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Franking credit changes ‘nothing like’ 2019: Chalmers
The Albanese government’s franking credit proposal is a “very minor change”, Treasurer Jim Chalmers said; rising interest rates will increase cost of servicing government debt by $125 billion; Australia not immune to recession risks. Follow updates here.
Key Posts
Optus data breach a ‘huge wake-up call’ for corporations: PM
Increasing multinational tax bill is a priority: Chalmers
What to expect from parliament this week
Australia not immune from recession risks: Chalmers
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- Live
- Markets Live
ASX to dive; Morgan Stanley lifts RBA terminal rate to 3.6pc
Australian shares to sink 1.25pc; Ramsay, KKR end takeover talks; Link to pay special dividend of 8¢ a share; Geoff Hogg resigns as acting CEO of The Star. Follow updates here.
- Exclusive
- Dividends
Labor ‘at it again’ in surprise move on dividends
The Albanese government has shocked investors by proposing to retrospectively stop companies paying shareholders fully franked dividends that are funded by capital raisings.
Cbus quits Mark Carney’s green alliance
The Australian fund and an Austrian pension fund have quit the alliance, as climate activist Al Gore warns on greenwashing risks.
Italy to elect most right-wing leader since Mussolini
Exit polls show Giorgia Meloni is on track to be become Italy’s new prime minister after the sudden collapse of Mario Draghi’s national unity government earlier this year.
US warns of ‘catastrophic’ results for Russia on nuclear threat
US national security adviser Jake Sullivan said the United States would respond decisively to any Russian use of nuclear weapons against Ukraine.
Lithium insider sees decade-long shortage
The chairman of the London Metals Exchanges lithium committee says car and battery makers are growing desperate to secure long-term supply as consumers line up for electric vehicles.
Podcast | Hear the entrepreneurs leading the charge into the next industrial revolution.
UK’s shock budget
UK chancellor says ‘more to come’ after historic tax cuts
Kwasi Kwarteng has vowed to double down on his controversial tax-cutting drive despite the sell-off after Friday’s mini-budget.
- Analysis
- Global economy
Why investors hate the UK PM’s biggest tax cuts in decades
The Bank of England is tapping the brake, Liz Truss is hitting the accelerator. Nobody knows which way the economy will go, and the markets want to get off.
- Opinion
- Global economy
The UK’s new treasurer is risking serious economic instability
Chancellor Kwasi Kwarteng’s largesse raises large questions about debt sustainability.
- Analysis
- Global economy
UK’s ‘going for broke’ budget needs a hell of a sell job
Margaret Thatcher had five years before facing voters, plus the wind of the Falklands war and an enfeebled opposition. Liz Truss has just two years, and a national debt already swollen to breaking point.
- Opinion
- Foreign relations
Trussonomics revolutionises the tax, debt, growth conversation
The Conservative government’s radical mini-budget reflects new prime minister Liz Truss’ conviction that the economic orthodoxy of the past 20 or 30 years has not worked.
Companies
- Exclusive
- Mergers & acquisitions
Why this Czech tycoon wants to buy our coal mines
Sev.en Global Investments wants to add thermal and coking coal mines to its Australian portfolio, with CEO Alan Svoboda saying the energy transition will take longer than some expect.
AGL to update decarbonisation pathway but no concrete reset
The announcement will disappoint some investors who have been pressuring AGL for a bold strategy refresh.
Cyber rules on the way to fight Optus hack fraudsters
The new rules come as Optus chief Kelly Bayer Rosmarin prepares to meet with the telco’s owner, Singtel, to discuss last week’s breach, which compromised millions of users.
Fifth time lucky? Link Group CEO says he’s up for another merger deal
After an epic $2.5 billion deal with a Canadian suitor fell over, Vivek Bhartia is still ready to sell all or parts of Link. But he’s in no hurry.
