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Optus crisis to shake up telco market
The telco has offered some mobile phone customers 200 gigabytes of extra data – estimated to be worth between zero and $70 depending on usage.
- Exclusive
- Cost of living
Australia records biggest income decline in the developed world
A rapid increase in mortgage repayments and rising income taxes are ravaging household budgets.
- Exclusive
- Big four consultants
EY cuts 232 jobs as big four job losses widen
The consulting firms have now all cut local staff numbers, bringing the total reduction to roughly 900, or about 2 per cent of their collective workforce.
Albanese’s China visit was a whole different calibre
Despite the views expressed by some hawks, the prime minister was not kowtowing in China, writes Phillip Coorey.
- Updated
- Earnings season
‘I don’t see pressure coming off’: NAB says mortgage war will continue
The bank lifted its cash profit by 8.8 per cent for the 2023 financial year but CEO Ross McEwan pointed to a “more challenging environment” in the second half.
- Opinion
- Big four
NAB defends its moat – at least for now
Rivals are keen to steal a slice of NAB’s coveted business lending book, but the Melbourne-based bank appears confident it can defend its moat.
Tritium to close Brisbane factory, with hundreds of jobs to go
Fast-charging company Tritium, a favourite of Albanese government’s push for clean energy manufacturing, is cutting costs to avoid being kicked off the Nasdaq.
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review
Can US weapons makers adapt to 21st century warfare?
Traditional suppliers are facing competition as big tech muscles in on the action and targets defence and security as promising markets.
Hasta la vista, losers! Arnold Schwarzenegger’s unlikely life lessons
In his surprising fourth act, the former movie star is a self-help guru who trades in the toughest of tough love.
- Opinion
- Coal
China is about to hit a big turning point for the world
The Asian nation’s coal use is projected to decline from 2025. Here’s how that will play out across the globe.
- Opinion
- Commercial real estate
WeWork might just work now it has a new chance to succeed
A good idea was saddled with tens of billions of dollars in lease liabilities. But after the firm declared bankruptcy, it may rise from the ashes. Here’s why.
When David Paradice paid Solomon Lew $100,000 (to cross the road)
The billionaire and fund manager have been friends for years. They talk about why Paradice is like Columbo; what Lew does with director’s fee; and who paid the other $100,000 to cross the road.
Carbon Challenge | Essential news and analysis for business and investors about Australia’s critical economic transition.
Companies
Myer CEO predicts Black Friday to beat Christmas
First-quarter same-store sales fell 0.9 per cent, but the trend in the last seven weeks improved as the retailer heads into its key trading period.
Buy now, pay later companies will struggle to survive, Moody’s warns
The rating agency says that without stemming losses or raising more capital, most companies risk depleting their equity in the next two to three years.
Tritium to close Brisbane factory, with hundreds of jobs to go
Fast-charging company Tritium, a favourite of Albanese government’s push for clean energy manufacturing, is cutting costs to avoid being kicked off the Nasdaq.
Star assures irate investors it has no intention of raising more money
The company has already secured $1.6 billion over the last seven months, almost the same as its market capitalisation, after major write-downs at its casinos.
Viva to supersize returns from petrol stations
The push into convenience retailing means Viva Energy may be discussing dropping the ‘energy’ part of its name in five years, says CEO Scott Wyatt.
No cliff: NAB’s riskiest mortgage borrowers are hanging in there
Recent RBA rate rises mean some home loan borrowers have breached serviceability buffers. But Ross McEwan says their arrears are no different to other cohorts.
Videos should factor into future Meta bargaining code deals: Nine CEO
Meta is moving away from news content on its platforms and into video. Nine boss Mike Sneesby says that could play to news outlets’ advantage.
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Markets
ASX climbs to three-week highs, RBA rate cut at play
Shares firm; NAB $7.7b cash profit; Xero improves earnings; Rosy outlook for Orica; Fonterra flags caution; Brent falls below $US80 a barrel. APA eyes €500 hybrid; Follow updates here.
