- Opinion
- Chanticleer
Why China’s share rout is ‘not an emotional overreaction’
The sell-off in Chinese assets since the Communist Party congress reflects a change in fundamental value that investors need to get to grips with.
- Live
- Need to Know
Lehrmann rape trial jury still undecided
Bruce Lehrmann rape trial jury unable to come to a decision after four days of deliberations; Labor MP Clare O’Neil likened Medibank hack to COVID-19 and activates the “national coordination mechanism”; Labor MP Stephen Jones calls opposition a “mob of political bin chickens”. Follow updates here.
Deloitte calls crisis meeting, blames staff turnover for poor audit results
The firm says high turnover, fatigued staff, missed deadlines and significant partner departures are to blame for a decline in the quality of its audit work.
Lithium boss can afford to put buyers on hold
Pilbara Minerals has flagged paying dividends as it cashes in on sky-high prices for lithium.
- Live
- Markets Live
Shares pare gains; Ampol, Reliance sink, China tech stocks rebound
Shares lift 0.2 per cent. Federal budget at 7.30pm AEDT. Reliance warns on cost inflation. Ampol misses expectations. Bond yields ease, US futures gain. Follow updates here.
Pre-IPO investors take Mason Stevens stake, float on cards
Wealth manager Mason Stevens is expected to chart a course to the ASX-boards as early as next year, after selling a near 40 per cent stake in the company to pre-IPO investors and some of the firm’s clients.
Start-ups’ demand for KPMG advice triples despite the ‘tech wreck’
KPMG has recorded a 200-plus per cent increase in demand for its start-up services in the past three months, and it predicts VC investment will boom next year.
The biggest news and moves in accounting and consulting, in your inbox every Wednesday.
Budget 2022
Deficit to blow out again as spending pressures grow
Tuesday’s federal budget will show a $41 billion improvement to the bottom line before the deficit starts ballooning again.
- Opinion
- Chanticleer
Why super funds will turbocharge social housing
A new affordable accommodation program in Queensland is likely to be the blueprint for the Albanese government’s $10 billion Housing Australia Future Fund.
- Explainer
- Disability
How the NDIS will blow out to $50b (in four charts)
From a limited rollout in July 2013, the National Disability Insurance Scheme has experienced rapid growth and now counts more than 530,000 participants.
How bond markets could rain on Jim Chalmers’ parade
Debt-funded spending in Treasurer Jim Chalmers’ first budget will be the most expensive in almost a decade, as surging interest rates globally drive bond yields to long-run highs.
What we know about Tuesday’s budget so far
Labor is preparing to deliver its first budget on Tuesday night, which will include funding for childcare, parental leave and education. Here’s what we know so far.
Companies
Medibank main brand hit as Liberals ask what O’Neil knew, when
Another 1000 customers are caught up in the extortion attempts, with Medibank putting off premium increases until next year.
Wise makes history as first non-bank to join exclusive RBA club
The London-based fintech specialising in foreign exchange has been admitted by the central bank into the heart of the financial system.
Buy now, pay later company founder fights for survival
Zip Co’s Larry Diamond was once the poster child for high-flying, local tech entrepreneurs. Now he is facing existential questions, but he’s hopeful.
Store to door: Coles expands pilot for drone deliveries
Gold Coast customers will trial the “store-to-door” drone delivery by Google’s Wing after a successful pilot program in Canberra.
Job almost done in China’s trashing of $1.3b of Aust wine exports
Three years ago Australian winemakers were selling $1.3 billion of wine annually to China, but heavy tariffs have sent it crashing to $21m.
- Exclusive
- Funding
Dog food start-up Lyka raises $30m from Itai Tsiddon, Craig Blair
Australians are increasingly hunting for healthier food to feed their dogs, and Lyka has now provided more than 10 million meals to local pooches.
Aussie bank hybrid deals ‘out of line’ with global markets
Mum and dad investors are accepting lower yields for riskier debt securities while professional investors hunt for bargains in global markets.
