Bad news is good news as shares rally on US jobs wobble
Australian shares had their best two-day rally since the start of the pandemic as investors seized on evidence of weaker US economic data as grounds for optimism that central banks will slow the pace of policy tightening and avert recession..
- Opinion
- Liz Truss
The tragedy of Liz Truss is that she had a serious point
The supply side reforms that she has now managed to make toxic are what a low-growth Britain actually needs.
Thorburn warns workers face being cancelled over religion
Expelled Essendon CEO Andrew Thorburn has warned that workers with religious beliefs are concerned about their jobs, as a workplace lawyer said he may have a claim against the club of up to $1 million.
Government overhauls rules for banks to fight fraud after Optus attack
The transfer of customer data to banks are expected to focus on customers most at risk of having their identity stolen.
- Opinion
- Federal budget
Not rich but paying plenty: the truth about stage three tax cuts
There are many media and political myths about stage three tax cuts. The reality is governments fall back too much on personal income tax payers, writes John Kehoe.
- Opinion
- Chanticleer
We’ve gone from crisis to rally in two days. And that’s not crazy
The panic about the state of global markets has rapidly subsided. But investors hoping this rally will last should consider two key factors.
- Updated
- Online trading
‘Will drop in group in 10’: ASX Wolf accused of early tips
Sharetrader Tyson “ASX Wolf” Scholz encouraged subscribers paying $1000 a head to load up on specific stocks before releasing information to a wider audience, a court has heard.
House prices, rental returns and the latest commercial property deals. In your inbox every Thursday.
Companies
Ray Dalio hands over reins at Bridgewater
The billionaire hedge fund founder jettisons all his voting rights, ending a drawn-out transition of power.
Battery metals, LNG push WA resources to record $231b sales
Jobs in the WA resources sector reach all-time high as sales records continue to tumble.
Tesla has No.3 selling vehicle in Australia as new car sales jump
Rate rises aren’t putting the brakes on new vehicle buyers, with sales up 12.3 per cent in September compared with a year ago.
- Updated
- Healthcare
Healthscope boss Steven Rubic to step down
Greg Horan, the managing director of Brookfield’s private equity group, will take over from next week as CEO.
- Opinion
- Chanticleer
How bank stocks got a double boost from the RBA
The RBA’s smaller-than-expected rate rise has lit a fire under bank stocks. But will investors betting on a boost to their margins be disappointed?
ASIC sues Harvey Norman, Latitude for ‘misleading’ ads
The corporate regulator said the companies promoted “no deposit” and “interest-free” payment methods that saddled some customers with an extra $537 in fees.
‘Dangerous combination’: boards asleep on cyber risk
Just 52 per cent of Australian respondents believed their company was at risk of a material cyberattack in the next 12 months, a survey taken before the Optus hack shows.
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Markets
Wave of profit downgrades about to hit, warns BlackRock
Earnings expectations remain too high and stocks are yet to fully price in higher rates and the prospect of a global recession, it said.
Shares rally 1.7pc as traders hope central bank pivot is near
Australian shares participated in a global rally on Wednesday on hopes that economic data has softened enough to convince central banks to slow down, if not pause, their monetary tightening.
Academics debate bitcoin as ‘environmental calamity’
New academic studies stoke the debate around bitcoin’s true energy costs and carbon footprint as energy bills rocket five-fold or more in Europe.
Kiwi rallies against Australian dollar after RBNZ lifts 0.5pc
The New Zealand dollar rallied after the Reserve Bank of NZ stuck to its script with an outsized interest rate increase, unlike the Reserve Bank of Australia.
Private markets to double to $28 trillion by 2027
Private capital markets, encompassing private equity and private capital, have been booming over the past decade.
Opinion
The tragedy of Liz Truss is that she had a serious point
The supply side reforms that she has now managed to make toxic are what a low-growth Britain actually needs.
Contributor
Xi Jinping’s third term is a tragic error
China’s macroeconomic, microeconomic and environmental difficulties remain largely unaddressed.
Columnist
Desultory Productivity Commission seems short on ideas
Productivity in the public sector could be boosted, but the Productivity Commission has been looking in all the wrong places.
Contributor
Labor has to help the RBA’s inflation fight
The Reserve Bank has dialled back the hawkishness but can’t fall too far behind the US Fed. And the Albanese government has to help.
Editorial
Media Watch’s false impression on Queensland land tax coverage
Viewers of the ABC’s Media Watch got a false impression of the Australian Financial Review’s coverage of the Queensland government’s now-abandoned land tax changes.
Editorial
Don’t mistake this RBA move for weakness
The 0.25 of a percentage point rise in interest rates might seem timid, but the RBA is articulating that rates will need to stay higher for longer and that the inflation fight won’t be over soon.
Economics professor
Politics
One million Australians face top tax rate by 2030
The number of Australians paying the 47 per cent tax rate has already doubled to half a million people over the decade due to bracket creep.