This small caps fundie says GQG Partners is a buy
OC Funds investment chief Robert Frost says the market is too conservative on the US money manager and has been buying up IDP Education and Domain Holdings after heavy sell-offs.
China slips back into deflation as recovery stumbles
Prices are falling again after a two-month reprieve, with households and businesses wary of spending despite government stimulus efforts.
Bank of England governor pushes back on bets for rate cuts
Andrew Bailey has pushed back against market bets on interest rate reductions, saying that officials need to carry on fighting inflation for now.
Here’s what happened in markets overnight
Australian shares were set to open up. US stocks tried an afternoon rally. Brent fell below $US80 a barrel. NAB, Orica and Xero were set to release earnings results.
Opinion
Albanese’s China visit was a whole different calibre
Despite the views expressed by some hawks, the prime minister was not kowtowing in China.
Political editor
Optus’ public response to the system crash didn’t work
CEO Kelly Bayer Rosmarin is technically right that the outage cannot be ‘covered in a soundbite’, but it is tin-eared in its treatment of the public interest.
Editorial
Optus channels Qantas approach to crisis management
Optus has become another case study of what not to do in a crisis. CEO Kelly Bayer Rosmarin cannot convince the public or politicians its response was adequate.
Columnist
NAB defends its moat – at least for now
Rivals are keen to steal a slice of NAB’s coveted business lending book, but the Melbourne-based bank appears confident it can defend its moat.
Columnist
The Optus outage wasn’t a hack. Here’s why we’re screwed if it had been
Optus’ chaotic outage wasn’t cyber warfare, and that’s lucky. We saw that we can’t function if one part of our digital lives falls over.
Technology editor
Why China running the world is scary
Want to know what life under Chinese Communist rule would be like? Take a look at the differences between Halloween in Sydney and Shanghai.
Columnist
Reports
The circular economy
This special report on sustainability looks at the repair and recycling movement to cut waste, changes in farming techniques and hybrid timber skyscrapers.
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by AccenturePolitics
Climate in, IR out at ‘new’ Productivity Commission
Treasurer Jim Chalmers has issued his first statement of expectations for the independent Productivity Commission.
Australia doing enough on climate, PM tells Pacific
Anthony Albanese says his government will not be rushed into announcing its emissions reduction targets for 2035.
- Exclusive
- Carbon challenge
Labor cops blow to plan for climate conference bragging rights
War tensions between Russia and Europe mean the region has not yet settled on a host for next year’s summit, effectively putting Chris Bowen’s 2026 bid on ice.
- Exclusive
- Cost of living
Australia records biggest income decline in the developed world
A rapid increase in mortgage repayments and rising income taxes are ravaging household budgets.
Owners offered $10,000 to keep WA properties off Airbnb
The West Australian government says it can afford to offer incentives to property owners to help relieve the housing crisis, unlike indebted Victoria where a short-stay levy has been introduced.
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World
China slips back into deflation as recovery stumbles
Prices are falling again after a two-month reprieve, with households and businesses wary of spending despite government stimulus efforts.
‘Last stand’: Inside a major battle at a Gaza hospital
Israeli soldiers found rocket launchers hidden in a garden and booby-trapped kindergarten rooms after a ground battle with Hamas militants in northern Gaza.
Flagship US nuclear reactor project collapses owing taxpayers $930m
A flagship US small modular nuclear reactor project – one of a handful aimed at demonstrating their commercial viability – has collapsed.
‘You’re scum’: Trump’s rivals clash over China, abortion
Republican presidential candidates sparred on foreign policy in feisty exchanges in a live TV debate, as they try to claw support from the former president.
Hollywood actors end multibillion-dollar strike
George Clooney and other stars lent support to the months-long work stoppage, which resulted in studios pulling movies and losing billions of dollars in ticket sales.
Property
Young developer to bring Flower Drum to Melbourne designer hotel
Calvin Huang is adding high-profile local and global brands to his Melbourne projects, including the legendary Chinese restaurant and New York’s Eataly.
