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The ASX is set to open up.

Shares rise; Goodman lifts guidance, Perpetual confirms KKR deal

Shares add 0.2pc. Dow rises for five straight days. ANZ sticks to Nov rate cut call. IPH lobs Qantm takeover bid. Leo Lithium sells $US343m tenement stake. Flight Centre confirms guidance. Follow here.

Latest Posts

Last updated 11 mins ago

Stanley Druckenmiller says the Fed set financial conditons on fire at exactly the wrong time.

‘I’m not Buffett’: Druckenmiller on Nvidia, Trump and the Fed’s error

Wall Street legend Stan Druckenmiller has profited from the Federal Reserve’s dovish pivot, though he says it could get harder for investors to time AI’s boom.

Origin Energy CEO Frank Calabria and Octopus Energy CEO Greg Jackson at the Octopus HQ in London.

Origin reaps $420m Octopus gain as Aware Super climbs on board

The UK energy disruptor has upped its valuation by 15pc, in a transaction that brought in Aware and raised the value of Origin’s stake beyond $2 billion.

Chalmers worried about sluggish new housing pipeline

Slow housing pipeline worries Chalmers; Stormy Daniels testifies; ratings warning over Victoria’s $188b debt. Follow updates here.

Stormy Daniels gives graphic testimony about alleged sexual encounter with Trump

The porn star told jurors in the “hush money” criminal trial that she “blacked out” despite consuming no drugs or alcohol during the encounter in a hotel room.

Benjamin Netanyahu’s dilemma: save the hostages or his government

In one of the biggest gambles of his career, Israel’s premier sent troops into Rafah to raise pressure on Hamas — and buy time.

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.

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RBA DECISION

RBA governor Michele Bullock.

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.

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.

The RBA’s latest outlook for the economy means interest rates will need to stay higher for longer.

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.

‘We need to be alert and vigilant’: Michele Bullock

This is an edited and abridged transcript of a press conference held by Reserve Bank of Australia governor Michele Bullock.

VICTORIAN BUDGET

The core size of the public service is to be reduced as a share of the state economy.

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.

Victorian Treasurer Tim Pallas and Premier Jacinta Allan have handed down their first state budget together.

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 Treasurer Tim Pallas delivers the state budget yesterday.

Victoria must get a grip

The heavily indebted state has at least stopped whacking its private sector. But there is little sign of resolve on its debts.

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.

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Companies

The Star superyacht moored at Marina Mirage on the Gold Coast on Tuesday morning.

Star’s luxury yacht fire sale finds way to Federal Court

The family office of a wealthy Cypriot businessman has accused the gaming group of reneging on a sales agreement, and wants millions of dollars in compensation.

Cettire chief executive Dean Mintz earlier this year. He rarely makes public appearances and did not allow his photo from the Macquarie Australia Conference to be published.

Cettire founder makes rare appearance to talk up retailer’s growth

The luxury goods marketplace has been under considerable investor pressure with questions over some of the company’s duty and tax payment practices.

Mike Henry must have carefully planned his move for Anglo. Eamon Gallagher

BHP’s siren song to Anglo shareholders is operational excellence

A claim to be the mining sector’s “best operator” is a big part of BHP’s pitch to Anglo American shareholders, as it promises to get more blood out of the same stones.

Westpac’s Mr Miller said that manufacturing was a clear stand out for credit growth.

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.

Bonza’s backers plotted to ‘get the planes out’ and ‘wind this up’

Leaked documents show the writing was on the wall for the budget carrier weeks before it collapsed, and suggest co-ordination between its financiers and owners.

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.

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.

Companies in the News

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Markets

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 are starting to doubt the strength of the US economy and its sharemarket.

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.

Australians under 35 are the biggest speculators in cryptocurrencies, although some are unaware of the need to pay capital gains tax on sales.

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.

RBA’s radio silence fuels extreme rate rise bets

Traders’ bet that the RBA will lift the cash rate is fuelled by the central bank’s lack of communications since March as it undergoes sweeping reporting changes.

Investors return to Chinese stocks on housing policy hope

Battered Chinese assets are getting a second look as a combination of earnings recovery, policy support and cheap valuations lure investors.

Opinion

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.

The AFR View

Editorial

The AFR View

Reforms rather than rate rises

Supply side deregulation to drive productivity is the other half of the policy armoury that should be deployed to help curb inflation and keep employment full.

