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Rising government spending is hurting the RBA’s inflation fight
The Australian economy is still operating at an unsustainably strong level despite a string of weak economic growth figures, due in part to public sector spending.
- Exclusive
- Private equity
Perpetual to be broken up, name sold to KKR in $1.5b deal
The transaction will give the private equity giant the rights to the 138-year-old brand and leave the ASX-listed group as a pure-play funds management business.
Pace of house price growth to cool as risks emerge
House prices have recouped the interest rate-induced losses in the past two years and are poised to hit record highs this year, but downside risks are gathering pace, according to experts.
Inside Kogan’s $17 million executive windfall
Recently released emails show how the Kogan board delayed the settling of executive bonuses for cash, helping the return.
- Opinion
- Quantum Computing
Quantum leap to secure first-mover advantage for Australia
The government’s chief scientific adviser says the investment in PsiQuantum may be high risk, but it’s also high reward.
- Analysis
- Political leadership
All hat, no bull: PM’s tough task disarming farmers in Qld
Anthony Albanese and Peter Dutton are in Rockhampton for Beef 2024. One suspects Labor will need to look elsewhere in Queensland to win seats at the next election.
Iluka boss calls out China’s infiltration of rare earths in Australia
Tom O’Leary says China is trying to extend its global dominance in rare earths by controlling assets in Australia and rigging prices.
Breaking news on companies, politics and economics, in your inbox as it happens.
RBA DECISION
- Opinion
- Interest rates
The Reserve Bank’s bleak news on housing
The central bank sees little respite for struggling home buyers and renters for years to come, as demand in the nation’s housing market continues to outstrip supply, writes Karen Maley.
- Opinion
- The AFR View
An RBA tightening bias is called for
It’s hard not to interpret the governor’s press conference and the board’s statement as at least a mild tightening bias that will keep the cash rate where it is at least until near the end of 2024.
Petrol, strong jobs market stoking inflation: RBA
The central bank on Tuesday upgraded its near-term forecasts for headline inflation and pushed back the likelihood of interest rate relief until mid-2025.
Rising government spending is hurting the RBA’s inflation fight
The Australian economy is still operating at an unsustainably strong level despite a string of weak economic growth figures, due in part to public sector spending.
- Opinion
- Interest rates
Why data-driven Bullock has her eye on the budget
RBA governor Michele Bullock says it’s too early to declare victory over inflation as she avoids the markets’ frenzied guessing game on interest rates.
VICTORIAN BUDGET
- Updated
- Victorian budget
Ratings warning over Victoria’s $188b debt
Rating agencies have put the Victorian government on notice after it revealed state debt would climb to $188 billion, with a daily interest bill of $26 million.
Victorian budget winners and losers
There are no new taxes or levies for the first time in several years – although the state’s waste and fire levies are increasing – but the budget avoids many tough decisions save for a slowdown in infrastructure spending.
Victoria adds $700m to home buyer scheme – and calls time on it
There were minimal housing policies in the Victorian budget, but the state government is hopeful of a pick-up in sales next year to boost its finances.
Size of Victorian government to be cut for first time in 15 years
Tight control over salaries and operating expenses will result in reduced average expenditure of 2.2 per cent over forward estimates.
Everything we know about the budget, so far
Treasurer Jim Chalmers will hand down Labor’s third budget on May 14. Here are all the spending measures we know about so far.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Westpac’s business boss eyes fast-charging financing demand
Anthony Miller says “business credit growth will be as good, if not better than in the first half” after three banks talked up their business lending pipelines.
- Updated
- Earnings season
ANZ says it can reward shareholders and grow lending
The bank said profits were down in its retail business with conditions “more competitive than ever”, but lending to large companies was stronger.
G8 Education board faces scepticism over Star links
The biggest for-profit operator of childcare also revealed some problems had struck a controversial deal to offload underperforming centres.