Westfield owner Scentre chalks up inflation-beating rent rises
While sales growth has come off the boil at its malls, the company is locking in rental growth. That’s good news for its investors.
Stockbroker lists $21m trophy apartment on Double Bay’s best street
Stockbroker John Bowie Wilson has listed his slice of Double Bay’s best street for $21m, following the recent $20m listing of a heritage-listed home next door.
- Exclusive
- Luxury property
Two property kings and a Rich Lister trade luxury apartments
In Sydney’s eastern suburbs, off-the-plan apartment king Ben Stewart has taken the keys to Nabil Gazal jnr’s $12m luxury Darling Point pad.
Housing industry warns labour shortages will hit home-building targets
Australia’s national aim of 1.2 million homes is at risk from the loss of tradies and subcontractors into sectors such as infrastructure and commercial work.
Wealth
Sussan co-founder, philanthropist Marc Besen dies at 99
Tributes are flowing for the Holocaust survivor who arrived in Australia in 1947, built a fortune in the retail trade and then shared his success through philanthropy.
What you’ll owe under new super tax if balance hits $3.5m
There are nine key takeouts on how it will work, plus how to plan ahead to minimise the impact.
Exclusive Sydney car club faces collapse as it posts $770,000 loss
The warning comes after eight directors resigned this year from the Royal Automobile Club of Australia and its prior auditors, Walker Wayland, quit.
Technology
The key piece of equipment that might have brought down Optus
It is widely thought the Optus outage began with a simple error made by one of its network technicians, but it is possible the root cause is offshore.
Investors grow impatient with Xero’s transformation
Xero shares dropped more than 12 per cent, despite reporting a $50 million profit for the first half.
- Analysis
- Government Observed
Why passwords will soon be a thing of the past
New pass-key technology on the myGov portal should turbocharge banks, health insurers, telcos and airlines to do the same.
Work & Careers
Coalition votes with crossbench to split Labor’s workplace bill
The Senate has spun off parts of the Albanese government’s IR bill, backing a bid to immediately pass laws relating to domestic violence victims and paramedics.
A top spy shares her best career advice for success
The woman running one of Australia’s key intelligence agencies is not a morning person, schedules meetings after 9.30am, and most fears the threat from within.
Life & Luxury
The new film that begs the question: When will this thing ever end?
Australian director Garth Davis’ latest offering is long on talk and short on action. You may find yourself looking at your watch.
How Aussies with a party bus turned Top Deck into a 50-year business
Flight Centre boss “Skroo” Turner was in London for the half-century birthday bash of his coach-tour company. A new film breathes life into its origin story.
![Sarah- Jane Clarke, jewellery designer at her home in Vaucluse. “I want [my jewellery] to have some meaning, some sentiment.”](http://web.archive.org./web/20231109142024/https://static.ffx.io/images/$zoom_0.3062%2C$multiply_3%2C$ratio_1.5%2C$width_756%2C$x_207%2C$y_101/t_crop_custom/c_scale%2Cw_220%2Cq_88%2Cf_auto/8c187081287b4fd8bdf21d878350de6e7416301a)
Sarah-Jane Clarke is back in fashion – but not with clothes
The former sass and bide designer has a new venture that’s close to her heart.
How these tiny ‘embryoids’ could improve IVF outcomes
The lab creations can help with the study of embryology and pregnancy, and how they can go wrong. But they pose tricky ethical questions.
Counting calories is still the only way to lose weight
It might be an old-fashioned method, but let’s face it, there’s an obesity epidemic. Here’s how to start keeping track.
![Sarah- Jane Clarke, jewellery designer at her home in Vaucluse. “I want [my jewellery] to have some meaning, some sentiment.”](http://web.archive.org./web/20231109142024/https://static.ffx.io/images/$zoom_0.3948%2C$multiply_3%2C$ratio_1.777778%2C$width_1059%2C$x_259%2C$y_150/t_crop_custom/c_scale%2Cw_300%2Cq_88%2Cf_auto/8c187081287b4fd8bdf21d878350de6e7416301a)
