Chalmers to push G20 to break global tax deal impasse
Delayed by political gridlock and the COVID-19 pandemic, the OECD two-pillar tax reform plan is inching towards implementation.
Aussie start-up battles ChatGPT and Bard with $US50m from US backers
Secure Code Warrior get huge cash injection to work on an AI platform that could one day write highly secure code for customers.
- Opinion
- Global economy
How Bidenomics has busted the free trade rule book
Led by the US, the new mood is for national self-sufficiency, protectionism and a lot more government spending to create jobs and investment. What does that mean for allies like Australia?
Dutton rules out two frontrunners for RBA governor
The Opposition will not support Steven Kennedy or Jenny Wilkinson to replace Philip Lowe as RBA governor.
- Opinion
- Canberra Observed
The Voice risks becoming a lightning rod for broader discontent
The conundrum for Anthony Albanese is that the more he talks about the Voice, the crankier a large demographic of voters becomes. At the same time, it is not in his political interest for it to fail. Far from it, writes Phillip Coorey.
- Opinion
- Chanticleer
Big banks’ excess capital worth a second look
If there is something an analyst should know, it is spreadsheets. So, we’re listening when Barrenjoey’s Jon Mott questions whether the banks should return their excess capital.
Slowdown hurting renters more than mortgage holders: CBA
CBA boss Matt Comyn says younger people and renters are feeling the sharpest financial stress, as higher interest rates and inflation start to grind the economy to a near halt.
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Companies
Macquarie stands by its valuation of Patriot Battery Metals
The lithium hopeful, which copped an activist short seller attack, will produce its maiden resource update at the end of the month.
Bubs distracted by ‘creating negative headlines’, backers of coup say
The company has a market capitalisation of only $200 million, but has been touted as a contender to become the next major agribusiness in Australia.
Six months in, Bonza cuts routes while it waits for more planes
The airline said it still had ambitions to fly to Sydney, and the change was to “introduce some more flexibility into our operations”.
Netwealth share price jumps as gross inflows hit record $6.2b
The company finally “appeared to have stemmed” year-on-year declines in inflows, an analyst said, even though it was largely driven by a single transition.
Why this law firm changed its mind on the Voice
Leading law firm Clayton Utz has reversed its neutral stance on the Indigenous Voice under its new CEO.
Japan’s Inpex in $326m green power deal
The diversification into wind and solar power comes after Japanese investors have been shaken by Labor’s various policy moves against gas.
Origin, Orica take stride towards Newcastle hydrogen project
The federal government is tipping $70 million into the project to help explosives manufacturer Orica cut emissions at its energy-intensive operations.
Companies in the News
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Markets
ASX jumps 1.6pc on cooling US inflation; BHP rallies
The benchmark S&P/ASX 200 index was up 1.6 per cent, or 111.20 points to 7246.9 at the closing bell, buoyed by gains in all 11 industry sectors.
Why Catapult’s worst days could be behind it
Paradice’s Julia Weng shares her views on the big four banks at a time when investors are preparing for a slowdown and why she likes Afterpay parent, Block.
US Treasury yields tumble as rate outlook improves
The shock June CPI report has led traders to bet that the peak in US interest rates this cycle will be reached this month.
- Opinion
- Chanticleer
The nagging worry about ‘immaculate disinflation’
It’s hard to argue with Macquarie strategist Viktor Shvets’ view that the holiest of outcomes is upon us, with US inflation largely in the rearview mirror. But could central bankers still get it wrong?
Gold, property shares surge; bond yields retreat
Gold miners, banks, retailers, property stocks advance. US inflation eases to 3pc. Bond yields fall. Nasdaq, S&P500 hit 2023 high. Oil tops $US80/barrel. Follow updates here.
Opinion
How Bidenomics has busted the free trade rule book
Led by the US, the new mood is for national self-sufficiency, protectionism and a lot more government spending to create jobs and investment. What does that mean for allies like Australia?
Columnist
Why Summers is right on more US rate rises
Although inflation has eased to 3 per cent, former US Treasury secretary Larry Summers continues to warn against complacency in the fight against rising prices.
United States correspondent
Not all royal commissions are equal
The media are a lot more interested in scandals like robo-debt under a Coalition government than in Lawyer X under a Labor government in Victoria.
Columnist
Lowe’s dignified response to an unedifying process
Politicised appointments to the new monetary policy board could risk undermining the revamped Reserve Bank’s inflation-fighting credibility.
Editorial
Australian schools should learn from Mississippi’s education revolution
One of the poorest states in the US is achieving remarkable results in both reading and maths for economically disadvantaged students by using evidence-based teaching and learning.
Education advocate
Lowe polite, professional – and in political purgatory
Treasurer Jim Chalmers’ excruciatingly drawn-out approach to making the “big call” on Lowe’s expected replacement can’t be other than personally humiliating for this governor.
Columnist
Reports
Growth Nation - State of retail
A pulse check on the health of retail as consumers grapple with rising interest rates and cost of living pressure and how business is adapting.
