Greg Combet announced as new Future Fund boss
The former Labor minister and superannuation director has been appointed the new chairman of the government’s $212 billion sovereign wealth fund.
- Updated
- Israeli-Palestinian conflict
‘Despicable attack’: Biden mulls response to deadly attack on US troops
The president said the United States ‘will hold all those responsible to account at a time and in a manner [of] our choosing’.
- Live
- Markets Live
ASX flat as oil stocks rally on Middle East fears; BHP, tech fall
Australian shares holding steady. Oil at two-month high as attacks in the Middle East escalate. Golden Road sinks on production slip. Follow updates here.
- Live
- Need to Know
Labor not mulling negative gearing changes
Jim Chalmers says Labor is addressing the housing crisis through other measures; three American service members were killed in Jordan in what the US said was a drone strike from Iran. Follow updates here.
Woolworths flags big writedowns in NZ, $200m Endeavour hit
The supermarket giant says it still has confidence in New Zealand as its transformation project progresses, and it puts more distance between itself and Endeavour.
NDIS cost could blow out to $125b a year
The annual bill for the National Insurance Disability Scheme is projected to blow out to more than $125 billion a year by 2034 amid warnings the number of participants could more than double.
Teals issue tax cuts warning to Labor
Anthony Albanese will reject any deal with the Greens that would take more benefits of the stage three tax cuts away from high-income earners.
Breaking news on companies, politics and economics, in your inbox as it happens.
MONDAY MEDIA
Disney takes $110m more from Australia, hikes streaming price by 28pc
It will cost more to have the same service on Disney+ from March. The global entertainment giant posted a nearly 30 per cent jump in profit in Australia.
A short history of nearly everything Kim Williams has said on the ABC
It’d take a book to compile incoming ABC chair Kim Williams’ thoughts on the ABC – luckily he did that; Kerry Stokes’ The Nightly poaches from News Corp
- Exclusive
- Media & marketing
Nine’s bankers asked private equity if they were interested in Domain
Nine executives have privately discussed options for Domain, which has not grown at the same pace as rival REA Group. KKR and TPG were sounded out last year.
ABC tasks senior staff with creating ‘culturally safe’ newsroom
In an email, the public broadcaster’s news chief urged journalists to ‘pull together’ and ‘stay united’ amid escalating tensions and allegations of racism.
ABC builds its own AI model
An email to staff from the ABC’s news standards editor said the broadcaster was “conducting trials to use AI to enhance our work and make it accessible to more Australians”.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- Exclusive
- Aviation
Qantas calls in McKinsey to fix late flights
The appointment of the global management consultancy comes after BCG was engaged for similar work and follows Vanessa Hudson’s elevation to chief executive.
Suncorp surprised by older car claims, freak house fires
The insurer is the latest to see older claims come back to haunt it, while 500 claims have been lodged for damage from Cyclone Kirrily.
- Exclusive
- Tax avoidance
Sydney Olympic FC chief’s firm investigated over $70m ‘tax scam’
A construction industry firm owned and run by the president of the Sydney Olympic Football Club, Damon Hanlin, is being investigated over an elaborate scheme that allegedly defrauded the tax office of up to $70m.
Wayne Byres joins Macquarie Bank amid governance maelstrom
The former prudential regulator will start as a director at the company’s bank this week – with penalties put in place during his tenure still in force.
Woodside CEO backs Germany’s hydrogen market stimulus
Meg O’Neill said Woodside was speaking with potential German customers and the proposed mechanism could help bridge the price gap, amid doubts around its hydrogen projects.
Alleged money laundering ring funnelled cash into locked crypto wallet
Millions of dollars in customer funds are likely held in a secured crypto wallet “containing a substantial amount of tether tokens”, administrators said.
Joe Lewis’ reach on AACo board left out of US ban
In his plea deal, the UK billionaire relinquished control over board representation of any US-listed company. Australia’s AACo has two Lewis-linked directors.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Short nothing and long lithium: the hedge fund breaking all the rules
Auscap’s Tim Carleton and Will Mumford’s long-only bets generated strong returns for their fund last year. They are also not worried about the Pilbara Minerals short sellers.
- Opinion
- Inflation
The truth behind the cost-of-living crisis and inflation
Rising costs have dominated our politics, but the data reveals the pressure is only really felt in one area.
Grifols sues Gotham City over ‘false’ short-seller report
CSL’s rival Grifols is taking its short-seller, Gotham City, to court saying the “defendants crossed the line”.
- Opinion
- Hedge funds
On the trail of Ken Grace, a hedge fund conman
The Goldsky founder was one of many ponzi schemers who prey on the trust and ignorance of others. His rise and fall is a warning to all investors.
S&P 500 ends modestly lower, snapping six days of record highs
Shares fluctuated in a narrow range after data pointed to resilient growth and cooling inflation, further easing pressure on the Fed to cut rates in March.
Opinion
Why investors expect the Fed will keep this sharemarket party going
Bulls are hoping that 1995 is the template for a market rally, as the US central bank starts cutting rates after pulling off an elusive “soft landing”.
Columnist
Why political leaders are so unpopular now
Politicians need to recognise that the connection between headline economic data and political support has broken. Voters are reacting to long-term decline, and are looking for fresh fixes.
Contributor
Voters want visionary leaders, not managers with a plan
Populists are thriving in the huge gulf between what the masses want for their countries, and what elites think they should have.
Columnist
How to fix the housing supply nightmare
Housing has become an election fault line in Australia. But there are policy initiatives that could go a long way to retrieving the situation.
