‘We won’t yield’: Marcos seeks Australian backing to stand up to China
In a historic address to federal parliament, Philippines President Ferdinand Marcos jnr repeated his vow that the Philippines would not surrender a square inch of territory to a foreign power
Top 47pc tax rate encourages four-day weeks
The “Why work eight hours on Friday and get paid for four” mindset is creeping in as more than triple the number of taxpayers jump into the top tax bracket.
- Live
- Need to Know
Dutton calls for ex-MP who assisted spies to be ‘outed and shamed’
Peter Dutton says ASIO is damaging the reputations of all ex-MPs by not naming the person; the head of the PwC tax leaks probe was told he had “no future career” at the ATO. Follow updates here.
- Live
- Markets Live
Shares swing higher; bitcoin price hits Australian dollar record
ASX adds 0.1pc. South32 in $2.5b coal sale. Ramsay, Harvey Norman gain. Star hit by regulatory costs. Australian dollar falls, retail sales rebound. Bitcoin surges. Follow here.
Supreme Court to decide Trump’s criminal immunity claim
The move puts on hold criminal cases against the former US president, as the court looks into his claim he cannot be prosecuted over the January 6 insurrection.
- Opinion
- Chanticleer
Why James Packer is the luckiest billionaire in Australia
Crown Resorts may have given him plenty of heartburn, but the latest ugly numbers from Star Entertainment show how well-timed the sale really was.
‘Forced to sell’: Trump loses bid to halt $699m fine
The former president said he would be forced to sell parts of his real estate empire to cover the hefty penalty issued by a New York judge earlier this month.
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Companies
Harvey Norman sales crunched but retailer bullish on outlook
Revenue in Australia has begun to rise anew as renovation work and home building increases, the country’s largest whitegoods and furniture retailer said,
Remediation ‘number one priority’ for Star
The company was forced to delay its financial results after the NSW casino regulator announced a second inquiry into its conduct.
Westpac cuts 132 jobs, half outsourced to India, Philippines
Westpac will shift 70 operational roles to three offshore contractors: Genpact, Tata Consulting Services and Concentrix. The union says the move will sap morale.
Activist shareholder opposes re-election of Woodside chairman
The Australasian Centre for Corporate Responsibility says Richard Goyder has been “persistently unresponsive” to concerns about Woodside’s performance on climate.
- Exclusive
- PwC tax scandal
Accountants’ body mistakenly let ex-PwC partner avoid investigation
The body accidentally allowed Peter Collins to cancel his membership, and avoid investigation, despite a confession that should have prevented him resigning.
Forrest taps former APA gas guru to run Squadron Energy
Andrew Forrest has hired former APA Group boss Rob Wheals to lead Squadron Energy which is building wind farms and gas plants across the eastern states.
Atlas Arteria to be more ‘transparent’, explore special dividends
The tollroad group has flagged more share buybacks and special dividends to boost its share price, which plunged following the acquisition of Chicago Skyway in 2022.
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Markets
Bitcoin tops $US63,000 with enthusiasts eyeing record highs
Bitcoin has more than tripled in value since the start of last year, climbing back from a 64 per cent plunge in 2022, in a remarkable comeback.
What happened overnight? US data bolsters case for higher for longer rates
Investors are waiting for January’s personal income, spending and Core PCE inflation data scheduled to be released at 12.30am on Friday. S&P 500 poised to close modestly lower.
Soaring rents and building costs threaten inflation outlook
The RBA will struggle to get inflation back to the middle of its target range as long as the costs of renting and building a new home increase at rapid rates.
FTX founder’s lawyers recommend short prison sentence, no fine
Sam Bankman-Fried should serve no more than 6½ years in jail for orchestrating the fraud that brought down the cryptocurrency exchange, a judge has been told.
ASX inches lower; shorted stocks rally, Neuren, Kelsian dive
Australian shares break four-day winning streak. January inflation holds steady at 3.4 per cent. Healius rout extends. Most shorted ASX stocks among stage break-out rallies.
Opinion
Dunkley byelection is about nothing but politics
A lot will be read into the implications of Saturday’s poll because it’s essentially a purely political horse race short on substantial policy ambition.
Editorial
Report card on the REITs: mind your debts
Lessons from earnings season: retail property surprised on the upside, logistics cooled a tad, office continued to lag, and housing inquiry rose.
Contributor
Data centres are hot property - and not just for the returns
Macquarie Technology CEO David Tudehope says data centres are not just good investments, they will allow Australia to participate in the entire AI value chain.
Columnist
Tax carbon, but don’t gamble on green energy ‘superpower’
A carbon levy is required, but the money should be returned to households, not bureaucrats trying to pick ‘green’ winners, writes John Kehoe.
Economics editor
Australia’s defence plans are a charade
The announcement on Australia’s new ships doesn’t pass the pub test. Like its predecessors, this government isn’t serious about the threat it consistently talks about.
International editor
Board seats for super raise governance issues
Paul Keating’s 80th birthday interview raises the under-discussed issue of the impact of the $3.6 trillion union-influenced superannuation funds on the nation’s capital markets.
Editorial
Reports
Wealth: Turbocharging your retirement
This series of articles looks at the options for retirement income, the best asset mix heading into retirement, and what you need to know to retire overseas.