‘Vigilant’ RBA puts home loan borrowers on notice

Governor Michele Bullock has issued a fresh warning to mortgage holders, two years after the Reserve Bank of Australia began raising interest rates.

John Kehoe

Economics editor

John Kehoe

Victoria must get a grip

The heavily indebted state has at least stopped whacking its private sector. But there is little sign of resolve on its debts.

The AFR View

Editorial

The AFR View

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.

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.

Karen Maley

Columnist

Karen Maley

Reports

BOSS Best Places to Work

The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.

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Politics

Jim Chalmers will deliver his third federal budget on May 14

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.

Prime Minister Anthony Albanese during a walk through of Beef2024 in Rockhampton on Tuesday.

Labor’s plan to ‘restore faith’ in Qld

Anthony Albanese said Labor’s Future Made in Australia Act was key to “restore faith” with blue-collar Queenslanders, who deserted the party in 2019 over the confused position on the Adani coal mine.

The report said supermarkets should face prosecution over price gouging.

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.

Health portal ‘plagued by incomplete records and poor usability’

Poor usability and incomplete records are frustrating uptake of the My Health Record portal, while the Productivity Commission estimates benefits of around $5.4 billion a year if it can be made to work.

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.

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World

Incursion: An Israeli soldier walks near an armoured personnel carrier near the border with the southern Gaza Strip.

White House piles ceasefire pressure on Netanyahu as tanks roll into Rafah

White House national security spokesman John Kirby urged negotiators to come to an agreement after Israel launched a “limited” assault on Rafah, in the south of Gaza.

Garrick Club of London votes to accept female members for first time

The vote — by a margin of roughly 60 per cent to 40 per cent — will open membership to women for the first time since the club’s founding in 1831.

Writer Constance Debré in Paris last April.

Famous, poor and gay, she scandalised her class, and country

Lawyer Constance Debré left her husband for women. Denied custody of her son, she turned the story into a book that shocked France.

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.

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.

Property

Investors Mutual CEO sells designer Sydney mansion for $23m

Damon Hambly and designer Philippa Haydon bought the Bellevue Hill property for just $3.7 million in 2010 and turned it into a trophy home.

Buyer demand is expected to stay resilient despite interest rates staying higher for longer.

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.

The portfolio includes a 115,000 sq m Metcash distribution centre in Melbourne.

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.

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Wealth

Sarah Chehab fast-tracked her retirement through the acquisition of this boutique supermarket site in Sydney’s Waterloo.

The overlooked asset class that could set you up for retirement

Residential property investment is good for accumulating wealth, but commercial property will provide retirees with a better income stream.

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.

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.

Technology

For the leader of North Korea, Kim Jong-un, music is a powerful tool.

How Kim Jong-un’s propaganda song conquered TikTok

“Friendly Father” is the first North Korean composition about the leader to go viral for its musicality.

Apple also unveiled updates to more affordable iPad Air models, including a new 13-inch model in response to some people’s preference for even larger screens.

Apple plays up AI potential in new iPads

The tech company unveiled a bevy of new iPads including two versions of the iPad Pro sporting its M4 chipset and a redesigned iPad Air model in two sizes.

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.

Work & Careers

Adelaide’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.

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.

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Life & Luxury

Ultraprocessed foods account for 67 per cent of the calories consumed by children and teenagers in the US.

Are ultraprocessed foods unfairly vilified?

Many scientists suspect manufactured foods are causing a range of health issues, but there is a lack of rigorous research to prove it.

Jeremy Clarkson on his farm, Diddly Squat, in West Oxfordshire.

Jeremy Clarkson, patron saint of the Great British bore

In barely a decade he has gone from disgraced Top Gear presenter to beloved guardian of the British countryside, due to the success of Clarkson’s Farm.

The zippy Abarth 500e Turismo in Venom Black.

This tiny EV is cute and cool – but is it worth $59k?

The battery-powered Fiat Abarth 500e is a fun way to zip around town. And you can park it pretty much anywhere.

Rebecca Vallance in her new store at the Strand Arcade in Sydney.

‘New York polish, Ballarat work ethic’: the designer creating an empire

Other Australian brands are struggling. So what’s Rebecca Vallance doing right?

Margie Woods

The 20-year-old brand making its fashion week debut

The woman behind Melbourne born-and-bred cool girl label Viktoria & Woods says it’s finally time to reach a wider audience.

From the gallery