Lithium insider sees decade-long shortage
The chairman of the London Metals Exchanges lithium committee says car and battery makers are growing desperate to secure long-term supply as consumers line up for electric vehicles.
- Analysis
- Mergers & acquisitions
Why charities could be losers of the Equity Trustees-Insignia deal
Critics say the $135 million transaction would create a supermarket-style duopoly in the century-old market for philanthropic trusteeship.
ASX-listed company takes aim at Atlassian after Kremlin blacklisting
Russia has sanctioned DroneShield CEO Oleg Vornik who has called on other companies, including the software giant, to leave the country anyway.
Companies in the News
Search companies
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Markets
ASX heads for sell-off as UK tax cut spooks markets
Futures put the S&P/ASX 200 1.25 per cent lower at Monday’s open, after rising recession odds sank Wall Street and the UK’s gamble with tax cuts shredded the British pound.
Why this passive investor met with the AGL board
VanEck’s Jamie Hannah found himself at the table with Australia’s largest corporate greenhouse gas emitter.
- Opinion
- Shares
US economy doing better than rocky Wall Street
The challenge for the Fed is that the economy is going a little too well, meaning more volatility ahead for stocks as investors try to decipher its inflation fighting playbook.
Fed finally vanquishes stocks from asset allocation throne
The mantra that investors had no alternatives to stocks has given way to a panoply of actual choices.
- Analysis
- Bulls & bears
Surging rates mask hidden pain for banks
When interest rates go up, banks normally make more money. But what happens when they go very high, very quickly?
Opinion
Political correction from tax-and-spend
The radical tax-cutting change of economic course in the UK under the banner of Thatcherism is a political correction from the pandemic spendathon.
Editorial
Trussonomics revolutionises the tax, debt, growth conversation
The Conservative government’s radical mini-budget reflects new prime minister Liz Truss’ conviction that the economic orthodoxy of the past 20 or 30 years has not worked.
Columnist
Grand final normalcy returns
The return of packed-out football finals shows that there is no health and safety reason for workers continuing to hold out against returning to the office.
Editorial
How to make good financial advice affordable
The government wants to make good quality financial advice more accessible. But while everyone agrees the system is broken, there’s less agreement on how to fix it.
Columnist
Will super execs game the system this time around?
The sharp decline in global bonds and equities means that, if they haven’t already done so, super funds will cut the value of their unlisted assets.
Columnist
Labor’s winding back of superannuation fund disclosures lacks integrity
The Senate needs leverage to negotiate a deal that puts transparency first so super fund members can see how their money is being spent.
Senator for the ACT
Politics
- Exclusive
- Carbon challenge
Bowen calls Greens’ bluff on carbon rules, gas demands
The energy minister says he wants real emissions reduction but will be very sensitive to the needs of emissions intensive trade-exposed industry.
- Exclusive
- Political lobbying
Inside the world of Labor powerbroker Jim Soorley
A dispute over $2500 paid in a carpark and secretly taped calls reveal how a political powerbroker ‘consultant’ navigates the business and government worlds.
Pocock pushes Greens to leverage Labor on super transparency
The Senate will have no power over the government until it reverses a decision letting super funds conceal spending on political parties, ads and influence groups.
New inquiry to scrutinise Morrison-era grant programs
The Coalition’s controversial $660 million commuter car parks program is one of the six funds that will face fresh scrutiny as part of the Labor-led inquiry.
Voice campaign appeals to history in new ad
Those behind the Indigenous Voice to parliament want Australians to listen to their new ad’s call to action and talk about Voice with family, friends and colleagues.
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World
Russia shakes up defence leadership after retreat
A top general has been sacked from his post and President Vladimir Putin is taking a more direct role in advancing the war in Ukraine.
- Analysis
- Shinzo Abe
Shinzo Abe’s complex legacy clouds state funeral
As Anthony Albanese and three former Australian prime ministers head to Tokyo to farewell Shinzo Abe, public opposition to the former Japanese leader’s state funeral is growing.
