Defence’s $330b plan still leaves decade of danger
Defence Minister Richard Marles says Australia faces a “precarious” decade, by the end of which defence spending will be about $100 billion a year.
- Live
- Markets Live
ASX to rise; Wall Street falls, Nvidia, Tesla drop
Wall Street hits longest losing streak since January. Oil retreats, bitcoin extends losses. Jobless rate seen rising to 3.9pc; UBS plans job cuts. Follow the latest here.
- Live
- Need to Know
Iran president warns of ‘massive’ response if Israel attacks
President Ebrahim Raisi says even the “tiniest” response would be harshly dealt with; Vote counting to begin in Solomons; More police activated in Sydney’s west.
- Exclusive
- Australian economy
First productivity chief calls for Labor U-turn on policy agenda
Inaugural Productivity Commission chairman Gary Banks and his successor Peter Harris are each separately calling for a “pro-productivity” and a “pro-competition” agenda.
Climate 200 targets 20 more seats including Dutton’s
Bradfield in northern Sydney, held by Liberal shadow minister Paul Fletcher, tops the teal movement’s list. It is also eyeing Peter Dutton’s seat, Dickson.
Data centre builders fight infrastructure for heavy cranes
Demand for the heaviest type of crane has pushed up costs at twice the rate of ordinary commercial cranes. And there aren’t enough of them.
Biden triples tariffs on Chinese steel and aluminium, denies trade war
US President Joe Biden defends the move, while US Trade Representative Ambassador Katherine Tai says the US would monitor any impact on Australia.
An insightful look at the week’s biggest tech stories, deals and trends delivered free to your inbox every Tuesday.
legal affairs
- Exclusive
- Industrial relations
Top silk to head new NSW Industrial Court
Three Sydney barristers have been chosen as judges for the new court, with leading employment law silk Ingmar Taylor, SC, to be the president.
- Exclusive
- Lehrmann trial
Lehrmann judge queries Ten lawyer’s criticism
Lawyer Justin Quill says the way defamation trials pick apart journalists’ work is “divorced from reality”.
Ex-Seven producer demands compensation, apology from Seven
Taylor Auerbach, who helped secure Bruce Lehrmann for an exclusive Spotlight interview, says he has been proven right by the Federal Court’s decision on Monday.
A rape, a cover-up narrative and a political firestorm
“Tonight, claims of rape, roadblocks to a police investigation, and a young woman forced to choose between her career and the pursuit of justice”. That is how Ten introduced its interview with Brittany Higgins.
- Analysis
- Legal industry
Bruce Lehrmann’s lawyer, Mark O’Brien, is on a losing streak
Losses in high-profile cases have experts wondering if Sydney’s client-friendly defamation culture is changing.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Star inquiry fallout spreads to Bendigo bank board
Wednesday’s hearing was interrupted when Star’s solicitors released documents to the inquiry related to its former CFO, Christina Katsibouba.
Rinehart’s presence stokes rethink of foiled $10b Lynas-MP merger
Australian richest person, Gina Rinehart, has emerged as a potential kingmaker in any rare earths mega-merger involving Lynas.
Federal Court says Blumenthal market rigging was ‘serious, deliberate’
The stockbroker will be banned from managing companies for five years and pay an $850,000 penalty four months after reaching an agreement with the regulator.
- Opinion
- Chanticleer
Wall Street icon Lee Ainslie: it’s a historically good time to invest
The founder of Maverick Capital and former Tiger Cub says there are four reasons active managers are well-placed, including higher rates.
British shareholder LGIM piles more climate pressure on Woodside
The $2.3 trillion asset manager will vote against not only the gas giant’s climate plan but also against chairman Richard Goyder’s re-election.
Rio Tinto playing catch up on iron ore
Mining giant Rio Tino has maintained full-year guidance for its flagship iron ore operations despite a dip in shipments in the first three months of 2024.
BHP tied to gas until 2053 as power need swells on electric fleet
Decarbonisation of Australia’s biggest export industry will require almost seven times more power and BHP wants gas to play a role until at least 2053.
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Markets
- Opinion
- Chanticleer
Wall Street icon Lee Ainslie: it’s a historically good time to invest
The founder of Maverick Capital and former Tiger Cub says there are four reasons active managers are well-placed, including higher rates.
- Opinion
- Wall Street
Look out graduates, Wall Street banks don’t need you any more
Accenture estimated that artificial intelligence could replace or supplement nearly three-quarters of employees’ working hours.
What happened overnight? The focus swung to employment data
Wall Street’s main indexes fluctuated with chip stocks among the biggest losers. Expectations were for Australian unemployment to pick back up to 3.9 per cent.
Balance sheet quirks skew supermarket returns measures: MST Marquee
The concept became a political football this week after it was used by Greens senator Nick McKim to accuse Woolworths and Coles of “making off like bandits”.
What Bloxham, Masters and Ong say will be in the budget
Economists surveyed by Financial Review expect government spending in the federal budget to be aimed at struggling families, but it will be small and not inflationary.
Opinion
Subs ahoy! Marles defends Labor’s record in defence
Richard Marles argues the Labor government has delivered dramatic reform in defence to project Australia into a much changed and more dangerous region. Is that right?
Columnist
Defence strategy fills gaps but misses holes
We need to move towards a wider conversation around national security and mobilisation, and be clear on the vulnerability in our capabilities until the late 2030s.
Defence expert
Marles forced to revise Canberra’s take on far away wars
The Defence Minister has made it clear the government is going to stare down critics who want our troops turning up at every world trouble spot.
International editor
Greens’ supermarket inquiry a Canberra political freak show
Does anyone think the public interest was served by the back and forth over the best metric of Woolworths’ profitability and threatening Brad Banducci with six months in prison for contempt of parliament?