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by AccenturePolitics
Byelection is about Albo, not robo-debt: Dutton
Royal commission findings against Scott Morrison and Stuart Robert will be trumped by cost of living pain, the Opposition Leader says.
‘How deep are your pockets?’: WA’s warning to feds on live export ban
Western Australian Agriculture Minister Jackie Jarvis says she’s frustrated by the Albanese government’s plans to shut down the live sheep export trade.
How a spreadsheet error spawned the $4.7b robo-debt monster
An analysis created by junior officials looked at just 418 welfare cases and contained a fundamental error. Their bosses seized on it anyway.
Pearson turns to small business to rescue Voice
Respected Cape York leader Noel Pearson has called on small business owners to help energise the Voice to parliament referendum but rejected calls for large employers, celebrities and sports stars to rush to the rescue.
Andrews wants a bigger Australia to tackle skills crisis
Victorian Premier Daniel Andrews called on the federal government to boost migration in a surprise interview with an Italian community newspaper.
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World
Prison, protests or power await Thailand’s poll winner
Parliament is due to vote on whether to make 42-year-old businessman Pita Limjaroenrat the country’s next prime minister.
As most central banks fight inflation, China has the opposite problem
Beijing’s policymakers fear low investment and consumer spending will hamper the economy’s post-COVID recovery.
Chinese cyber spies hack top US officials’ emails
Secretary of Commerce Gina Raimondo was among those affected by the breach, according to reports.
China’s trade tumbles as global economy struggles
China’s exports and imports shrank faster than expected in June, adding to mounting pressures on the world’s second-largest economy.
- Opinion
- US election
The great Ron DeSantis campaign train wreck
The case for the Florida governor as the Republican nominee is based on a fatal misreading of what Donald Trump voters really want.
Property
Big companies mull a Sydney exodus over ‘broken’ planning system
Amazon and Ceva Logistics are among those considering shifting more of their logistics operations from Sydney to counter surging warehouse occupancy costs.
‘No-brainer’: why many investors prefer Airbnb over long-term rentals
The share accommodation giant is coming under pressure from a wave of local councils that are trying to bring more homes into the long-term rental market.
- Exclusive
- Industrial
‘We bought well’: Charlie Buxton makes 150pc capital gain on land sale
Charlie Buxton and Linkage Property’s Bo Gao have more than doubled their money after selling an amalgamated industrial site in Melbourne to Frasers.
Office values slump 5pc for unlisted funds in June: MSCI
The office property sector is grappling with rising rates, softening demand, higher vacancies and an enduring attachment to hybrid work.
- Exclusive
- Property development
Feud between founders sends Iwan Sunito’s Crown Group to the brink
Lenders to the company’s $500 million development in inner-Sydney have appointed receivers, with CEO Iwan Sunito attempting to buy out his business partner.
Wealth
Andrew Forrest tumbles down Rich List after split
Andrew Forrest has gone from Australia’s richest man to its eighth, after his split with wife Nicola and his philanthropy cut his paper wealth by 60 per cent.
Multimillion-dollar gold fraudsters to be jailed over tax scam
Two men who roped relatives, friends and backpackers into their $40 million gold-selling scheme will be jailed for defrauding the Tax Office.
- Analysis
- Trusts
Can Allan Myers save rich, divorced men?
The long-time member of the Melbourne establishment is mounting what may be a last-ditch defence of the family trust.
Technology
Elon Musk announces xAI as he seeks to build ChatGPT alternative
The xAI website says that the company is “actively recruiting experienced engineers and researchers” to work in the San Francisco Bay Area.
Optus strikes deal with Musk’s Starlink, bypasses regional NBN
But TPG Telecom said the deal showed a decision by the competition regulator last month to block its network sharing agreement with Telstra was wrong.
EROAD rejects Canadian billionaire’s takeover bid
The board of the ASX-listed transport fleet management group says the offer from Constellation Software undervalues the company.
Work & Careers
Aldi blocks union access to pay records in ‘wage theft’ investigation
As the government considers greater union powers to uncover wage theft, the retail union has been blocked from accessing the records of almost 13,000 Aldi workers.
Pointless meetings cost money. Now you can calculate how much
Meetings that waste time also waste about $US100 million every year at big organisations.
Life & Luxury
A Hollywood star, a luxury watch brand - and a Greek party island
It takes the likes of George Clooney to add a dash of “quiet luxury” to a watch celebration on an island better known for its rowdy nightlife.
How deep can these Omega watches go? (Try 6000m)
The popular Omega Seamaster watch collection celebrates its 75th anniversary with a new blue look.
Why you won’t want to miss this opera festival in the outback
Tiny country towns, singalongs over a beer, friendly folk, and arias under the stars. There’s nothing else like the Festival of Outback Opera in Queensland.
The 2023 Festival of Outback Opera in pictures
Remote towns, singalongs over a beer, sublime arias by top artists on cold, starry nights ... There’s nothing else like it in the world.
This jewellery brand just opened a glittering luxury hotel in Rome
It’s taken 139 years for the storied Italian jewellery house Bulgari to finally open a hotel in Rome. It’s been worth the wait, guests at the extravagant launch agreed.
