RBA might not cut until 2025, says CBA’s Comyn
Financial markets pushed back their own bets of the likely timing of easing to December, from September.
- Live
- Markets Live
Telstra trims guidance; BHP impairs nickel assets, Goodman ups outlook
ASX futures up 0.6pc. US stocks recover from CPI sell-off. Jobs data at 11.30am. Bitcoin surges, gold retreats. ASX, Wesfarmers, QBE, Telstra, Pro Medicus report. Follow here.
- Exclusive
- Governance
ASIC deputy told chairman she could have ‘destroyed’ him
Karen Chester raised allegations about her boss James Shipton in a private meeting, then asked him to lobby business figures to help her get his job.
Ex-general Prabowo claims victory in Indonesia election
The former military commander has declared a “victory for all the people of Indonesia”, and appears set to win without needing a run-off election.
- Live
- Need to Know
Albanese announces engagement to Jodie Haydon
Anthony Albanese is set to get married to partner Jodie Haydon; about 125,000 properties are still without power in Victoria. Follow updates here.
Government would have known about stage three revamp: Treasury boss
Jim Chalmers would have known his department was going to recommend revamping the stage three tax cuts, Treasury Secretary Steven Kennedy has suggested.
Australia’s top-selling cars most at risk from new standards
Two of the nation’s top-three selling cars – both utes – will struggle to survive the government’s New Vehicle Efficiency Standards, industry experts say.
Breaking news on companies, politics and economics, in your inbox as it happens.
EARNINGS SEASON
Origin Energy first-half profit surges on higher prices
The energy company has increased guidance for profits in its energy markets business for the full year, but advised that figure will likely be lower next year.
Telstra shrinks full-year guidance, net profit up 11.5pc
Telstra has begun a “detailed review” of its enterprise division and shaved $100m from the top of its full-year earnings target. It will pay an interim dividend of 9¢.
- Updated
- Earnings season
CBA says income share growth vindicates mortgage slowdown
Commonwealth Bank’s cash profit has fallen 3 per cent in the first half of the financial year to $5 billion as profit margins suffer.
Ryan Stokes warms to gas pact with WA billionaires
Ryan Stokes raised the prospect of Seven, Hancock and MinRes working together on onshore gas production as Seven Group goes from strength to strength.
Profit season calendar and results
All the companies reporting earnings in February 2024.
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Companies
Canva’s CFO departs amid ‘inappropriate behaviour’ concerns
Canva chief financial officer Damien Singh has resigned after the design software company launched an internal investigation into allegations of inappropriate behaviour.
GrainCorp shares plunge as it flags big drop in earnings
GrainCorp boss Robert Spurway says earnings and profit forecast have fallen in line with an end to a golden run of harvests for Australian farmers.
Fletcher Building to sell Tradelink as CEO, chairman exit
Fletcher’s biggest shareholder, Allan Gray, is backing a shake-up which includes the sale of the Tradelink plumbing supplies business in Australia.
Melbourne Rebels CEO departs as PwC begins cuts
Administrators, who took control of the Victorian rugby union club in late January, made a number of staff members redundant.
$300m insurance claim goes boom after power station explosion
CS Energy, which maintains it could not have foreseen a power station explosion, says insurers haven’t paid up claims yet. So it’s off to court.
Ryan Stokes warms to gas pact with WA billionaires
Ryan Stokes raised the prospect of Seven, Hancock and MinRes working together on onshore gas production as Seven Group goes from strength to strength.
Forrests give $150m to gender equality fund
Billionaires Andrew and Nicola Forrest have put the largest grant from their Minderoo Foundation towards work to create a fairer world for women and girls.
Companies in the News
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Markets
UK inflation holds at 4pc in relief for BoE and Sunak
The British central bank fears rapid wage growth could add more inflationary pressure across the economy.
What happened overnight? Wall Street recovers as CPI shock fades, bond yields ease
US stocks recover from the previous day’s sell-off with six of the Mag Seven stocks higher. Apple extends slide. Bitcoin surges to $US52,000. US 10-year yield retreats.
- Opinion
- Inflation
Inflation sell-off is a wake-up call for traders
Markets had embraced, with too little critical thinking, the narrative of a quasi-automatic, very soft landing leading to both large and early Fed rate cuts, writes Mohamed A. El-Erian.
Shell lowers LNG growth view as demand set to peak in 2040s
Global natural gas demand peaked in the 2010s in Japan, Europe and Australia. Shell expects North America to follow in the 2030s and then the rest of the world.
Uber unveils near-$11b buyback plan in first for company
The capital plan marks another milestone of financial health for the tech company, and follows decisions at Meta Platforms and Airbnb to boost returns to shareholders.
Opinion
Prabowo in sight of the summit - at last
Prabowo Subianto looks to have secured the Indonesian presidency - but will his time in office herald a new era for the country?
International editor
America faces no good choice for president in 2024
The bipartisan internal party gridlock leaves America - and allies including Australia - unable to move on and stuck with Biden versus Trump 2.0.
Editorial
Comyn digs in for a protracted mortgage market war
The CBA boss is astute enough to realise Macquarie’s aim to become a major player in the mortgage market means home loan margins will remain under pressure.
Columnist
Lessons for Australia in US inflation surprise
Higher-than-expected CPI readings in the world’s largest economy is a timely jolt for Australians pinning their hopes on interest rate cuts this year.