Far-right firebrand poised to be Italy’s new PM
Polls have opened in Italy’s national elections, and parties on the far-right are leading the race to form the next government in Rome
Inflation fight: Are central banks going too far, too fast?
With sharp rises in interest rates and currency interventions, central bankers insist they will vanquish inflation, whatever the cost.
China says it’s willing to work with Australia to resolve differences
Foreign Minister Penny Wong met her Chinese counterpart Wang Yi on the sidelines of the UN General Assembly.
Property
Quality trumps quantity in North Sydney’s office ‘bloodbath’
With a building boom under way, North Sydney’s office sector is facing a risk of oversupply. But the big developers say the post-pandemic market is turning in favour of their projects.
Residential rental listings plunge as landlords sell up
The share of residential ex-rental properties listed for sale has jumped to 31.2 per cent of all new listings nationwide as landlords ditch the market.
- Exclusive
- Road to Brisbane 2032
Pulling down Brisbane’s Gabba for the Olympics is a bad idea
The Queensland government and Brisbane 2032 Olympics organisers are going down an expensive route to get a new flagship venue, architects warn.
Grand final weekend kicks off slower spring selling season
The busy spring real estate is about to kick off, but rising borrowing costs and growing economic concerns are likely to make it more subdued than last year.
Northwest’s GIC fund scoops up Brisbane hospital
Healthcare real estate is rapidly expanding as an institutional-grade asset class through substantial amounts of investment from local players and Canada’s NorthWest,
Wealth
- Opinion
- Aged care
What rising prices mean to aged care fees
The age pension is also increasing but that doesn’t help self-funded retirees who face higher costs.
This billionaire is very exposed to Ukraine war, and he’s winning
After a hasty buyout of his Russian partner when Russia invaded Crimea in 2014, Torbjorn Tornqvist’s net worth has doubled since 2021 thanks to the energy crisis.
Tax expert delivers warning to crypto investors
Authorities are catching up with crypto investors and will take more action to spook them into improved reporting of their activity, according to Chainalysis.
Technology
How a $1m robot solved this company’s labour shortage
Investing in automation is the only way to keep up with strong customer demand in the face of dire labour shortages, manufacturers say.
- Exclusive
- Funding
Aussie start-up taking advertising into video games banks funding
In 16 months Livewire has signed up the likes of Uber Eats and Warner Music to its video game advertising tech services, it has banked VC backing to expand globally.
- Updated
- Telecommunications
Passports, home addresses at risk as hackers attack Optus
Optus has suffered a massive cyberattack that may have compromised the names, addresses, phone numbers and ID documents of its millions of customers.
Work & Careers
Din Tai Fung allegedly fired Malaysians over wage bust fears
A senior employee at the renowned dumpling chain says the Malaysian staff ‘had done nothing wrong’.
Free training scheme rewrites the rule book on education
A new model of financing education is delivering skills to the underemployed while guaranteeing governments a timely solution to skill shortages.
Life & Luxury
Rod Sims to take centre stage as Opera Australia chairman
The former competition tsar become chairman of the country’s largest performing arts company, after Glyn Davis’ departure to a role with the prime minister.
Emotional Federer plays final match in doubles loss with Nadal
Federer bid adieu with one last contest before he heads into retirement at age 41 after a superlative career that included 20 Grand Slam titles and a statesman’s role.
Geelong thrash Sydney by 81 points to claim AFL premiership
Geelong have emphatically silenced critics who doubted their ageing list would win a premiership, thrashing Sydney by 81 points in the AFL grand final.
- Exclusive
- Funding
How eight knee surgeries pushed this ex-Waratah into sports science
Retired rugby player Damien Fitzpatrick has raised $2 million to expand his sports supplement business Pillar Performance.
Wolf Hall author Hilary Mantel dies at 70
The award-winning author of the Wolf Hall saga has died ‘suddenly yet peacefully’ surrounded by close family and friends, her publisher says.
