Skip to navigationSkip to contentSkip to footerHelp using this website - Accessibility statement
Advertisement
AUDUSD0.6537
-0.0000 (-0.01%)-0.01%
S&P/ASX 2007,782.70
-29.20 (-0.37%)-0.37%
All Ords8,037.40
-34.10 (-0.42%)-0.42%
NZX 504,593.48
0.98 (0.02%)0.02%
Hang Seng16,505.17
31.53 (0.19%)0.19%
Nikkei40,364.40
-49.72 (-0.12%)-0.12%
View all

Banking chiefs address the challenges of a slowing economy, competition, and customers under financial strain.

Full coverage here.

Ross McEwan, Matt Comyn, Peter King and Antonia Watson at the AFR Banking Summit.

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. 

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.

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.

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.

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.

Advertisement

tuesday tech

Square Peg’s Paul Bassat and Leila Lee will be testing the market’s appetite for VC investment in the second half of the year.

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

Culture Amp founder and CEO Didier Elzinger (r) with Blackbird Partner Nick Crocker. Blackbird’s 2020 follow-on fund has marked down Culture Amp’s value by 21 per cent.

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.

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.

Features include the ability to save articles, dark mode and real time notifications.

Get the latest business news on the go with the AFR’s new iOS app.

Find out more

Companies

Kerry Stokes’ Seven Group Holdings, led by son Ryan Stokes, has caned the Independent Expert’s Report by Grant Samuel.

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 is moving ahead with the spin out of children’s stationary brand Smiggle.

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.

PwC International’s network leadership team (from left): PwC global chairman Bob Moritz; Asia Pacific and China chairman Raymund Chao; Europe chairman Petra Justenhoven; Kevin Ellis, the alliance senior partner for UK and the Middle East; and senior US partner Tim Ryan.

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 Melbourne can keep its casino licence

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.

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.

Companies in the News

Search companies

View stories and data from an ASX listed company

Markets

Investors are buying on the dips after record ETF outflows.

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.

IFM Investors has $211 billion in funds under management, with almost half of that in infrastructure.

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.

The S&P/ASX 200 on Monday closed up 41.3 points higher, or 0.5 per cent, to 7811.9 points, ending within 50 points of the record high hit earlier in the month.

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.

The AFR View

Editorial

The AFR View

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.

Ed Shann

Economist

Ed Shann

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.

Tony Wood

Energy expert

Tony Wood

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.

Pilita Clark

Columnist

Pilita Clark

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.

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?

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.

Advertisement

Politics

Andrew Giles

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.

Chris Bowen and Catherine King will announce the fuel standards policy on Tuesday.

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.

ACTU secretary Sally McManus argues 5 per cent will not affect inflation given CPI declined after last year’s record-high increase.

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”.

SPONSORED

World

Israeli Prime Minister Benjamin Netanyahu denounced the US abstention.

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.

The rear of Boeing 737 fuselages outside the company’s manufacturing facility in Renton.

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.

Donald Trump at a press conference after a pre-trial hearing at Manhattan criminal court.

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 founder John McGrath said he was delighted to receive the offer from Knight Frank and Bayleys.

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.

More, built faster: Demand has been strong in the federal government’s first social and affordable housing tender.

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.

The four-bedroom, two-bathroom house on 721 square metres at 65 Donald Road, Wheelers Hill in Melbourne’s southeastern suburbs sold before auction for $1.265 million.

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.

Advertisement

Wealth

Financial strategies involving trusts which merely result in the payment of less tax are not evidence, on their own, of a dominant purpose of tax avoidance, the court found.

$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.

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

Main Sequence managing partner Bill Bartee, is making long-term bets on science-based start-ups.

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.

NAB security chief AFR Sandro Bucchianeri says AI may have grabbed attention now, but has long been used in cybersecurity.

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

Cindy Nguyen, 19, says high quality careers advice turned her on to mechanical engineering as her future career.

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.

Advertisement

Life & Luxury

The first-floor dining room of AIR is lit by paper and recycled plastic lanterns and has views across the lawn and garden.

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.

Prue & Stephen Henschke - Hill of Grace Vineyard.

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.

Ashwin Deshmukh poses with a teal Mercedes about the same time one woman was begging him for her money.

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.

Overrun by technology ... are you due for a digital detox?

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.

From the gallery