- Opinion
- The AFR View
Winding back the stage three tax cuts would be a backwards step
Australia’s productivity agenda is already going backwards in industrial relations. So Labor needs to retain the stage three 30 per cent tax bracket as an incentive-sharpening structural tax reform.
Lehrmann ‘made a pass’ at Higgins, court told
Brittany Higgins has detailed an alleged attempt by Mr Lehrmann to kiss her in the weeks leading up to the alleged rape.
Albanese, Sogavare to hold talks amid China tensions
Manasseh Sogavare will be shielded from journalists’ questions during a flying visit to Canberra on Thursday.
Class action for disabled elderly could be most expensive ever
Hundreds of over 65s that are excluded from the NDIS scheme are signing up to a lawsuit that could cost taxpayers more than the bungled Robodebt program.
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World
- Opinion
- UK politics
How the Tory tribe is struggling to hang together
The Conservative Party conference is always an odd affair, but this year it has an added dimension of strangeness.
Trump Senate pick hit by abortion scandal as midterms near
Pro-life Republican candidate Herschel Walker has been rocked by controversy as next month’s US midterm elections heat up.
‘Doing things differently’: Truss struggles to control fractious MPs
The British PM says she must disrupt the status quo. But her reformist zeal looked at risk as ministers lined up to voice dissent, undermining her authority.
Credit Suisse’s turnaround just got a lot tougher
To underpin sustainable profit, Credit Suisse is aiming to streamline the investment bank and expand its wealth management business, which soaks up less capital.
Ukraine forces break through Russian defences in south
Making their biggest breakthrough in the south since the war began, Ukrainian forces recaptured several villages in an advance along the strategic Dnipro River.
Property
Investors and fund manager in Supreme Court stoush over pub payments
The dispute relates to a pub fund set up by former investment banker Damian Kelly that was liquidated following a dispute with shareholders over bonus payments.
‘$500 a night’ Ritz-Carlton heads to the Gold Coast
Marriott’s famous Ritz-Carlton luxury hotel brand will debut on the Gold Coast in 2026 as the main feature of a $480 million marina development.
LaSalle checks into Crossroads homemaker hub
The sale of the Crossroads Centre at Casula is the biggest single direct transaction of retail real estate agreed so far this year.
- Opinion
- Chanticleer
The world (and Aussie home owners) will watch RBA pivot
While the global financial markets mull the importance of the RBA’s go-slow, some local home owners will have more pressing concerns.
Rate move to prompt more buyers and sellers to act
While separate data point towards a stabilising housing market, the central bank’s decision gives confidence an end to rising rates is in sight.
Wealth
Borrowers ‘trapped’ with same lender as rates rise
Homeowners wanting a cheaper rate elsewhere could find themselves unable to move.
- Opinion
- Inheritance
Deciding who gets your super after you die? Follow these three steps
The High Court decision in Hill v Zuda has given trustees greater certainty around binding death benefit nominations.
Rate rises a blessing for bargain hunting Sydneysider
Falling property prices and tougher lending conditions are creating opportunities for cashed-up borrowers.
Technology
How Elon Musk’s $US44b Twitter takeover unfolded
The billionaire will press ahead with the acquisition at the original price, bringing an end to months of twists and turns in the battle for the social media giant.
Musk’s 19,000 tweets show how he hates (and loves) Twitter
The richest man in the world has a love-hate relationship with Twitter, the company he just (again) agreed to buy. But analysis of his 19,000 tweets shows he may still not want it.
Coinbase looks to hook ‘whales’ as it launches in Australia
US-listed crypto exchange Coinbase has launched in Australia, bringing 1.6 million local crypto customers to a new trading platform.
Work & Careers
Thorburn warns workers face being cancelled over religion
Expelled Essendon CEO Andrew Thorburn has warned that workers with religious beliefs are concerned about their jobs, as a workplace lawyer said he may have a claim against the club of up to $1 million.
Got a new job? Your boss probably thinks you’re overpaid
Almost half of managers surveyed in a new study believe their companies had to overpay for new hires in the past year.
Life & Luxury
Record expectations for Tracey Moffatt photo series
The Indigenous artist’s suite of 10 works has been consigned from the Balnaves Collection and has an expected range of $350,000 to $450,000.
Whirling dervishes and Spanish steps for Brandenburg 2023
The Australian Brandenburg Orchestra has unveiled a typically international new season, but will also take its period instruments to local streets.
Your fast and furious guide to getting the best out of Los Angeles
Never mind trying to pin down the mind-bending mishmash that is LA. The best way to tackle this city is just to enjoy it.
Rare wines auction funds dream world tour for promising sommeliers
Lots going under the hammer include the chance to try “the best red wine ever made in Australia” with Penfolds’ chief winemaker – all for a good cause.
The best dress to wear to the races isn’t a dress at all
Off to watch the horses? We have ideas that are stylish, flattering and a little more La Nina-proof.
