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Another election slide into bigger spending, debt and government

Australia’s post-2008 political slide continued in NSW on Saturday, without any sign of the microeconomic reform agenda that created the nation’s modern prosperity.

The AFR View

Editorial

The AFR View

NSW election result another boost for Albanese

The federal Liberals are now in hostile territory in every state in Australia bar Tasmania. The NSW result is another wake-up call for the Liberal Party, but will it heed the message?

Why European banks are now in the eye of the storm

The latest plunge in European bank stocks has highlighted the European Union’s failure to establish robust mechanisms to contain the fallout from bank failures.

Karen Maley

Columnist

Karen Maley

Times don’t suit the Liberals, but the cycle will turn

The party needs to look to the future and present itself as one of sensible and stable government by rejecting the disastrous Voice of Anthony Albanese.

No new coal or gas a line in the sand between Labor and Greens

Despite appearances, the passage of the safeguard mechanism reforms is no longer about reducing greenhouse emissions. It’s about the difference between governing and activism.

Matthew Warren

Energy expert

Matthew Warren

Albanese’s aspirational left piggybacks NSW Labor to close win

Meanwhile, the genuine battlers in our community are drifting off to the Coalition via right-wing fringe parties.

John Black

Election analyst

John Black

Finally, a game changer for improving teaching in Australia

A new review into teacher training could be a game changer in better preparing new teachers and improving classroom teaching.

Glenn Fahey

Contributor

Glenn Fahey

Bank wobbles mean a fretful time for investors

The wise would do well to ignore online warriors trying to stir up a global banking crisis – but this seems a good time for ‘market stress protocols’ and tin hats.

Katie Martin

Contributor

Katie Martin
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Carsales chief executive Cameron McIntyre has a long-term focus.

The imaginary nepotism that drives Carsales global growth

The long-term approach of Carsales and its CEO Cameron McIntyre has delivered big gains for investors. He reveals his secret to staying strategic. 

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  • James Thomson
Taxing unrealised gains creates super fund cash flow issues where there isn’t a corresponding sale to fund the tax.

Why automatic indexing of the $3m super cap is a bad idea

Taxing unrealised gains and increases to the total super balance are just two of many challenges to the proposed government change.

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  • Tim Mackay
Central banks have been walking a delicate tightrope for months.

You need liquidity when the bargains arrive

With the risk of more blow-ups and cheaper equity prices on the horizon, investors should ensure they can act on opportunities.

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  • James Wright

Yesterday

Premier Dominic Perrottet, with wife Helen, concedes defeat at the Liberal Party’s election event at the Hilton Hotel in Sydney.

Perrottet’s loss damning for the Liberal Party and Dutton

A small-government ex-treasurer who had spent years fighting public service pay rises, the premier failed to produce a persuasive inflation strategy.

  • Aaron Patrick
Deutsche Bank is the next important global bank coming under pressure.

Two reasons to stay worried about the banking crisis

The past two weeks have reminded us that periods of calm in the banking sector have a habit of ending rather abruptly and there is still much to be resolved.

  • James Thomson
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Liquidity risk management shouldn’t be reactionary but rather fundamental to portfolio strategy consideration.

The next big stress test could be in private markets

Investors have gravitated towards the sector under the pretence of higher return premiums, but also lower volatility.

  • Arian Neiron

This Month

Regulators need to be speed up their response in the age of digitised money.

Bank short-sellers turn to the next most obvious target

US and European regulators need to speed up the intensity of their own policy reaction functions to these contrived attacks on systematically important institutions.

  • Christopher Joye
Low P/E ratios tend to bottom in the high single digits or low double digits, and high ratios mostly peak in the upper 20s or low 30s.

Price-to-earnings ratios a sobering stock price metric

Headline US market gauges like the S&P 500 Index are roughly flat since reports of bank collapses surfaced two weeks ago.

  • Nir Kaissar
Banking regulators in Australia have increased their scrutiny of the financial system in the wake of the concerns over Credit Suisse.

Constant questions keep our banks and super safe

Australia’s financial system lives up to its goal of being unquestionably strong. But that depends on the questions continually being asked.

  • The AFR View
Advocates can sound vague and evasive about what the Voice is and what it can achieve.

We must talk about how the Voice will make a difference

There is no body through which Indigenous people can channel ideas at a federal level. The representations should come at the beginning, not the end.

  • Laura Tingle
Anthony Albanese issued an impassioned plea for Australians to support the Voice to parliament.

Parliament can make this big idea work

The referendum proposal is skeletal. Flesh will be put on it by the parliament.

  • Robert French
In for the fight: Premier Dominic Perrottet in Willoughby on Friday.

‘We can’t count on anything’: Libs end campaign stretched thin

NSW Liberals are frustrated that, despite an exhaustive election platform with a swath of big promises, no single message has cut through.

  • Samantha Hutchinson
The Virginia-class submarine.

The AUKUS debate needs clear reasoning, not hot air

There is a vacuum in public awareness of our strategic circumstances. In these times of no war and no peace, that needs to be fixed.

  • Rory Medcalf
Neil Young set the gold standard for songs about weeping.

It’s my party and I’ll cry if I want to. You would too.

The PM follows a long political tradition of welling up at the sound of his own rhetoric.

  • Rowan Dean
Credit Suisse has been rescued by the Swiss central bank.

Credit Suisse wipeout shows why blind diversification is dangerous

Aussie bank hybrids are showing resilience in the face of recent events, but investors are learning that the search for yield is a reach for risk.

  • Christopher Joye
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Premier Dominic Perrottet in North Sydney on Friday morning with the local Liberal candidate, Felicity Wilson.

Win or lose, Perrottet has redefined Liberal leadership

Is the NSW Premier the future of the Liberal Party, the right’s version of woke, or another male opportunist?

  • Aaron Patrick
TV news reports often show a misunderstanding of strata laws.

The media is complicit in strata’s conspiracy of silence

Omission and exaggeration are all too common in the human interest stories that dominate coverage of complex strata issues.

  • Jimmy Thomson
Prime Minister Anthony Albanese announcing the referendum question for a Voice to parliament.

We are back to the beginning with the Voice

The wording of the referendum question takes us back to 2014 - and using political influence rather than litigation to achieve better outcomes.

  • Anne Twomey
Governments have quickly ridden in to steady the banking sector.

Where the banking crisis goes next

The speed with which the banking crisis has rolled out, and government support has rolled in, raises big questions for investors.

  • James Thomson
As the demise of Credit Suisse reverberated from Sydney to New York City on Monday, workers were given a clear message: get back to work.

Who’s stuck with Credit Suisse’s worthless AT1 bonds?

Wealthy individuals and small to mid-sized family offices in Hong Kong and Singapore are among the hardest hit by the bank’s failure.

  • Shuli Ren
Crown Prince Mohammed bin Salman with US President Joe Biden.

Why Washington should say no to Riyadh

Saudi Arabia wants a formal alliance in exchange for normalising ties with Israel, but the focus of any deal must be the US’ national interests, not an ally’s.

  • Bilal Saab