What lies ahead for the economy and business, and how can we recover from the inflation shock.
Chalmers admits growth ambitions are too low
Business leaders welcomed the treasurer’s pitch to embrace what could be a “defining decade” but questioned government policies to fix weak productivity growth.
Australia trapped in a ‘jail of short-term thinking’
New Business Council president Geoff Culbert says three-year government terms contribute to a crisis of short-term thinking that is dragging down the nation.
Mortgage hardship jumps as economic risk comes into focus
The risk that under-pressure borrowers pose to the economy “warranted ongoing close attention”, says the regulatory group in charge of the financial system.
Comyn lashes low scrutiny of tech giants’ ‘economic miracle’ returns
Commonwealth Bank boss Matt Comyn says local companies are being subjected to significantly more scrutiny than Apple, Meta and Google despite their big margins.
ASX tumbles most in a year as miners, banks sell off
Shares drops 1.8 per cent at the closing bell as investors take profits; iron ore slides in Singapore; Rex rallies afters partnership with Etihad. Follow updates here.
Chalmers’ RBA overhaul in jeopardy
Treasurer Jim Chalmers may need to secure the support of the Greens to legislate his overhaul of the RBA after rejecting the Coalition’s push for board continuity.
Sydney family behind McDonald’s app worth more than $100m
A US-based rival has offered to buy ASX minnow Task Group, which was founded by Sydney’s Houden family in 2000.
Breaking news on companies, politics and economics, in your inbox as it happens.
AFR BUSINESS SUMMIT
Why inflation and rates are set to ‘rebound higher’
Expect interest rates to fall, but don’t expect them to stay there. That’s the big picture view of macroeconomic thinkers such as Wei Li and Peter Costello.
- Live
- Need to Know
‘Binary politics has made net-zero transition so much harder’: BCA
BCA president Geoff Culbert says federal governments are no longer able to implement long-term reforms due to populist voting. How the day unfolded.
- Opinion
- Australian economy
Welcome to a new world driven by supply not demand
It will be harder for central banks to manage a global economy now shaped by supply side constraints. But it won’t all be negative either.
Chinese ambassador says tariff discussions ‘on the right track’
Xiao Qian said that the relationship between Beijing and Canberra had “stopped free-falling and stopped deteriorating” since their depths four years ago.
Why business leaders can’t cope with criticism
Chief executives who insist on hiring “yes people” soon forget how to present an argument in public, speechwriter and author Lucinda Holdforth claims.
monday media
This news start-up will lose half a million readers if Meta goes nuclear
The Daily Aus’ Sam Koslowski and Zara Seidler say they’ve spent three years building audiences outside of Meta’s platforms to prepare for moves to ban news.
How PwC helped Facebook argue its bill down in tax fight with ATO
The tech giant settled a long-running dispute with the tax office in 2017 for $31 million – here’s part of what PwC argued on Facebook’s behalf.
Antony Catalano wants to sell three of his biggest newspapers
The former Domain boss has discussed selling The Newcastle Herald, Illawarra Mercury and Canberra Times back to Nine.
Two halves of the Seven empire are at war over The Nightly
If the Anthony De Ceglie-led digital newspaper The Nightly falters, prepare for a long slow death. If it succeeds, Seven’s power shifts west.
- Exclusive
- Media & marketing
Onerous demands and threats: Inside Facebook’s secret media deals
Confidential until now, details of two agreements struck by Meta for news provide a glimpse into what the social media giant gained for its funding.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
ASX in war of words with Magnis Energy as shares remain suspended
Once one of the most promising renewables plays with a market capitalisation of some $500 million, the company has been told to outline its sales contracts.
Sydney family behind McDonald’s app worth more than $100m
A US-based rival has offered to buy ASX minnow Task Group, which was founded by Sydney’s Houden family in 2000.
- Analysis
- Enterprise IT
How Metcash’s $80m tech upgrade blew out by $200m
A plan to replace nine IT systems with one Microsoft platform is a case study in how not to manage a large-scale tech project.
