Banking chiefs address the challenges of a slowing economy, competition, and customers under financial strain.
- Opinion
- Chanticleer
It’s time for banks to take more risk, not less
While the prudential regulator sees more stresses ahead for the banking sector, top bank CEOs worry the sector has become too risk-averse. They’ve got three big ideas to drive growth.
- Updated
- Banking Summit
Regulation is locking borrowers out of housing, bankers warn
National Australia Bank’s Ross McEwan says some prospective customers are being pushed toward riskier loans as the rules make lending more expensive.
- Live
- Need to Know
Merger laws ‘too permissive’: Cass-Gotlieb
The competition watchdog wants the power to more carefully scrutinise “contentious acquisitions”; Matt Comyn has welcomed the US’s antitrust case against Apple. Follow updates here.
Unions go after Aware Super, Lendlease over New York building project
Unions in NSW are waging war on the super fund over hiring practices and its investment in a $1 billion Brooklyn development controlled by Lendlease.
- Live
- Markets Live
ASX slips as tech declines; Mesoblast soars 47pc
Australian shares on track to end lower. Citi sees ‘profit-taking’ risk for ASX 200. Premier Investments jumps on sales and spin-out plans. Follow updates here.
Crown to keep casino licence but will ‘never be too big to fail’
The Victorian Gambling and Casino Control Commission has deemed Crown Melbourne suitable to keep its exclusive licence.
- Opinion
- Chanticleer
Seven starts throwing haymakers to get Boral bid moving
An independent expert’s report is the tip of the iceberg in the battle for Boral. The fight is ramping up.
The five partners with ultimate power over PwC’s global network | Client alleges ex-EY partner took secret payments | 34yo gets $116m tax bill
tuesday tech
- Exclusive
- Venture capital
Square Peg touts billion-dollar returns as it hits up market for $843m
Square Peg, one of Australia’s biggest venture capital firms, has revealed its returns to shareholders have topped $1 billion
- Exclusive
- Venture capital
Blackbird slashes valuations of top Aussie start-ups
Culture Amp, Eucalyptus and Hivery are among start-ups backed by Blackbird, that have been marked down by independent auditors, as valuations fall across the sector.
What peanut butter has to do with what’s available in the App Store
Epic Games’ landmark lawsuit against Apple has heard that it’s impossible to tell how profitable the App Store is because of something named after the spread.
Pay rises stall for tech workers
New data shows tech salaries have stalled, with recruiters saying the talent has unrealistic expectations about maintaining boom-time salaries in Australia.
- Opinion
- Digital Life
Can Asus’ two-screen Zenbook make you ditch Apple’s MacBook?
Asus has absolutely nailed this year’s Zenbook Duo dual-screen notebook. It’s a pity Intel can’t nail it too and help Apple’s rivals really compete.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Seven attacks Boral deal expert over ‘fundamental errors’
Seven Group, controlled by billionaire Kerry Stokes, has stepped up the pressure in its push to buy out the rest of cement and asphalt group Boral.
Solomon Lew advances plan to break up Premier Investments
The billionaire rag trader says the aim is to spin off the children’s stationery brand Smiggle and PJs brand Peter Alexander in 2025.
The five partners with ultimate power over the $81b PwC global network
The once-secret agreement between PwC International and its member firms gives the global network leadership team sweeping control powers of “defaulting” firms.
Crown to keep casino licence but will ‘never be too big to fail’
The Victorian Gambling and Casino Control Commission has deemed Crown Melbourne suitable to keep its exclusive licence.
- Exclusive
- Banking Summit
Last-minute lifeline to keep cash afloat
A short-term financial injection in the tens of millions of dollars has been offered to help Armaguard, the Lindsay Fox-owned cash transport firm, survive.
Canva on dealmaking circuit, swoops on British graphic design group
Sources said that the home-grown technology giant was buying Serif Europe’s Affinity and its creative suite, which was first launched in 1987.
Zimmermann sales climb above $500m, new accounts show
The luxury women’s fashion brand was acquired by Advent International in a deal that valued the company at up to $1.75 billion in August.
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Markets
Bitcoin tops $US70,000 again after slumping on ETF outflows
The largest digital currency jumped more than 5 per cent after almost $1.4 billion was yanked from exchange-traded funds last week.
How two Australians rode the $1.5 trillion infrastructure wave
The founders of industry colossus Stonepeak, Michael Dorrell and Trent Vichie, started investing in the asset class in the early 2000s. Their fund nearly didn’t survive.
Australia ‘most extended’ global equity market: Citi
Citigroup strategist Chris Montagu said there has been “no letup in bullish momentum” for the S&P/ASX 200, and profit-taking risk is high.
Here’s what happened overnight: US shares slip with heightened focus on price data
All three major benchmarks closed lower in New York. Personal income, spending and price data to be released on Friday are expected to check the rally for the moment.
‘Sell the rally’: Citi turns bearish on lithium
Citi has joined Goldman Sachs in calling for a correction in lithium prices, suggesting that it’s time for traders to take profits following the recent rally.
Opinion
Australia’s banks must rise to the challenges of the next decade
The underlying financial strength of the big four got them through a turbulent decade just gone. More competitiveness is needed to get them through the next 10 years.
Editorial
Why I’m not optimistic about interest rate cuts
While international inflationary pressures have eased, there is still plenty to worry about at home. And government policies aren’t helping.
Economist
Running out of gas is avoidable – but we need to move fast
Declining production from offshore Victorian gas fields is unlikely to be substantially replaced by new local gas supply.