Macquarie bets big on data centres in AI revolution
Shemara Wikramanayake expects the biggest tech companies to consume more data in their quest to sharpen AI platforms.
CEO hails progress as AGL ups guidance again
The energy giant backed by software billionaire Mike Cannon-Brookes bumped the lower bound of its full-year guidance up by $80 million.
Louis Dreyfus fires back at Olam in takeover battle for Namoi Cotton
The French agribusiness has struck another blow in the battle with its Singaporean competitor for control of Namoi Cotton.
‘True energy impact’: Di Pilla defies gloom, appoints Gillard to $2b fund
The ASX-listed HMC Capital is banking on plenty of investor interest to defy a gloomy market outlook on the transition to clean energy for its latest vehicle.
Companies in the News
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Markets
- Exclusive
- Private equity
Perpetual to be broken up, name sold to KKR in $1.5b deal
The transaction will give the private equity giant the rights to the 138-year-old brand and leave the ASX-listed group as a pure-play funds management business.
Calls for power to break up Coles and Woolies split inquiry
The ACCC should get new legal powers to prosecute supermarkets found to be engaging in price gouging, a parliamentary inquiry has recommended.
Traders trim rate rise bets on patient RBA
The markets are now pricing in just a 15 chance the cash rate will rise again this year after the Reserve Bank stood pat on Tuesday.
Investors pull money from Wall Street in favour of Asia, Europe
Fund managers are reallocating money away from Wall Street betting that ‘US exceptionalism’ has run its course.
ATO targets crypto traders’ tax affairs, bank details
The Tax Office is ramping up its surveillance of crypto traders, demanding that exchanges hand over details around clients’ ID, wallet addresses and bank accounts.
Opinion
The Reserve Bank’s bleak news on housing
The central bank sees little respite for struggling home buyers and renters for years to come, as demand in the nation’s housing market continues to outstrip supply.
Columnist
Quantum leap to secure first-mover advantage for Australia
The government’s chief scientific adviser says the investment in PsiQuantum may be high risk, but it’s also high reward.
Chief Scientist
Why didn’t ACCC litigate Qantas?
Is what might be seen as regulatory brand ransom to force companies to admit to lesser charges and avoid the need to litigate, the way the watchdog should seek to uphold Australia’s consumer protection and competition law?
Editorial
Qantas’ Hudson takes the chance to shed some Joyce baggage
Vanessa Hudson has finally accepted reality by making a deal with the competition watchdog over ghost flights.
Columnist
Interest rates are the only tool for managing inflation
Economists are looking for other ways of braking inflation. But the impact of interest rates on housing costs is still the most reliable means.
Keeping coal but excluding gas is an irrational path to net zero
Including gas-generation in the back-up electricity mechanism will help avoid taxpayer funds being used for paradoxical cross-purposes.
Gas advocate
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
- Analysis
- Political leadership
All hat, no bull: PM’s tough task disarming farmers in Qld
Anthony Albanese and Peter Dutton are in Rockhampton for Beef 2024. One suspects Labor will need to look elsewhere in Queensland to win seats at the next election.
Beijing blames ‘provocative move’ for helicopter flare incident
Stabilisation of ties between Canberra and Beijing suffered a setback after a Chinese fighter jet released flares near an Australian navy helicopter.
- Exclusive
- Renewables
‘A big risk’: Voters wary of nuclear replacing coal-fired power
Voters in Victoria’s Latrobe Valley have raised the spectres of Chernobyl and Fukushima when asked about Opposition Leader Peter Dutton’s plan to build large-scale reactors in their community.
Let ASIC police big four conflicts: Samuel
Former ACCC chairman Graeme Samuel says the big four’s governance changes looked good on paper, but would not fundamentally change the culture of the firms.
Social cohesion ‘fraying’, Albanese admits amid anti-Israel backlash
Anthony Albanese defended his efforts to keep the community together but would not be drawn on a looming UN vote on Palestinian statehood.