Editorial
Powell worsens the carnage in bond markets
The US Federal Reserve chairman’s comments triggered a further sell-off in bonds, deepening the pain for investors who placed big bets that 2024 would see interest rate cuts, writes Karen Maley.
Columnist
Where Australia is getting it wrong on critical minerals
A new report argues that the government’s focus on domestic production and exports is failing to adequately help develop a secure network of supply chains with other countries.
Columnist
Politics
- Exclusive
- Disability
We got it wrong on ‘wasteful’ NDIS: former PC boss
Gary Banks has conceded the recommendation to create the National Disability Insurance Scheme was flawed, and has called for major reforms to limit eligibility.
- Exclusive
- Australian economy
First productivity chief calls for Labor U-turn on policy agenda
Inaugural Productivity Commission chairman Gary Banks and his successor Peter Harris are each separately calling for a “pro-productivity” and a “pro-competition” agenda.
Super tax changes to ‘cut off lifeblood’ of local business
Funds management veteran Geoff Wilson says Labor’s controversial plan to tax unrealised gains on big superannuation accounts will discourage investment in local firms.
Aussie resources ‘under assault’ from China: US ambassador
US ambassador Caroline Kennedy has warned state-owned Chinese companies in Indonesia were destroying communities “under the guise of economic development”.
Taxpayer review into 2032 Games venues ‘blindsided’
An independent review into 2032 Games venues was supposed to deliver the ‘right’ infrastructure. But Queensland bureaucrats were working on rival plans.
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World
- Opinion
- Israeli-Palestinian conflict
Why the world needs a ‘three-state solution’
There is probably no hope for any resolution of the Israeli-Palestinian or Israel-Iran conflicts without leadership change in Tehran, Jerusalem and Ramallah, writes Thomas L. Friedman.
New Yorkers’ unvarnished views of Donald Trump aired in ‘hush money’ trial
Hundreds of potential jurors are being sifted through as the court faces a huge challenge selecting more than a dozen people from heavily Democratic Manhattan.
US, Chinese defence chiefs hold talks
The phone call comes as US President Joe Biden and Chinese President Xi Jinping have sought to manage tensions; the two leaders resumed direct military talks last year.
UK inflation stronger than expected on higher fuel prices
While the latest reading was the lowest since September 2021, the Bank of England and private-sector economists had expected an even lower one.
- Opinion
- Manufacturing
Manufacturers must face up to new wave of Chinese competition
The US and Europe have focused heavily on the need to “de-risk” supply chains away from China. But it’s hard for international industrial players to leave.
Property
Developers slam Mornington Peninsula Shire social housing tax
A 3.3 per cent levy on new developments would reduce investment in housing on the Mornington Peninsula, says Rich Lister Sam Tarascio and other developers.
He bought his first home at 19 - now he’s up to a $1m Guildford house
Edward, a 27-year-old bank analyst is passionate about property investment. He has just bought a home in Guilford for $1 million.
Data centre builders fight infrastructure for heavy cranes
Demand for the heaviest type of crane has pushed up costs at twice the rate of ordinary commercial cranes. And there aren’t enough of them.
Redcape sells Sydney pub for $48m, unfreezes fund
The Crescent Hotel in Fairfield was sold to veteran publican Patrick Gallagher. It takes total divestments since asset sales began last year to more than $200m.
The suburbs where you can buy a unit for under $400,000
Home buyers looking to score units under $400,000 will not easily find them in Sydney or Brisbane, but Melbourne and Perth still offer plenty, at least for now.
Wealth
- Opinion
- SMSFs
New superannuation tax may hit venture capital
SMSFs will shy away from investing in start-ups for fear of being slugged with big tax bills on unrealised gains.
- Opinion
- Super Q&A
How do I calculate my tax-free super pension limit?
The transfer balance cap has increased twice since its inception to reach $1.9 million. Calculating how to stay within it can be tricky.
Three ways investors can back the next Canva
Dozens of angel investing clubs are allowing sophisticated investors to buy a piece of early-stage start-ups for as little as $10,000.
Technology
How Amazon wasted a decade trying to reinvent the supermarket
The online shopping behemoth simply failed to make the technology cheaper than a conventional store.
- Opinion
- AI
World’s first AI consumer gadget panned by everyone
Humane’s Ai Pin flop shouldn’t mean the end of experimentation in this new era of artificial intelligence gadgets.
This tiny tweak made WhatsApp users furious
People began to notice the minor alteration last week, prompting outrage from users across social media.
Work & Careers
Why TechOne’s CEO gets his executives to swap jobs
The architect of a corporate experiment where the execs change jobs admits is a little on the crazy side for a $5.2 billion, top 200 ASX tech company.
Want to get fit for retirement? Start with these micro hacks
Retirement is typically a time for running after grandkids, playing golf and travelling. But after years or even decades of office work, regaining fitness can be challenging.
Life & Luxury
This new Aussie horror is scary and funny
There’s not a moment in “Late Night with the Devil” when you’re not eager to know what’s going to happen next.
Why parents are keeping their kids’ faces offline
The rise of AI has created new anxieties about how an innocent photo could be manipulated into a deepfake, so “sharenting” is out and privacy is in.
This executive just swam his first lap at 49
Fraser McNaughton can count on one hand the number of times he has swum in the ocean since he moved to Australia 17 years ago. But that’s all about to change.
Watches & Wonders 24: How the latest timepieces measure up
Geneva has just hosted the biggest watch fair in years. We look at the blitz of new releases it unleashed.
- Driving With Tony Davis
- Motoring
Behind the scenes at Pagani, where hypercars cost up to $23m
The Italian maker’s next car, the Utopia coupe, is priced in Australia “from about $6.5 million”. But nobody ever orders a standard version.