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by Australian Retirement TrustPolitics
Spy boss under pressure to name ex-MP who betrayed Australia
Former treasurer Joe Hockey says all former politicians are smeared by the security chief’s claim an ex-MP “sold out” Australia by helping a foreign spy ring.
Chalmers warns over weak economic growth
Treasurer Jim Chalmers has warned next week’s GDP growth figures are expected to be weak, as former RBA official Luci Ellis says negative growth is possible.
Bosses ‘nauseated’ as public servants gain unlimited WFH days
The four largest federal government agencies have voted overwhelmingly to end mandatory work-from-office rules as part of an 11.2 per cent pay deal.
Power market in the dark as negotiations over Eraring drag on
A burst of heat in NSW on Thursday looks set to reinforce how vital the generator is for keeping the lights on, adding pressure to the ongoing discussions.
Ex-politician ‘sold out Australia’: spy chief
Delivering his annual security threat assessment, ASIO chief Mike Burgess has declassified details of a foreign intelligence service’s activities in Australia.
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World
Leaked Russian military files reveal its nuclear strike rules
Vladimir Putin’s forces have rehearsed using tactical nuclear weapons at an early stage of conflict with a major world power, according to leaked Russian military files that include training scenarios for an invasion by China.
Biden’s doctor says he’s ‘fit for duty, no signs of stroke’
The medical assessment comes as voters continue to express their concerns about the US president’s age ahead of the November election.
Biden suffers strong protest vote in primary win
The US president easily won the Democratic primary in Michigan, despite significant defections by voters in his party angry at his support for Israel’s war in Gaza.
China property giant Country Garden faces demands to liquidate
The developer overtook Evergrande as the epicentre of China’s property crisis when it defaulted on a dollar bond in October.
Wider Ukraine war ‘inevitable’ if NATO sends troops, Kremlin warns
Moscow’s warning comes after France’s Emmanuel Macron opened the door to sending Western forces to the war. But Germany’s leaders poured cold water on the idea.
Property
Melbourne estate hits the market for $49m
More than a hectare of inner Melbourne is on offer, with the historic estate re-entering the market alongside a neighbouring property for $48.8 million.
$500m raising to turn unloved hotels, offices into rental housing
Fund manager and hotel developer Pro-Invest Group is in the midst of an equity raising to fund the development of 10 co-living apartment towers with 2000 units.
Swatch adds gloss to Melbourne’s luxury watch precinct
The Swiss watchmaker cements a city block as the country’s premier luxury watch precinct after opening a flagship store on Collins Street.
- Exclusive
- Luxury property
Mayor, Google exec pay $10.18m for Vaucluse mansion
Eastern suburbs power couple Richard and Shoshana Shields have emerged as the buyers of a three-level Vaucluse home.
Home building slumps to weakest since mid-2022
The collapse of another building company this week shows the hit to capacity in the economy and makes the national 1.2 million-home target harder to achieve.
Wealth
- Opion
- Super Q&A
How much cash can my parents pump into superannuation?
This strategy could allow a couple to contribute $940,000 to super.
EQT’s record-breaking fund opens door for rich Australians
The private equity firm raised about $36.5 billion on Wednesday in a historic round in which Australians played an unsung role.
How couples can narrow the gender pay gap in super
The gender pay gap and time out of the paid workforce mean women tend to retire with less superannuation, but there is a little-known strategy couples can use to even the score.
Technology
Former Blockchain Global director barred from leaving country
Liang “Allan” Guo is being investigated by the corporate regulator over claims that he used money from the collapsed cryptocurrency group to pay his mortgage.
Apple cancels work on electric car, ending decade-long effort
The decision, which Elon Musk welcomed, means the iPhone maker is abandoning one of the most ambitious projects in its history.
Atlassian paid $284m tax before ATO deal
Over the past six years Atlassian’s Australian entity paid $283.8 million of tax locally before reaching an agreement to pay more tax.
Work & Careers
20 microaggressions that should get you sent to HR
Increasing scrutiny of our workplace behaviour has put the spotlight on small acts that might cause offence. Here are some more to add to the list.
Poor university teaching ‘a drag on productivity’
The Productivity Commissioner says there are no incentives inside universities to lift their game and no way for students to know what they are signing up to.
Life & Luxury
How to renovate an old house without destroying its character
How should old houses be redesigned for modern living? A new book documents some of the country’s best makeovers – and the results are beautiful and surprising.
‘Major shift’: Young women taking more drugs and drinking heavily
A snapshot of the Australia’s habits after the pandemic shows vaping has tripled, and more women and fewer men are experiencing harm from others’ drinking.
‘Life before Shazam was tough’: how heavy metal educated this exec
George Hartley co-founded the online art marketplace Bluethumb, but music has always been his passion, and piano his forte.
How Denmark is using its design knack to transform trains
The country is investing almost $3 billion in its new IC5 train fleet. Expect carriages fitted out to give passengers the feeling of “cosy friendliness”.
How Apple’s new goggles will rock your reality
2024 is already a huge year for technology, with Apple changing the VR headset game and generative AI redefining the way we use mobile phones.
