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Orica Kooragang island facility

Federal government backs gas imports to southern states

The extra gas will need to be delivered from the northern states from a retooled national gas network or LNG import terminals.

Peter Dutton will at least send strong signals on housing, immigration and energy in his budget reply.

Budget week is time for Dutton to roll a few Jaffas down the aisle

In the same week Peter Dutton went in to bat for the Koalas, Labor flew the flag for gas, writes Phillip Coorey.

WA budget

WA infrastructure spending goes ‘up another gear’

Premier Roger Cook has vowed to shift infrastructure spending “up another gear” as the state splashed billions on cost-of-living and housing, to absorb the record 95,000 people who moved west last year.

ASIC finds super funds still charging fees for no service

Super funds are obliged to ensure members are only charged for financial advice they actually receive but not all are doing so.

Macquarie readies sale of $450m-a-year Kinetic; seeks 10x multiple

Kinetic recently ruled off a $1.6 billion refinancing which Macquarie reckons puts it in a position to accelerate the decarbonisation of its fleet.

Behind the PM’s $3b ‘bailout’ of Victoria’s most expensive road

Experts blame a $10 billion blowout for the North East Link on CFMEU disruptions, a failed tender process and crazy design decisions to pander to community groups.

What we learnt as CEOs meet capital markets kings, queens

It’s been three days of watching CEOs pitch to fund managers and hearing their off-record feedback at Macquarie’s annual conference. Both sides are more upbeat.

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Companies

Orica chief executive Sanjeev Gandhi says some of the company’s high input costs have begun to ease.

Orica says lower input costs offsetting fall in revenues

The commercial explosives maker has reported a 10 per cent increase in earnings, beating analyst estimates.

Seven West Media chairman Kerry Stokes.

Stokes’ anti-AFR price rise could breach competition law: Samuel

Billionaire Kerry Stokes has faced political criticism – and calls for an ACCC investigation – for forcing The Australian Financial Review print edition out of his home state of WA.

Soul Patts’ board, a near 15 per cent shareholder in Perpetual, is largely in favour of the deal to sell assets to KKR.

Perpetual backer Soul Patts says board got a good price out of KKR

The investment company, which holds nearly 15 per cent of Perpetual, believes the trust and wealth businesses have been traded for more than it was ever willing to pay.

CBA chief executive Matt Comyn says the bank lost market share by staying out of the mortgage wars.

CBA shows this is not your parents’ slowdown

CBA’s chief executive started banging the drum on loss-making mortgages early last year. Now, the broader banking sector appears to be thinking along the same lines.

Westfield Bondi owner says shoppers are back after horror attack

Scentre chief executive Elliott Rusanow said the mall operator had increased security spending as it returned to a “different” normal after the fatal attack.

CBA profit falls to $2.4b but ‘momentum’ improves

Lower margins reduced profits at the country’s largest bank over the last three months, as higher interest rates saw late loan repayments rise.

PSC takeover delivers $350m payday for insurance broker

Analysts say Ardonagh’s offer of $2.3 billion for the Melbourne-based insurance broker represents an “attractive multiple” as chairman Paul Dwyer realises a huge windfall.

Companies in the News

Search companies

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Markets

Households are increasingly optimistic about their financial position. But retail spending remains weak.

Shares smashed as optimistic shoppers prove no match for retail weakness

JB Hi-Fi and Baby Bunting were among stocks to slide amid disappointing earnings. But new Barrenjoey analysis suggests that the worst may have passed.

CBA trading update awaited.

Shares fall; Baby Bunting crashes, retailers dive, banks drop

Shares slip 1.1pc. Retail worries mount on multiple trading updates. CBA’s profit slips 5pc, consumer debts creep higher. Westfield lifts investment after Bondi attack. Follow here.

The elevation of Nir Bar Dea, 42, to CEO marked the end of a 12-year transition away from Ray Dalio.

New Bridgewater chief ‘rewires’ world’s largest hedge fund

Nir Bar Dea says he had overhauled the firm after just a year in charge, in a bid to restore investment performance and mark a break from founder Ray Dalio.

Stock rally ‘too good to be true’, warn CIOs

Investment chiefs say the market looks too expensive given the uncertain economic backdrop and that there’s good reason to be cautious for the rest of this year.

Investors are set to pile into Australia’s first green bond

European fund managers are backing the federal government’s plans to shed its reputation as a coal polluter, with its $7 billion bond looking well oversubscribed.

Opinion

Budget week is time for Dutton to roll a few Jaffas down the aisle

In the same week Peter Dutton went in to bat for the koalas, Labor flew the flag for gas.