Energy expert
The pandemic still warps our sense of time
It is almost a year since the WHO declared COVID-19 was no longer a global public health emergency, so shouldn’t we have reset by now? Not necessarily, say academics.
Columnist
What China gets right in PNG and Australia gets wrong
This former leader of PNG’s state energy supplier says we should take a leaf from the China playbook by using a “tied aid” model.
Commentator
Australia bets big on rare earths after China sparks panic
Western governments want to break China’s stranglehold on the processing of rare earths into metals and magnets vital for modern living and defence. Australia is key to that. Can it work?
Columnist
Reports
AI’s brave new world
Artificial intelligence is being used by hackers to create ever more convincing fakes, but the technology is also giving our leading companies an edge.
Politics
Government rushes new laws to deport failed asylum seekers
Immigration detainees who refuse to co-operate with efforts to deport them face up to five years in jail.
- Exclusive
- Climate policy
Bowen, King water down fuel standards to avoid ute backlash
Manufacturers of utes will be given softer emission reduction targets in return for the adoption of environmentally beneficial technology.
Union push for 5pc minimum wage rise sets up pay showdown
ACTU secretary Sally McManus will argue the pay claim for 2.9 million workers will not drive up inflation.
ATO has ‘stuffed’ robo-tax debt recovery effort: ombudsman
Moves to recoup $15 billion in historic taxation debts has sparked criticism from two independent watchdogs.
Watchdog gives auditors a ‘nudge’ to better identify fraud
International standard setters also want auditors to explicitly say when they agree with management’s assessment that their company is a “going concern”.
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World
Netanyahu fumes over UN ceasefire, cancels US trip
The UN Security Council passed a resolution demanding a ceasefire in Gaza after the US abstained, leading Israel to cancel a high-level visit to Washington.
- Analysis
- Boeing crisis
Boeing’s final chance to ‘clean house’ and end crisis
Stephanie Pope, Dave Gitlin and Patrick Shanahan are among possible contenders to take over as CEO as the aircraft maker struggles to restore confidence.
Trump catches a break in multimillion-dollar fraud case
A New York appeals court has reduced the size of the bond Donald Trump must post in his civil fraud case by more than half.
US, UK, NZ accuse China of ‘prolific’ cyber spying
US and UK officials have filed charges, imposed sanctions and accused Beijing of a cyber-espionage campaign that hit millions of people as well as companies.
Trump’s net worth hits $9.8b in social media deal
On top of Donald Trump’s legal lifeline, his social media company wrapped up a 29-month-long merger, meaning shares worth billions are now officially his.
Property
McGrath backs buyout after ‘challenging ride’ on ASX
McGrath founder John McGrath concedes the company’s decision to go public has been tough and returning to private hands was the best outcome.
First tender surge for Housing Future funds
Public housing waiting lists make it crucial to expand funding beyond an initially planned 8000 homes, investors say.
What this $1.3m sale shows about the value of housing
The vendor of an old house on a six-lane highway made it stand out in a sea of properties going to market as development sites.
BWP hits 58pc ownership to secure Bunnings deal
As of Monday morning, the Bunnings landlord held 57.5 per cent of voting power in its smaller rival. It could end up with over 80 per cent.
Booming suburbs where house prices surged more than 20pc in 12 months
House prices in hundreds of suburbs nationwide jumped more than 20 per cent in the past 12 months, despite three interest rate rises, surging cost of living and worsening affordability.
Wealth
$60b in trust payments in doubt after ATO court loss
The court warned the ATO cannot dictate to taxpayers how they should arrange their affairs.
- Opinion
- SMSFs
High-income earners turn to investment companies
Superannuation is no longer the “go to” tax-effective investment vehicle.
Should you invest in Reddit after 48pc ‘pop’?
The issue for individual investors is returns like this don’t always last.
Technology
CSIRO backs its long-term VC bet despite nil returns
The CSIRO’s VC fund has not returned a dollar to public coffers despite receiving $175m from taxpayers over seven years, but insists it is on track.
One AI hacking tool has fallen. Others will rise to take its place
A baffling incident from Hong Kong, where a worker was fooled by deepfake colleagues into sending fraudsters $US25 million, shows the risks that companies are facing.
Keep AI on a tight leash or embed bias, experts say
AI’s potential to reinforce discrimination is one of its most worrying effects. New regulations aim to keep the powerful technology in check.
Work & Careers
- Exclusive
- Education
Study shows why kids drop out of school
Schools need to respond to early warning signs and provide individualised support if high school dropout rates are to be averted, a study says.
Keep minimum wage rise to 2pc, says employer group
Business group ACCI will argue that the Fair Work Commission overcompensated for inflation last year with its record high minimum wage rise and must correct it.
Life & Luxury
Singapore’s secret restaurant with two world’s best chefs
AIR, in the Dempsey district, shows what can happen when creative visions from different professional perspectives combine.
- Drinks With Max Allen
- Wine & spirits
Precious old vintages from the Barossa set for release
In Australia’s oldest wine region, well-cellared treasures, from wines to whiskies are being unearthed. Here’s a few to earmark.
200km a week of riding? ‘My wife is very understanding’ says this exec
For winemaker Michael Garland, cycling is about so much more than physical fitness.
How to win friends and hustle people
Ashwin Deshmukh is the 38-year-old managing partner of Superiority Burger, one of the most acclaimed restaurants in New York. Some say he is also a thief.
- Opinion
- Social media
I switched my phone off for the weekend. Here’s what happened
Having all the products of human civilisation at your fingertips can feel overwhelming.