Mortgage hardship jumps as economic risk comes into focus
The risk that under-pressure borrowers pose to the economy “warranted ongoing close attention”, says the regulatory group in charge of the financial system.
- Analysis
- Bulls & bears
Will this model keep working for fashion darling Cettire?
Share sales by the founder, opaque operations and a ballooning valuation: the luxury platform remains controversial with investors.
- Exclusive
- Aviation
Investors’ scepticism grows as Qantas management sells strategy
The airline’s chief executive, Vanessa Hudson, faces her most significant test since taking the top job as she leads discussions with shareholders and brokers.
- Exclusive
- Investment banking
Julius Baer investors lodge UK complaint over Macquarie fund
Five people who tipped in about $23 million into a Macquarie-led fund have asked a UK regulator to investigate the group’s investment in Indian company Byju’s.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
ASX tumbles most in a year as miners, banks sell off
Shares drops 1.8 per cent at the closing bell as investors take profits; iron ore slides in Singapore; Rex rallies afters partnership with Etihad. Follow updates here.
State debt costs to jump as banks squeeze money tap
NSW, Queensland and WA will have to sweeten their debt offerings to attract overseas money as local banks have fewer incentives to buy their bonds.
Pendal small caps sleuths reveal their next winners
After three years of keeping a low profile, investing duo Lewis Edgley and Patrick Teodorowski say they’ve been busy “kicking tires” and generating alpha.
- Opinion
- Investing
Lessons from BlackRock’s Australian quant king
BlackRock’s Australian-raised super-quant on why factors may explain almost everything there is to know about beating the market, writes Jonathan Shapiro.
Bull run to pause for a session after records tumble
Australian shares are expected to open weaker on Monday, after finishing at a record last week. The S&P/ASX 200 has broken intraday records six times this year.
Opinion
Why women will swing the US election
Joe Biden’s State of the Union address was an attempt to recapture the 2022 midterm wave driven by women angry about reproductive rights.
Research Associate
Metcash and Seek: Lessons from two contrasting IT projects
The learnings should be of interest to the broader economy, because badly handled IT projects – and there are too many to name – are a heavy drag on productivity.
Contributor
Investors find a fresh reason for jubilation
Investors have abandoned hopes of a volley of rate cuts this year, but they remain hopeful that strong US economic activity will boost corporate profits.
Columnist
WTO in the deep freeze as world walks away from growth
Last week’s failed meeting marks a formal sidelining of multilateral trade rules, at least until the world sits down and decides they were a good idea after all.
Trade expert
Politics, business must focus on aspiration, growth and security
There has been no major enduring, productivity-enhancing economic reform since the Howard-Costello GST package more than two decades ago.
Editorial
Labor is modernising the economy
The Albanese government will make our economy more productive by easing compliance costs on business where we can, we will abolish hundreds of nuisance tariffs.
Federal treasurer
Reports
Women to Watch 2024
This article is part of the Women to Watch special report on the next generation of leaders, published on 8 March 2024.
Politics
NSW urged to take control of road tolls
A report urges the NSW government to set road tolls by legislation to save motorists from some of the $123 billion they are forecast to pay in coming decades.
PM calls for aid access to Gaza, but no change yet on UNRWA freeze
As other countries resume funding, the Coalition is urging a cautious approach before lifting a freeze on $6m for key Palestinian refugee agency.
Early NAPLAN gives more time to help struggling students
Students will sit the national assessment program earlier than ever before, with results landing much sooner in the school year.
PM shows signs of recovery as Labor ‘stops the rot’
The prime minister’s personal standing has begun to recover, and he’s more trusted than Peter Dutton despite his tax cuts broken promise.
What voters really mean when they say the cost of living is hurting
Nearly three-quarters of voters say making their household budget stack up is the biggest issue occupying their mind.
SPONSORED
World
Iron ore woes deepen as China’s key meet disappoints
The key annual gathering of China’s parliament failed to cheer commodities bulls hoping for a jolt to demand in the world’s biggest market for raw materials.
Biden warns assault on Rafah a ‘red line’ as Ramadan starts
Despite the president’s tough talk, experts say no signs are emerging Benjamin Netanyahu will alter the Gaza conflict that is entering a new dangerous phase.