CEO of the Property Council of Australia
Climate disclosure must not create yet more risk for companies
There are gaps in the proposed legislation which leave corporates exposed to activist legal actions over a complex and unpredictable long-term transition.
Company directors advocate
Labor makes bracket creep worse for middle Australia
Labor’s tax rejig may be politically popular in the short term. But it only intensifies a major structural problem in the economy.
Editorial
Politics
Take brave tax reform to 2025 election, Labor urged
A growing Coalition of business and tax groups have called on the Albanese government to be bold ahead of the 2025 poll.
- Exclusive
- Mental health
Mental health decline among young reaches crisis point
Leading mental health advocate Patrick McGorry has told the Albanese government a rise in diagnoses represents a public health crisis in Australia.
Inflation tipped to fall to two-year low
The Reserve Bank will be watching services inflation closely when the consumer price index report drops this week.
Business urges delay on climate disclosure, warns on litigation wave
The Australian Institute of Company Directors says the regime may backfire, leading companies to pull back on reporting, if the liability settings are not right.
King to pitch new gas investment rules to Japan, Korea
Resources Minister Madeleine King will use a visit to Japan and South Korea to try and temper concerns about billions of dollars in Australian gas investments.
SPONSORED
World
- Updated
- Israeli-Palestinian conflict
‘Despicable attack’: Biden mulls response to deadly attack on US troops
The president said the United States ‘will hold all those responsible to account at a time and in a manner [of] our choosing’.
- Analysis
- Shipping
Houthi attacks are idling car factories and delaying new fashion
Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia’s invasion of Ukraine.
UN agency warns its aid to Gaza is ‘collapsing’ after funding cuts
Philippe Lazzarini, head of the UN agency for Palestinian refugees, said he was shocked such decisions were taken as ‘famine looms’ in the Israel-Hamas war.
- Analysis
- US recession
How much longer can the US avoid recession?
Job cuts and softer spending may be the warning signs that it’s too early to say the world’s biggest economy will continue to expand this year.
US fires on Houthi missile hours after Trafigura ship attack
The attack on the Marlin Luanda will raise fresh questions about whether oil tankers will continue to transit the Red Sea.
Property
Beachfront apartment sells for $6.25m at Gold Coast event
Every Gold Coast home that went under the hammer at Ray White’s annual The Event auction event received a bid.
Tax cuts to reduce property ‘distressed listings’
The revised stage three cuts could lift sentiment and reduce distressed sales, experts say.
- Exclusive
- Build-to-rent
Push for subsidised housing to ease construction slump
The weakest new housing pipeline in a decade is putting governments under pressure to boost their affordable and social housing commitments.
- Updated
- Rich Listers
Billionaire property developer Lang Walker dies at 78
The real estate tycoon and founder of Walker Corporation shaped much of postwar Australian suburban living.
- Opinion
- Housing crisis
How to fix the housing supply nightmare
Housing has become an election fault line in Australia. But there are policy initiatives that could go a long way to retrieving the situation, writes Mike Zorbas.
Wealth
- Opinion
- Sharemarket
When overseas shares can be too much of a good thing
Not all SMSFs should increase exposure to global equities at the expense of the Australian market. Here’s why.
Got $2m super? This is how much you can spend a year before it runs out
Work out which of these five retiree types you are as a guide to your annual budget in retirement.
If retirement is the new black, there are 50 shades of it
A trailblazing generation shows they are not finished yet – whether they’re going part-time, mentoring or reinventing themselves.
Technology
Microsoft cuts 1900 jobs from games division it bought for $105b
The layoffs at both Activision Blizzard and Xbox, as well as elsewhere in the sector, come as the pandemic boom in playing continues to recede.
Apple just delayed the launch of its secret electric car
Apple has pushed back the launch date for its long-rumoured electric vehicle and scaled back its self-driving features.
- Analysis
- The Breakdown
Musk gives Denholm her hardest choice with soft Tesla earnings
The billionaire is demanding tens of billions in Tesla shares just as one of his major missteps is coming back to bite the electric vehicle manufacturer.
Work & Careers
Why this Woolworths executive no longer brings a laptop to meetings
In our Summer Breakfast with the BOSS series, Andrew Cooper, head of transformation at Woolworths Metro, says ditching his laptop for an old-fashioned paper notebook has helped him become more productive in meetings.
Good teachers worsening the education divide: research
Highly skilled teachers are less likely to work in disadvantaged areas where they could have the most impact, new research finds.
Life & Luxury
Sinner climbs out of the grave to claim Australian Open crown
Italian Jannik Sinner has pulled off an incredible comeback from two sets down to claim his maiden grand slam title and hand Daniil Medvedev a crushing defeat.
How Lang Walker got the most out of life
From burnt toast to knock-off panama hats, time with Lang Walker at his great passion project Kokomo Private Island revealed what made this old-school Rich Lister tick.
- Driving With Tony Davis
- New car snapshot
Dial up the fun with the updated Royal Enfield Interceptor 650
This one’s for those who love transport stripped back to its purest form, and the sheer pleasure of riding a bike. Yours for $10,990 ride-away.
With historic win against Australia, the West Indies are back
The West Indies snatched one of the all-time great Test cricket victories over Australia by eight runs to square the two-match series.
- Drinks By Max Allen
- Winemakers
Why you should stock your cellar with this riesling
The late John Vickery was respected, among other achievements, for converting us from corks to screwtops. But it’s the wines he made post retirement that are his finest legacy.