Phillip Coorey

Political editor

Phillip Coorey

Sad halting of the press in WA

The Australian Financial Review has built a publishing model based on premium digital subscriptions. But it is still sad that from May 22, no one in Western Australia will be able to read a hard copy version.

The AFR View

Editorial

The AFR View

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

Labor locks gas firmly into energy transition

The Future Gas Strategy reaffirms a strong role for gas, but despite the title it is light on ideas to get there.

The AFR View

Editorial

The AFR View

Why Albanese is going all in on gas

The Labor government has infuriated climate activists by insisting that gas will play a crucial role in the energy transition for many decades to come. Big producers like Woodside will wait to see what that means.

We will need new sources of gas

Australia is committed to reaching net zero emissions by 2050, and we will need gas to get there.

Madeleine King

Resources Minister

Madeleine King

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

Prime Minister Anthony Albanese with CFMEU workers at Thursday’s North East Link announcement.

Behind the PM’s $3b ‘bailout’ of Victoria’s most expensive road

Experts blame a $10 billion blowout for the North East Link on CFMEU disruptions, a failed tender process and crazy design decisions to pander to community groups.

A Seahawk helicopter prepares to take off from the deck of HMAS Hobart.

Australia’s defence chief rejects Chinese spying claims

In his first comments on dramatic helicopter near miss, General Angus Campbell said a Chinese pilot had acted unsafely and unprofessionally.

WA budget resources

WA taps Albanese for $200m critical minerals hub

WA has earmarked land near where Alcoa is closing its alumina refinery and a BHP nickel refinery is hanging by a thread for a critical minerals processing hub it wants the Albanese government to co-fund.

The budget is already adding to inflation

The federal budget has injected $22 billion of new policy spending over two years, which economists say will cause higher interest rates than necessary and delay any rate cuts.

Let first home buyers drain super for property: Senate committee

First home buyers should be able to withdraw all their retirement savings to buy a house, a Coalition-dominated Senate committee has found.

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World

Russian soldiers march during the Victory Day military parade dress rehearsal in Red Square.

Russia not looking for global power clash: Putin

Vladimir Putin now casts the war as part of a holy struggle with the West, which he says has forgotten the role played by the Soviet Union in defeating Nazi Germany.

Protesters outside University of Technology Sydney on Thursday.

‘Show leadership’: Palestinian plea ahead of key UN vote

The Albanese government is being lobbied heavily over whether to support a symbolic vote upgrading Palestine to full membership of the UN.

Israeli soldiers work on armored military vehicles at a staging ground near the Israeli-Gaza border.

Biden says US will not supply weapons for attack on Rafah

The US president’s ultimatum is aimed at trying to deter Israel’s planned operation in Gaza.

China’s exports return to growth in boost to shaky economy

China’s exports edged higher in dollar terms last month as Beijing pinned its hopes on a manufacturing-led revival to boost flagging growth.

This is how China’s car dealers are driving the EV revolution

Chinese car dealers are ditching foreign brands slow to respond to the EV transition, while turning to homegrown makers that have been gobbling up market share.

Property

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.

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.

Dutch pension fund giant puts $700m into Sydney build-to-rent start-up

Apt.Residential has won the backing of PGGM, which has committed $700m to the rollout of 2500 apartments.

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.

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Wealth

While governments find it tempting to punish people holding large balances with more tax, what we really need is to learn from the past.

A smarter way to tax high super balances

The government has tried to keep things simple, but in doing so fairness has gone out the window.

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.

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

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‘The gap below Cartier and Tiffany’: Michael Hill’s luxury play

ASX-listed jeweller Michael Hill has been undergoing a major rebranding exercise.

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.

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Life & Luxury

Cafe Sydney

The 10 best private dining rooms in Australia

Whether it’s for a corporate event, a birthday, or just because, these venues take a lot of beating for excellent food, top wines and exclusive service.

Zendaya at the 2024 Met Gala.

How TikTok changed fashion

Trends in what people wear, whether hemlines, colours or the way they think about and shop for clothes, no longer begin with designers or even influencers.

Brisbane’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.

Where to dine for business in Canberra, Darwin, Hobart and Launceston

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.

An Equinox fitness centre in Manhattan. The fitness chain has offered high-end memberships for years. Its newest one includes high-touch exercise, nutrition and sleep coaching.

Could this gym’s new $60,820 membership really help you live longer?

US fitness chain Equinox’s latest offer includes high-touch exercise, nutrition and sleep coaching “based on members’ unique biodata” taken from blood tests.

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