Top photo agencies kill ‘manipulated’ Princess Kate image
The palace faces questions over the authorised image that shows the Princess of Wales looking happy and healthy after her surgery earlier this year.
Biden gets no credit for strong US economy: poll
The latest FT-Michigan Ross survey shows the challenges facing the president as the re-election campaign gears up.
China shuns Tesla, Apple as US tensions rise
Delegates at the annual Communist Party meeting spurned iPhones for homegrown handsets, saying US company Apple was “not safe”.
Property
Pregnant first-home buyers pay $95,000 over reserve for 2-bed unit
A legal quirk reduced the competition for one young couple, who still fought hard for a ground-level unit they’ll move into – just before the birth of their child.
- Exclusive
- Industrial
Industrial property hits $300b and will surge ahead of offices
Once the ugly duckling of the commercial real estate, the value of prime industrial property is expected to surge above $400 billion over the next decade, leaving the office and retail sectors trailing in its wake.
Marrickville unit beats reserve by 22.5pc after luring in 20 bidders
The national clearance rate for auctions has firmed up to 72.8 per cent on preliminary numbers with buyer activity rising from population growth.
- Exclusive
- Luxury property
Rich Lister to sell South Yarra penthouse
Former Sonic Healthcare chairman Michael Boyd is offloading his luxury Melbourne bolthole, while Rokt co-founder Ben Voltz is selling his Toorak home ahead of Sydney move.
Berry estate may fetch $24m in second sale in 202 years
Historic Coolangatta Estate on the NSW South Coast includes a resort, award-winning vineyard and a popular wedding venue.
Wealth
These are the best countries for wealthy expats
The growing wealth gap in many western countries is pushing some to restrict tax and citizenship benefits aimed at expats. So where can they go to protect their assets?
It’s divorce season. This is what to do about money
The end of summer holidays and return to work is a peak period for couples to reassess their marriage. Here are 10 financial and tax issues to keep in mind.
- Opinion
- Ageing
Aged care providers publish what they spend on food, care and wages
The new tool is designed to hold aged care providers to account for how they manage their budgets. But it’s only as good as the data provided.
Technology
- Exclusive
- Mergers & acquisitions
Melbourne entrepreneurs’ $30m payday in Singapore buyout
The deal for 100 per cent of the shares in privately held Trade Indy closed last week, and all of its 28 full-time staff will move across to Singapore’s Sqreem.
- Exclusive
- IPO
Aussie IVF guru plans Nasdaq listing
GenEmbryomics founder Nick Murphy invented a test to screen embryos for genetic disorders. He wants to go public in the US, where the company’s customers live.
Former Young Rich Lister lands $12.5 million for second start-up
The Funded blog is the home for news on the tech deals that are done in Australia, as soon as we hear about them.
Work & Careers
- Opinion
- Workplace culture
The misery of motormouths in meetings
The ability to interrupt yammering windbags who steal time is a sorely underrated skill.
Cranbrook to overhaul whistleblowing, child protection, bullying
Cranbrook School has written to its community with a raft of measures designed to restore trust in the school’s management and governance.
Life & Luxury
If you can get your hands on Fujifilm’s latest camera, do
There was very little wrong with the old Fujifilm X100V, other than it was so popular it was near-impossible to buy. The new X100VI has even fewer flaws, but still has that one.
- Opinion
- Digital Life
How to choose which MacBook Air to buy
There’s no question the new MacBook Air is the best laptop on the market for most people. The only question is, which size? Our tests reveal the answer.
The luxuries this artist loves – including a spray cleaner
Sydney-based artist Vicki Lee on embracing her colourful style and taming the mess.
Why the biggest celebrities in the world trust this photographer
New York-based artist Ryan McGinley has road-tripped with Brad Pitt, hung out with Kate Moss and got Troye Sivan to strip. Now he’s in Melbourne to explain what drives him.
Forget AI – these watches test the limits of human imagination
With only a few elements to play with, brands are taking inspiration from unusual sources to create genre-bending specimens.