Companies in the News
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Markets
- Opinion
- Chanticleer
The warning from this $2.5b company should worry all investors
Reliance Worldwide’s plunging share price shows investors have a lot to worry about: falling demand, rising inflation, increasing debt costs and even COVID.
T. Rowe bond investor credits Australia as ‘safer’ haven
The rhetoric from central banks, especially the Fed, is they will be tightening for longer. ‘Maybe the exception to that is in Australia’, Arif Husain said.
ASIC sues BPS Financial over crypto Qoin, warns other promotors
ASIC’s deputy chairman said crypto issuers are on notice that disclosures and target market determinations will be closely scrutinised to protect investors.
Fund manager casts doubt on Fed reprieve
The economic outlook will be far worse than we think, argues Federated Hermes, which is doubtful the Fed will slow its tightening pace.
State dangles millions in incentives to hasten energy transition
The scheme comes as NSW looks to accelerate the energy transition amid concerns that delays could mean Australia’s misses its net-zero target.
Opinion
Xi joins Mao, Deng on his own terms
The outcome of last week’s extraordinary congress of the Chinese Communist Party was a more comprehensive win for hardliners than many China-watchers expected.
Editorial
Serious Sunak offers UK and the Tories a reset moment
Britain’s new Prime Minister has shown formidable ability. He will need it to do what the economy needs and then win an election.
Contributor
Deeper Japan ties are wise and welcome
The joint declaration on security co-operation signed by prime ministers Fumio Kishida and Anthony Albanese takes Japan further than it has ever been in security matters with any nation, barring the US.
Editorial
Why business hates Burke’s workplace ‘reforms’
Jim Chalmers’ first budget won’t be as significant as the impact of the workplace relations bill also being introduced this week.
Columnist
Dan Andrews’ sales pitch for renewables plan appears doomed
The Victorian premier clearly envisages a new career for himself as an infrastructure funds manager, even though he has none of the requisites for success.
Columnist
Labor going backwards on IR, productivity and wages
Now more than ever, pay rises need to be linked to productivity gains to avoid feeding into, and being eaten up by, inflation. That requires a modern workplace agenda.
Editorial
Politics
Green light for tougher finance laws, but the Greens say not enough
Liberals and the Greens are concerned about ASIC oversight of a compensation scheme, and weak penalties for breaching the Financial Accountability Regime.
‘Don’t end the week with an empty tank’: petrol set to hit $2.14
Motorists are being urged to fill up their tanks as the reinstatement of the fuel excise will soon be felt at the bowser, after being “masked” by natural price cycles.
NSW dangles millions in incentives to hasten energy transition
The scheme comes as NSW looks to accelerate the energy transition amid concerns that delays could mean Australia’s misses its net-zero target.
- Opinion
- Carbon challenge
Dan Andrews’ sales pitch for renewables plan appears doomed
The Victorian premier clearly envisages a new career for himself as an infrastructure funds manager, even though he has none of the requisites for success, writes Karen Maley.
- Explainer
- Disability
How the NDIS will blow out to $50b (in four charts)
From a limited rollout in July 2013, the National Disability Insurance Scheme has experienced rapid growth and now counts more than 530,000 participants.
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World
The $1.3b prime minister who’s richer than the King
Britain’s newest prime minister is also one of its richest men. Critics say he’s out of touch in a country gripped by a cost-of-living crisis but supporters say he’s economically savvy.
- Opinion
- World elections
Rishi Sunak is a new and old-fashioned Tory
His time in office will hinge on his ability to deliver a measure of prosperity to a country in dire economic straits.
- Opinion
- The AFR View
Xi joins Mao, Deng on his own terms
The outcome of last week’s extraordinary congress of the Chinese Communist Party was a more comprehensive win for hardliners than many China-watchers expected.
