vladimir Putin could cut them off from much-needed supplies.
Property
Foreign property investors rush to beat fee slug
More than 100 offshore investors in property and other assets rushed to file their foreign investment applications with the federal government in the final 24 hours before a doubling of fees to up to $1 million.
The signs pointing to a tough spring selling season
Vendors are facing some of the toughest conditions in years as stock levels pile up and more buyers retreat from the market amid rapidly rising interest rates.
Record returns from investment property as supply squeezed
Rising demand and a shortfall in new apartments are a boon for property investors who can pass on the cost of interest rate rises.
Developer Sammut defies Gold Coast boom and bust fears on $200m tower
Allen Sammut is proceeding with the construction of a $200m luxury tower at Surfers Paradise, as others back out, despite rising costs crimping profits.
NSW cuts height of planned Blackwattle Bay towers
The highly sensitive plan to reopen the bay’s foreshore to the public for the first time in more than a century will now have a smaller footprint.
Wealth
Super shake-up as soaring inflation and rate rises bite
Top fund managers reveal how they are navigating some of the toughest markets in nearly 30 years.
The former banker who wants to break First Nations wealth ‘curses’
“Rich” is a mindset, says the 26-year-old host of a new podcast aimed at empowering Indigenous women to build wealth.
- Opinion
- Flat Chat
What’s behind David Chandler’s resignation
The Building Commissioner had created almost as many enemies in the building industry as he’d found supporters in the strata community.
Technology
- Exclusive
- Quantum Computing
Ed Husic demands universities reveal Google partnership terms
Google has pledged to keep intellectual property developed in partnership with local universities onshore after Industry and Science Minister Ed Husic sought clarity over a new quantum computing partnership.
Apple narrowly tops estimates on iPhone sales
Apple’s iPhone and iPad sales fared better than expected during the quarter, though other products - including Macs and wearables - fell short of projections.
This gig economy company loves inflation
Airtasker shares leapt more than 17 per cent in morning trade on Thursday, as the company stands to benefit from high inflation.
Work & Careers
Why Geoffrey Robertson feels hopeful (not hypothetically)
Back in Australia after the pandemic lockout, the human rights lawyer and host of Hypotheticals is taking his unique brand of critical thinking on the road.
Silks call for body to run civil cases for sex assault victims
Geoffrey Robertson says sexual assault survivors should seek civil penalties from their alleged perpetrators given the lower burden of proof in such cases.
Life & Luxury
Why barrister Geoffrey Robertson feels hopeful
Back in Australia after the pandemic lockout, the human rights lawyer and host of Hypotheticals is taking his unique brand of critical thinking on the road.
Why this doctor says it’s good to consult Dr Google
He’s been a patient and a doctor, which gives him a rare view on how healthcare can be improved, and that includes doing your own research.
Twenty of the best watches coming to your wrist in 2022
Is the watch of your dreams here? The mechanics of time-telling are spawning increasingly beguiling interpretations.
The Strokes review: influencers in need of more focus
The New Yorkers ushered in a rock revival with 2001’s Is This It, but struggled to sustain its concentrated brilliance at the first of two Sydney shows.
As wait lists and prices skyrocket, have we reached peak watch?
Sales might be booming, but myriad challenges are keeping brands cautious.