SPONSORED
World
Palestinians seek UN General Assembly backing for full membership
It would effectively act as a global survey of how much support the Palestinians have for their bid, which was vetoed in the UN Security Council last month by the US.
- Updated
- Israeli-Palestinian conflict
Israel takes control of Rafah border crossing
The Israeli 401st Brigade entered the Rafah crossing early on Tuesday local time, the Israeli military said, taking “operational control” of the vital pass.
Xi urges Macron to help avoid a ‘new cold war’
The Chinese leader told his French counterpart that the two nations should uphold mutual benefits, and jointly oppose decoupling and the disruption of supply chains.
- Analysis
- Property development
Why the Chinese are warming to ‘second-hand’ homes
With tens of thousands of new developments yet to be completed, house hunters are looking again at older buildings. End buyers don’t trust developers any more.
Big four exam cheating under spotlight amid AI fears
Academic integrity is in focus for professional regulators after a series of cheating scandals and the rise of artificial intelligence.
Property
Rest Super, Barings snaffle $780m Goodman industrial portfolio
The Australian super fund and US investment manager have acquired 12 properties in Sydney and Melbourne, leased to the likes of Amazon and Metcash.
Vicinity, ISPT offload WA mall for $70m, taking capital loss
The Halls Head Central shopping centre was once valued at $114 million.
Landlords offered $5000 lure for housing fix
Amid a surge in Perth property prices, the WA government will give owners of vacant homes $5000 if they make them available for long-term renters.
Labor steps up fight to stop dirty money from buying homes
Proposed anti-money laundering rules will rope in real estate agents and lawyers, amid concerns Australia could become a destination for dirty cash.
Victoria has become a poor state: economist Saul Eslake
The southern state’s high dependence on property and population growth has a fallout felt beyond its borders.
Wealth
Stressed by rates and thinking about fixing? Try the sleep test first
Lenders outside the big four are offering some of their best fixed mortgage rates in more than a year, but practice extreme caution, experts say.
- Opinion
- Investing
The investment shift that could undermine your wealth plan
Whether to invest for income or growth is not the right question to ask for those in or moving to retirement.
Why there is no such thing as a simple will
You’ve got to understand what you’re giving up when you sign a simple will – and how there are better ways to protect your loved ones.
Technology
It’s bigger and brighter, but is it Samsung’s best TV?
We pit Samsung’s “pinnacle” TV against a lesser model. The results won’t surprise you.
42-year-old Sydney tech company saved with $150m price drop
Casa Systems bought NetComm for $161 million in 2019. Five years later another US company is buying it out of administration for just $US7 million.
- Analysis
- AI
AI start-ups face a rough financial reality check
The AI revolution, it is becoming clear in Silicon Valley, is going to come with a very big price tag.
Work & Careers
Watchdog investigates CFMEU conduct at major Brisbane project sites
The Fair Work Ombudsman is making “active inquiries” into claims the CFMEU jumped fences and allegedly intimidated workers at major Queensland infrastructure sites.
Gender of directors added no financial value: study
A study by the Australian National University has found that the gender of directors appointed to company boards had no impact on the financial performance of those businesses.
Life & Luxury
Melbourne’s best restaurants for a business lunch
Where to go when you’ve got a deal to discuss, when you want to impress your top client or thank the team – as tested by our reviewers.
‘I found my mob’: The collector who quit accounting to follow a passion
A soft spot for timepieces from an early age grew into something more meaningful for this watch enthusiast.
How fashionable is your kitchen?
Designers are harnessing fashion principles to give cookware a stylish makeover.
The ex-F45 franchisees who created an international Pilates phenomenon
Since 2019, Strong Pilates co-founders Michael Ramsey and Mark Armstrong have opened 56 studios worldwide and there are many more to come.
Thousands believe COVID-19 vaccines harmed them. Is anyone listening?
All jabs have at least occasional side effects. But people who say they were injured by those for the coronavirus think their cases have been ignored.
