Gary Banks thinks the Earth is flat: Albanese
Anthony Albanese has hit back at criticism of the government’s Future Made in Australia Act by former productivity commissioner Gary Bank.
Jobless rate edges up to 3.8pc, strong February gains retained
Unemployment edged up in March as more people searched for work, which was largely driven by strong population growth.
China’s iron ore demand may have peaked, RBA warns
The country’s shrinking population is posing a multi-decade headwind for mining industry profits and government revenue.
- Live
- Markets Live
Economy loses 6600 jobs in March, unemployment rises to 3.8pc
ABS says labour market still relatively tight. Shares add 0.4pc. Iron ore prices jump. Copper higher. Wall Street falls. Follow the latest here.
- Exclusive
- Aviation
KordaMentha arrives at budget carrier Bonza as it reviews operations
Sources close to discussions said the corporate restructuring specialists had not been appointed as administrators, but to provide financial advice.
- Live
- Need to Know
Bob Carr slams AUKUS in warning to New Zealand
The former Australian foreign minister says pillar two of AUKUS is a ‘science fiction’ American invention designed to lure nations into a strategic alliance against China.
Economics professor sacked for ‘personal relationship’ with student
The University of Melbourne’s defence of its firing of an academic has pointed to claims he massaged shoulders and often asked a student to go out for a drink.
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SUPERMARKET INQUIRY
The merger that is paying competition dividends
The new deal laws out this week suggest that bringing Gina Cass-Gottlieb into the ACCC led to a poacher-turned-gamekeeper story for the ages.
- Opinion
- Government Observed
The Senate’s mock outrage games shame all
Threatening corporate leaders with jail time over an accounting contrivance is part of trend where the national parliament is becoming a theatre for showboating and mock outrage.
Nick McKim’s Senate antics make it all worse
This is all entirely on brand for McKim, a man eternally promoting simple, populist solutions to complicated problems.
- Updated
- Supermarket inquiry
Woolworths, Greens in fiery clash on profits
Outgoing Woolworths boss Brad Banducci was threatened with six months in jail for contempt of the Senate, in a fiery Senate hearing that went off the rails on Tuesday.
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”.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Santos blames lower output, prices for 15pc revenue slide
But the gas giant says the result sets it up to complete major projects including a carbon capture and storage scheme which is due to start later this year.
BHP suffers new productivity hit in Queensland coal
Another downgrade means the miner spends almost seven times more money to dig a tonne of coal out of the sunshine state as it does for each tonne of iron ore in WA.
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.
- Investigation
- Food & drink
Jon Adgemis’ high-wire act is coming unstuck
The former KPMG dealmaker burst onto the hospitality sector after buying up a string of venues. Huge debts and angry lenders are threatening to push it over.
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.
Companies in the News
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Markets
Private equity’s hunger risks leaving ASX behind, RBA warns
The Australian assets of buyout funds have grown 75 per cent in four years, but the ASX 200 has shrunk by roughly $6 billion this year.
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”.
Time’s up for top stocks: riding the ‘ASX 190’ to better returns
The top 10 stocks should account for more than half the ASX 200’s earnings this year, but that figure will drop below 50 per cent in FY25 as market leadership shifts.
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
- 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
So-called ‘reform’ is working against the productivity objective
The government’s (self-)celebrated productivity agenda is mainly a spending agenda, indeed a spending more agenda, and avoids the regulatory reforms we need.
Founding chair of the Productivity Commission
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
Higgins ‘cover-up’ no Watergate. It was another ‘Russsiagate’
Journalists won “glittering prizes” for the stories that were misinformation, but there’s no sign of anyone giving back their awards.
Columnist
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
Politics
- 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.
- 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.
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.
Terrorism definition in spotlight after Sydney attacks
Muslim community leaders are calling for a rethink of how law enforcement defines terrorism after the Sydney church stabbing.
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.
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World
Record-breaking rain floods Dubai airport and swamps desert
Experts said storm systems across the region were forecast well in advance and that UAE’s cloud seeding would not have caused such a deluge.
- Opinion
- Trade wars
Biden’s trade action against China is just polite Trumpism
Improved relations between the two powers can’t mask age-old trade tensions. Better communication is important because the structural problem between them is insoluble, writes Edward Luce.
Biden triples tariffs on Chinese steel and aluminium, denies trade war
US President Joe Biden defends the move, while US Trade Representative Katherine Tai says the US will monitor any impact on Australia.
‘It is clear the Israelis are making a decision to act’
Britain’s foreign secretary David Cameron acknowledged during a visit to Israel that an Israeli reprisal seemed inevitable.
The two key things Iran’s attack reveals about its weapons arsenal
The weapons used in the attack on Israel reveal that Iran has an almost unlimited capacity to make missiles, but they are not very good.
Property
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.
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.
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.
- Exclusive
- Construction
Construction’s long hours put next generation of workers off
A new industry survey shows working conditions in an industry already struggling to attract women are also putting off the next generation of men.
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
- 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.
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.
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 it is a little on the crazy side for a $5.2 billion, top 100 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
Is this flat white really worth $500 a cup?
If you thought coffee was getting expensive in Melbourne, it’s hard to beat the eye-watering price for this Japanese-grown coffee in London’s Mayfair.
Don’t want your kid to end up as a deepfake? Keep their face offline
The rise of AI has created new anxieties about how an innocent photo could be manipulated, so “sharenting” is out and privacy is in.
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.
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.
