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Resources Minister Madeleine King.

Labor backs gas ‘to 2050 and beyond’

The government has shed its ambivalence towards gas and adopted a strategy that locks in its use for several more decades along with measures to promote carbon capture.

Kerry Stokes’ Seven West Media has delivered an ultimatum to The Australian Financial Review’s owner, Nine Entertainment.

AFR to stop printing in WA after Seven’s ‘abuse of power’

Nine has been forced to pull its print editions of The Australian Financial Review from Perth after Seven West Media demanded double the cost of printing.

Cautious households are making extra mortgage repayments and cutting back on non-essentials, with the RBA expecting consumers to largely save looming tax cuts.

Families expected to stash extra cash from tax cuts

Retailers hoping income tax cuts will lift sales of non-essential goods are likely to be disappointed.

How 138-year-old Perpetual came unstuck

It is a sad day for Australian funds management. The Perpetual equities team, which stood up to Woolworths, Crown, Brambles, Ramsay and IAG will have to find a new name.

PSC strikes $2b sale to Ardonagh in insurance broker deal

PSC helps arrange cover for everything from cyber-hacks on businesses to accidents and agricultural enterprises.

Australia’s ‘dumb’ luck budget 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.

Whyalla steelworkers cop 30pc pay cut as furnace damage worsens

The major plant, owned by Sanjeev Gupta’s GFG Alliance, has not been producing for months. South Australian officials are seeking an “independent assessment”.

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Companies

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.

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.

Shows like Masterchef will no longer be available around Mildura.

Seven, WIN turn off ‘loss making’ Ten in Mildura

A joint venture between Seven West Media and WIN will shut down at the end of June, cutting off the aerial signal to Network Ten in parts of regional Victoria.

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.

Westpac CEO wants super on a level playing field

The bank boss said comments by Apollo Capital Management should force an urgent rethink on regulatory rules for super funds.

Westpac says it was stung by decade-long ‘Ponzi scheme’

The major lender is suing a fruit stall at Sydney’s Flemington Markets, alleging it conspired to falsify revenues and invoices to defraud it of $15 million.

New Uber bosses to see through gig economy transition

There will be new heads of both Uber and Uber Eats in Australia, ahead of gig economy rules that threaten to significantly raise its cost of doing business.

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Markets

Some fundies unconvinced the RBA’s done with rate increases

Fortlake Asset Management’s Christian Baylis has joined a small number of economists who expect rates to rise, not fall. He says inflation isn’t under control.

Companies tap offshore money as IPO drought deepens

A dire environment for capital raising is seeing a rise in dual listing activity between Canada and Australia as companies look to raise more money overseas.

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

No place for antisemitic incitement on campus

The protests that reduce the complex history of the Middle East to simplistic anti-Zionist slogans hardly align with universities’ founding institutional mission.

The AFR View

Editorial

The AFR View

Albanese’s troubled critical minerals dream

The Albanese government has high hopes for much more downstream processing of critical minerals. But the numbers aren’t adding up. What can change that?

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

A rate rise was closer than you think

RBA insiders may be making the case for higher rates, as Michele Bullock walks the line between public opinion and the bank’s credibility.

Warren Hogan

Economist

Warren Hogan

Australia’s ‘dumb’ luck budget 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.

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.

Cairns removalist Jesse Bradley says the rising cost of diesel is biting his business.

Transport costs up 10 per cent nationwide as petrol stokes inflation

The rising cost of diesel in the past three years has put a dent in Jesse Bradley’s removalist business based in Queensland.

Former WA Premier Colin Barnett and economist Saul Eslake at the national press club in Canberra on Wednesday.

The instigator of WA’s GST deal says it is failing

Colin Barnett says there was no need for the prime minister to lift WA’s minimum GST “floor” from 70¢ to 75¢ in the dollar, as is set to occur from July.

Schools sweat on election funding promises as Victorian debt rises

Melbourne’s Hampton Primary School fears the Victorian government won’t follow through on a promise made on eve of the 2022 election.

Pallas vows to prove rating agencies wrong

Treasurer Tim Pallas has fended off warnings Victoria could face a third credit rating downgrade since 2020.

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World

Palestinians look at the destruction after an Israeli strike on a residential building in Rafah.

US reveals weapons shipment to Israel halted

The United States withheld 3500 bombs last week out of concern that they might be used in a major assault against the southern Gaza city, officials said.

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.

A TikTok content creator protests outside the US Capitol in Washington.

TikTok sues over US ban in battle for survival

The lawsuit from the social media platform and its parent company, ByteDance, claims US legislation banning the app would breach free speech rights.

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.

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.

Property

CEO Greg Goodman.  The China market is weaker.

Goodman’s 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.

Holding up construction: Australia has too few workers to build the homes it needs. But it also has a productivity problem, economists say.

Government’s $91m tradie plan only ‘modest’ boost for home building

Australia’s target of 1.2 million new homes is a crisis of surging demand and a construction workforce facing its own demographic challenges.

The lower end of the housing market could get even more competitive in the coming months according to experts.

Why $800,000 homes are in hot demand

Competitive pressure is building up in this segment of the market as investors and first-home buyers return in droves.

Cotton On CFO lists Melbourne mansion with a contemporary twist

Cotton On CFO Michael Hardwick and his wife Diana have put their Melbourne mansion on the market guiding up to $13.75m after a major renovation.

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.

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Wealth

Shadow Finance Minister Jane Hume

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.

We have $700,000 in super – can we buy investment property with it?

If you want to add a geared investment property to your retirement savings, here’s what you must think about.

How do I avoid a messy, hostile divorce?

Don’t hire a bulldog lawyer and or make any sudden moves with your finances, lawyers say.

Technology

Larry Marshall speaks at CEDA’s climate and energy forum.

Ex CSIRO boss would pick different ‘winners’ in $1b quantum push

Larry Marshall, former CEO of CSIRO, says taxpayer money should be targeted at points in the quantum computing supply chain, not the finished product.

Emma Foley is Uber’s new Australian managing director, while Ed Kitchen will run Uber Eats.

New Uber bosses to see through gig economy transition

There will be new heads of both Uber and Uber Eats in Australia, ahead of gig economy rules that threaten to significantly raise its cost of doing business.

Will Apple’s new iPad Pro finally replace your laptop?

Apple says its new M4 iPad Pros will have better AI, better performance and better battery life than laptops. But don’t throw away your laptop just yet.

Work & Careers

Melbourne shuns office return, Sydney coaxed by redundancy fears

New figures also show Canberra has the second-lowest office attendance rates as public service workers do not face the same scrutiny as Sydney’s private sector.

Just one gesture stopped Anthony worrying about his disability at work

Employers often assume that employing people with a disability is costly. New research suggests that’s not true.

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Life & Luxury

John Coburn’s Yellow Landscape with White Bird, 2003, was estimated at $25,000 to $35,000 in Bonhams 7 May auction of Important Australian Art. It fetched $31,250 (including buyer’s premium).

Brack bolts, Whiteley sinks on a tough night for art sales

A John Brack with a fabulous backstory was a rare highlight at Bonhams, as Leonard Joel wheels out the big contemporary names for its Centum sale.

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?

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.

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.

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