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- Updated
- 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.
ASX to rise as Wall Street extends rally
Australian shares were set to edge higher as US equities lifted, helped in part by solid demand for the sale of 30-year government bonds.
Cabal of industry super funds, led by investors, weighed ASX takeover
The ASX is an essential piece of infrastructure, and has a quasi-monopoly position, a description that would fit Sydney Airport, for instance, which went private in a $23.6 billion takeover.
Business loan demand spikes, keeping inflation fears alive
CBA, the country’s largest lender, says a strong labour market is driving “robust” demand from companies, which could push up prices, economists warn.
Labor goes to war with Meta in far-reaching inquiry
Facebook boss Mark Zuckerberg and X owner Elon Musk could be called on to face federal parliament, as part of a new inquiry into social media algorithms.
Mining titan Evy Hambro says it’s time to buy, rather than build
One of the world’s most influential mining investors, BlackRock’s Evy Hambro, has signalled he is open to M&A as BHP hunts Anglo American.
Trump asked oil CEOs for $1.5b donations in exchange for favours
The former president demanded $US1 billion in donations to get re-elected and offered to overturn environmental rules and policies to help the oil industry.
Breaking news on companies, politics and economics, in your inbox as it happens.
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- Analysis
- EU
Europe’s far right is becoming mainstream
Anti-immigration parties with fascist roots, and an unclear commitment to democracy, are emerging as Europe’s new leaders, the New York Times reports.
- Opinion
- USA
Campus protests may help Donald Trump win
History suggests the intellectual conformism sweeping university life could trigger a popular backlash that ends in conservative rule.
- Analysis
- Israeli-Palestinian conflict
Can the ICC actually arrest Benjamin Netanyahu?
The International Criminal Court is entitled to judge Israeli and Hamas officials, writes one of its former presidents.
- Analysis
- Banking products
Good banks today want to be seen as boring
Regional US financial institutions are promoting themselves as stodgy, stuffy and dull in response to industry failures.
Big US companies are pulling back diversity policies
Facing a legal, social and political backlash, America’s diversity, equality and inclusion industry is starting to reassess and rebrand.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
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.
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.
Mining titan Evy Hambro says it’s time to buy, rather than build
One of the world’s most influential mining investors, BlackRock’s Evy Hambro, has signalled he is open to M&A as BHP hunts Anglo American.
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.
- Opinion
- Retail
Half-priced detergent every few weeks? Shoppers can smell a rat
Deep food and grocery discounts have become increasingly popular with consumers, but the cost is unfairly borne by suppliers, prompting calls for change.
- Updated
- Manufacturing
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.
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.
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Markets
Bezos, Zuckerberg lead magnificent seven insider stock sales
Almost a dozen executives and directors at the firms recently boosted their share sales, earning more than $242 million since late 2023.
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.
Bank of England boss ‘optimistic’ that interest rate cuts are coming
The BoE left its benchmark unchanged at 5.25 per cent but the UK economy is looking ripe for a rate cut.
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.
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.
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.
Political editor
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.
Editorial
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.
Editorial
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.
Editorial
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.
Columnist
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.
Resources Minister
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
New gas projects receive support amid Labor unease
Resources Minister Madeleine King has backed the development of the Narrabri gas field in NSW, and the Queensland Labor government has given the green light to four new projects in the Bowen Basin.
Budget tips business investment to slow
The recovery in business investment is tipped to slow markedly in federal budget forecasts, as a cooling economy forces firms to reassess capital expenditure plans.
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.
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.
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.
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World
‘We’ll fight with our fingernails’: Netanyahu hits back at Biden
The Israeli prime minister said the country was prepared to stand alone if necessary if it attacks Rafah to further its destruction of Hamas.
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.
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.
- Opinion
- Israeli-Palestinian conflict
Why Gaza is an endless gift for Vladimir Putin
Israel’s war on Hamas is a serious drain for Joe Biden as he heads towards the US presidential election.
‘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.
Property
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.
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.
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.
- Exclusive
- Luxury property
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.
Wealth
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.
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.
Technology
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.
- Exclusive
- Executive shake-up
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.
- Opinion
- Digital Life
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
- Exclusive
- Wage scandal
Accenture warned of ‘$40m back-pay risk’ for overtime
A former human resources executive claims she warned Accenture’s board it was at risk of having to pay up to $40 million to staff who worked excessive hours.
Why this executive uses generative AI every second hour
Microsoft says workers who use AI can be divided into four camps: sceptics, novices, explorers and power users, who get back more than 30 minutes a day in time saved.
Life & Luxury
Byron Bay’s Lane family open doors to luxury equine estate
The line between Tom and Emma Lane’s passions – luxury estates and horses – are exhilaratingly blurred at their latest lavish retreat, Copperstone.
How to host a business lunch
The lowdown on what to do – and what not to do – from three hosts who are legends in their own business lunch times.
Think you know this week’s news? Answer these 10 questions
Have you been paying attention this week? Test your knowledge across politics, business and world news.
This week’s pick of luxuries: foiling surfboards to fancy chandeliers
For the sporty type to the redecorator or wardrobe refresher, we have inspired suggestions for you.
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.
