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Perpetual CEO Rob Adams will retire from the company once the sale of its trust and wealth businesses to KKR is complete.

Perpetual’s Rob Adams to retire as KKR inks $2.2b deal

The sale to the US private equity firm completes a six-month strategic review of the ASX-listed company, which morphs into a pure-play asset manager.

The ASX is set to open up.

Shares flat; Perpetual shares sink on KKR deal, Pinnacle jumps

Shares pare gains. ANZ sticks to Nov rate cut call. Dow rises for five straight days. Goodman lifts guidance. IPH lobs Qantm takeover bid. Leo Lithium sells $US343m tenement stake. Follow here.

A Bonza aircraft at Tullamarine Airport in Melbourne.

Citi’s Bonza links emerge in emails showing overdue invoices

The Wall Street investment banking giant is a lender to AIP Capital, the aircraft lessor tied to the budget airline and its ailing private equity owner.

Chalmers locks in business tax breaks to help Made in Australia

The budget will contain tax breaks for investors to turbocharge the government’s Future Made in Australia Act, Jim Chalmers has confirmed.

China admits Australian helicopter in international waters: PM

China admits helicopter was not in Chinese territory says Albanese; slow housing pipeline worries Chalmers; Stormy Daniels testifies. Follow updates here.

Australia’s ‘dumb’ budget luck in one extraordinary chart

Treasurers have been extremely lucky to receive big tax revenue windfalls from the China-driven mining boom, but none have been as lucky as Jim Chalmers, writes John Kehoe.

Coalition to oppose ‘sophisticated investor’ test overhaul

Labor is grappling with backlash from the start-up sector over calls to limit access to venture capital to investors worth more than $4.5 million.

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

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Companies

The French government wants to tax motorways like France’s Autoroutes Paris-Rhin-Rhône

Atlas Arteria’s ‘back-up plan’ to fight French taxes

The tollroad group is cutting costs and jobs as it tries to keep dividends at current levels, chief executive Graeme Bevans says.

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.

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.

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 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.

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

Australia’s ‘dumb’ budget luck in one extraordinary chart

Treasurers have been extremely lucky to receive big tax revenue windfalls from the China-driven mining boom, but none have been as lucky as Jim Chalmers.

John Kehoe

Economics editor

John Kehoe

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.

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

 Gunlom Falls was a popular tourist spot until it was closed in 2019 due to unauthorised work on a walking track

High Court rejects Crown immunity for sacred sites damage

The custodians of Kakadu National Park have won a test case in the High Court over a walking track at picturesque Gunlom Falls.

A MH-60R Seahawk Helicopter had flares dropped in front of it by a Chinese fighter jet.

Military chief warns of Australia’s ‘low preparedness’ for war

Amid rising tensions with China, RAAF chief Robert Chipman says “anxiety” over Australia’s strategic circumstances will be an enduring feature.

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.

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.

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.

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World

Benjamin Netanyahu this week took a characteristic path: he bought time.

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.

Stormy Daniels exits the courthouse in New York, Tuesday (Wednesday AEST) after taking the stand  and testifying about her alleged sexual encounter with Trump in 2006.

Stormy Daniels’ graphic testimony of alleged Trump sexual encounter

The remarkable testimony is the latest example of how Donald’s Trump’s dealings with women are coming back to haunt him in court.

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 – 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.

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.

Property

CEO Greg Goodman.  The China market is weaker.

Goodman warns on China as data centre push gathers speed

Occupancy across Goodman’s China portfolio was 93 per cent over the March quarter, compared with 98 per cent across its overall portfolio.

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.

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.

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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

Striking CFMEU members, who work on the Albert St Cross River Rail construction site, hold signs outside the site in Brisbane, April 30, 2024.

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.

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Life & Luxury

Think your hard workout is a fast-track to getting rid of a hangover? Think again.

Doctors say this popular hangover cure is bunkum

Some people swear that vigorous exercise is the best way to beat a hangover, but is there any science to prove it?

Perth’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.

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.

From the gallery