Economics editor
Trump rattles US alliance cages again
Canberra should reach out to Donald Trump not with gold-plated AUKUS submarine models but by restating why Australia’s defence matters to American security.
International editor
We’re paying more tax for Liberals’ GST fiddling
The costly GST deal attempting to save Liberal seats in WA could cost $50 billion – money that federal taxpayers will have to foot the bill for.
Economics editor
Reports
The Critical Minerals dilemma
This report looks at the disconnect between ESG ambitions and market pricing; new biofuels; and alternatives to lithium batteries.
Politics
Defence under ‘stress’ amid shortage of thousands of troops
Defence is almost 7 per cent below its authorised size, while billions of dollars in funding cuts loom for key military projects.
- Exclusive
- ATO
A scandal-ridden finale for ATO boss Chris Jordan
Last year’s PwC scandal and a giant GST fraud scheme are casting a long shadow but the outgoing commissioner points to successes such as collecting billions more from overseas companies.
- Exclusive
- Roads
States to be forced to give up secret road crash data
Amid growing alarm over the rising road toll, pressure from Senator David Pocock is set to link $50 billion in federal road funding to state crash data transparency.
‘Unworkable’: Tasmania heads to the polls for March 23 election
Voters will cast judgment on Australia’s last remaining Liberal government, with an election called a year ahead of schedule.
Police probe into PwC tax leaks goes international
The AFP investigation into the PwC tax leaks scandal has extended to the force making overseas inquiries, a Senate estimates hearing has been told.
SPONSORED
World
Global military spending hits $3.4 trillion record as wars rage
China and NATO members are part of a worldwide military spending spree in 2023, according to the International Institute for Strategic Studies.
Hamas leader ‘caught hiding in tunnel’ in Israeli video
The Israeli Defence Forces claim to be closing in on Hamas’ leadership in Gaza as top-level talks continue in Cairo for a ceasefire and hostage release.
- Opinion
- Decision making
Why ignoring modern business thinking can be key to success
The inventor of the AeroPress disregarded conventional wisdom about marketing, pricing and almost everything else on how to run a profitable business.
- Opinion
- AI
AI hype has echoes of the telecoms boom and bust
The tech transformation may take years longer than suggested by the record share prices and funding targets.
Biden blasts Trump for ‘dangerous’ Russia warning
Donald Trump’s comments on allowing Russia to attack NATO allies if they don’t pay up on funding sparked fear and outrage among US partners in Europe.
Property
Gurner-Roberts merger decision likely by month’s end
The Rich List developer and builder could decide to push ahead – or not – with combining their two companies in the next two weeks.
Dexus holds firm on 2024 payout amid office jitters
Chief executive Darren Steinberg says there are signs of stability returning to the office deals market as buyers gain confidence write-downs are near the end.
‘Visionary’ property developer and Rich Lister Bob Rose dies at 83
Mr Rose founded development firm Rose Group, which made a name for itself as an innovative developer pioneering land remediation projects to create lifestyle communities.
- Exclusive
- Luxury property
Cliff Rosenberg’s $25.2m buy is latest Bellevue Hill secret deal
The former LinkedIn boss has taken the keys to a three-storey mansion, clocking a street record in the process, according to CoreLogic.
St Hilliers director Tim Casey wants to keep insolvent builder going
The sole director of the NSW building company that went into administration in 2012 is planning a similar move this time around, the administrator says.
Wealth
The inheritance promise that will rip your family apart
Small businesses and farms are potential battlegrounds where future generations dispute verbal agreements about who gets what.
Shared bank account drives me nuts because she spends more
A couple seeks help in accommodating different spending needs without breaking the family budget.
Heading overseas for work? Tick these boxes for a wealthier return
As more Australians head abroad, financial advisers are urging them to organise their finances or risk “heartbreak” when they come home.
Technology
Melbourne start-up chases AI gold rush to US with $19m
AI start-up founded by two Amazon alumni has raised $US12.5 million ($19 million), led by Silicon Valley venture capital firm Lightspeed.
- Opinion
- AI
AI hype has echoes of the telecoms boom and bust
The tech transformation may take years longer than suggested by the record share prices and funding targets.
- Exclusive
- Funding
Qld names first five VC firms to get share of $130m fund
More than 85 VC firms and accelerators applied to receive the state government’s backing, as it attempts to become tech start-up central.
Work & Careers
Science supports rote learning in schools: report
A push to return classrooms to explicit instruction, phonics and rote learning is based on the science of learning.
Public servants working from home not ‘disconnected’
The head of the Department of Employment and Workplace Relations says about one-third of her employees have flexible work arrangements.
Life & Luxury
What are your chances of that Rolex this year?
The wait lists have been legendary – if you can get onto one. But prices are softening and there are some things you can do.
New-look Powerhouse gets a timely funding boost
Sydney’s newest museum with a rooftop garden on top of a skyscraper will now function as a hub for education on biodiversity, sustainability and conservation.
If universities make us so clever why aren’t we richer?
Too often they generate ideas that no one knows how to use.
How to pack carry-on like a flight attendant
These expert flyers can be ready to go in 15 minutes. This is what they keep in their bags.
Valentine’s Day is a wrap with these gift ideas
This week, our edit of new and lovely luxuries has the perfect picks to express your love.
From the gallery
The Australian Financial Review Magazine
What are your chances of that Rolex this year?
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How Microsoft, Lendlease and Virgin changed their culture
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