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Penny Wong’s week of new foreign policy reality

The foreign minister is repairing relations with China while unsentimentally hedging against its military might. Eruptions from Paul Keating and Donald Trump are simply part of that reality.

The AFR View

Editorial

The AFR View

Green policy car crash complicates Labor’s election outlook

A series of competing and interlinked priorities are colliding in Labor’s Senate, where all eyes are turning to the next election.

Jacob Greber

Senior correspondent

Jacob Greber

The Wang-Wong doctrine: embrace and fight at the same time

China and Australia’s foreign ministers are both adept at the art of making frenemies. It’s working for now, but for how long?

Cleaner cars a politically charged driving test for Chris Bowen

The climate change and energy minister should be cut some slack. He is in the minority attempting hard and unpopular reform, such as the new clean fuel policy.

Phillip Coorey

Political editor

Phillip Coorey

Central banks may be repeating their pandemic errors

Central banks delayed rate increases after the pandemic on the basis they could not forecast the future, but now use rubbery projections to rationalise rate cuts.

Why good news for jobs is bad news for rates

The government is celebrating robust jobs figures and a fall in unemployment. But Labor and the Reserve Bank will be quietly worried that this is only going to delay any cut in interest rates this year.

It’s official: Fed confirms interest rates to stay higher for longer

The central bank is sticking to its forecast for three interest rate cuts this year, but buoyant economic activity means declines will be more modest.

Karen Maley

Columnist

Karen Maley

Labor’s home-grown foreign policy storms ambush Wong

No other Australian foreign minister has had to deal with a former prime minister - and reforming Labor legend no less - publicly second-guessing the government of the day’s foreign policy.

The AFR View

Editorial

The AFR View
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Yesterday

Apple chief executive Tim Cook: Regulators are looking at the core of the problem in dealing with technology giants.

The core problem with the case against Apple and the supermarkets

We know how Apple uses its power to keep us in its infamous ‘walled garden’, but we all love Apple products.

  • Updated
  • James Thomson
House prices are set to keep rising as supply fails to arrive.

Why good intentions are no match for housing’s grim reality

Big house price gains in 2025 and 2026 look likely as Australia’s housing supply crisis gets worse.

  • James Thomson
Better-run banks are an example of how ASX earnings have become less risky.

Why ASX investors may need to get used to expensive stocks

ASX-listed stocks have never been this highly valued. But one strategist says that’s because companies have never been this well-run.

  • James Thomson
NA

Kevin and the Donald rewrite the diplomatic dictionary

A pedant’s guide to what the former US president really meant in his comments on the Australian ambassador.

  • Rowan Dean
Michael Bruun says Goldman Sachs is well-positioned to come through a period of dispersion in cash returns in good shape.

Goldman Sachs says private equity is in a show-me-the-money moment

The long drought in private equity deals has investors asking to see cash returns, says Goldman Sachs’ co-head of private equity.

  • James Thomson
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David Swensen in 2005. He reduced Yale’s investments in shares in favour of illiquid assets.

Want better returns? Cut back on shares, bonds

University endowments and the Future Fund indicate that long-term bets on private equity and other unlisted assets produce better returns.

  • Jonathan Kearns
Arefeh 40-year-old, an Afghan woman leaves an underground school, in Kabul, Afghanistan, Saturday, July 30, 2022.

With Russia distracted, China makes its move in Central Asia

China is the only major country to recognise the Taliban government in Afghanistan, a move that could give it access to large lithium and copper deposits.

  • Geoff Raby

This Month

US Federal Reserve chairman Jerome Powell Fed talks of “a bumpy road” to describe signs of stalling disinflation.

Jobless rate shows RBA right not to rule anything in or out

The near 50-year low of 3.7 per cent should silence those who want to suggest that the Reserve Bank’s 13th cash rate increase last November was some sort of monetarist mistake.

  • The AFR View
Santos CEO Kevin Gallagher.

Why gas exports make a false famine

Readers’ letters on Santos boss Kevin Gallagher’s gas export warning; a recent example of nuclear dangers; another entry for the list of politicians’ biggest mistakes this century; and pleas from our regular correspondents go answered.

Grant Smith speaks at the AFR National Infrastructure Summit in 2018.

Macquarie infrastructure bigwig retires

Grant Smith, who heads up Macquarie’s infrastructure and assets investment activities, is retiring after a hugely successful 28 years.

  • Anthony Macdonald
Proposing a nuclear solution for Australia is moving straight to plan B.

Nuclear vs Renewables shouldn’t be Ford vs Holden

Reducing the complexities of national energy policy to a clean energy brawl is the last thing Australia needs in the middle of the biggest industrial rebuild in the nation’s history.

  • Matthew Warren
Treasurer Jim Chalmers is consulting on the superannuation performance test.

Time for super performance test facts and myth busting

The latest Treasury review should find what we already know: that the current test has delivered for members.

  • Karen Chester and Brad Ruting
Chemist Warehouse’s profitability looks impressive.

First look under the hood of Chemist Warehouse is striking

Sigma Healthcare gave investors a little taste of the growth inside the country’s biggest pharmacy retailer on Thursday. The numbers are impressive.

  • Updated
  • James Thomson
US Federal Reserve chairman Jerome Powell has confirmed that rate cuts are on the way.

The moment Jay Powell sent the bulls running

Jerome Powell seemed like he was speaking from the same say-nothing script as Michele Bullock. But then he set markets alight with a bizarre statement. 

  • James Thomson
Donald Trump hugs and kisses the American flag at the Conservative Political Action Conference.

Why no one will lend to cash-poor Trump

The Republican candidate’s financial difficulties pose risks for America as well as for himself.

  • Edward Luce
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It’s worth adding that the ATO recommends using an independent valuer when the valuation is complex,

Be careful with property valuations this SMSF audit season

Property valuations are becoming more problematic and will attract the attention of the Tax Office.

  • Peter Burgess
A question of super.

Why super isn’t supposed to make you super rich

There were opportunities in the past to make exceptionally large contributions to tax-advantaged super accounts, but those days are over.

  • John Wasiliev
The Hinkley Point C nuclear power station, under construction at Bridgwater, Britain.

How much could you save if you went nuclear?

If you are a Victorian the price you’d pay for a unit of electricity from a nuclear reactor would be 39 per cent higher than what you’ll pay under the recently unveiled regulated default offer.

  • Tristan Edis
Healthscope chief executive Greg Horan says a weakened private hospital sector will eventually put pressure on the public hospital sector.

The real story behind Healthscope’s restructure

As the Brookfield-owned Healthscope enters restructuring talks with its army of lenders, a much deeper crisis is playing out across the private hospital sector. 

  • Updated
  • James Thomson
Paul Keating, Penny Wong and Wang Yi.

Keating complicated Wong’s job on China. Then came Trump and Rudd

As she negotiated a visit by China’s top diplomat, Foreign Minister Penny Wong also had to pick her way through critical comments from Paul Keating and from Donald Trump on Australia’s US ambassador Kevin Rudd.

  • Jennifer Hewett