- Analysis
- UK politics
Sunak’s big challenge: finding a Goldilocks economic policy
Pull the purse strings too tight, and he’ll hurt the economy and alienate voters. Keep them too loose, and he’ll spur inflation and spook the markets.
Norway fears Russian drone attacks on its gas platforms
With Norway replacing Russia as Europe’s main source of natural gas, suspected Russian drones are buzzing platforms and refineries in the North Sea.
Property
Rate increases wipe 10pc off Sydney house prices
Poor affordability and six consecutive rate rises have wiped out 10.1 per cent in Sydney’s housing values since February, data from CoreLogic shows.
$3b Central Place Sydney project gets tick
The two-tower project is one of a group of developments clustered in an area around the station, dubbed Tech Central and earmarked as a state significant precinct.
‘When you get an email like that, you don’t believe it’
Investors are coming back to the CBD market after a long dry spell. It’s a shock for agents – and first home buyers.
Panthers bring five-star Pullman hotel to Penrith
The 153-room five-star hotel is being built alongside a new 1000-person convention centre, both of which are due to open in the final quarter of 2023.
US investor looks to plug Melbourne’s record-low rental shortage
Greystar has acquired two new sites in Kensington and Fitzroy, boosting its build-to-rent (BTR) pipeline in the city to 2000 units across four projects.
Wealth
- Opinion
- Investing
Why concentration is the biggest risk to your portfolio
Concentration has been quietly increasing in most equity benchmarks and is challenging diversification benefits, with exposure to Russia the most recent to bite.
- Opinion
- Bonds
How this insurance policy will beat gloom and doom
The fixed-income part of your portfolio is already earning a yield that reflects challenging circumstances, boosting your long-term prospects.
This new Young Rich Lister is turning big-name films into video games
Gerry Sakkas, co-founder of ASX-listed video game developer PlaySide Studios, makes his debut among Australia’s wealthiest people aged 40 and under.
Technology
Apple raises TV, music subscription fees for first time
The iPhone maker is the latest digital platform to raise prices as services become increasingly important to its bottom line.
Inside the ‘tech wreck’ of Australia’s start-up scene
It’s all about survival of the quickest in a year that has been quite the ride for tech founders whose wealth has plummeted. But there are new signs of life.
Telstra boss warns bigger fines won’t quell cyber danger
John Mullen has warned that the prospect of heavy fines is not what is keeping directors up at night when it comes to cybersecurity.
Work & Careers
The curious piece of advice that this CEO has never forgotten
Mark Fitzgibbon is chief executive of health insurer NIB. He has also worked for local councils and Clubs NSW. He answers our CEO Q&A.
Judges’ associates ‘uniquely at risk’ of sexual harassment
Associates told a review they would “welcome the presence of some more mature, experienced and permanent peers”.
Life & Luxury
Yarra Valley Caviar may not be ‘real’ but it packs a huge pop
The range of products from the Victorian producer is sustainably produced, innovative and comes gift-wrapped in time for party season.
- Opinion
- Review
The iPad Pro is just weeks away from greatness
One by one, Apple has been checking items off the list of things it needs to do to make the iPad Pro a truly great machine for ordinary workers. It’s almost there.
Japan’s Studio Ghibli unveils its quirky realm at its first theme park
Stage one of the sprawling attraction opening in Nagakute this weekend lets visitors dwell awhile in the animation studio’s creative imagination.
Why neither road nor track running is enough for this exec
Integrated Portfolio Solutions co-founder Darryl Johnson has a thing for mountains and the bush – and for ultra-long distances.
Polestar goes upmarket with an SUV that’s channelling Porsche
It’s about the same size as the Cayenne, and is a pure EV. Meet the Polestar 3, which will land in Australia in early 2024.
From the gallery
Life & Leisure
Japan’s Studio Ghibli unveils its quirky realm at its first theme park
- Michelle Ye Hee Lee, Julia Mio Inuma and Shiho Fukada
