Chalmers rejects ‘political trick’ inflation reduction claim
Former RBA board member Warwick McKibbin levelled the claim ahead of Tuesday’s budget, while economists warned bill relief would only stoke consumer demand.
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- Need to Know
Resilient labour market the primary driver of surplus: Chalmers
Treasurer Jim Chalmers says a resilient labour market, rather than high commodity prices, is the primary driver of Labor’s second surplus in a row. Follow updates live.
Anglo American rejects higher BHP bid
BHP chief executive Mike Henry said he was disappointed that directors of the London-listed miner had not been willing to enter into further discussions.
Budget surplus of $9.3b and then a sea of red ink
Tuesday’s federal budget will forecast a surplus of $9.3 billion for this financial year, after which the bottom line will plunge into successive deficits.
- Updated
- AI
‘Like AI from the movies:’ New ChatGPT arrives
The launch was not without some snags: after coaching a researcher through solving an algebra problem, it said: “Wow, that’s quite the outfit you’ve got on.”
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- Markets Live
ASX slips; real estate stocks dip ahead of US inflation data
Australian edge down. BHP slips after pressing reluctant Anglo American. Budget at 7.30pm. US producer prices ahead. Follow updates here.
Hedge funds are once again targeting Qantas
Almost $300 million has been bet against Australia’s largest airline, even as it attempts to repair its relationship with customers after selling tickets on flights that were already cancelled.
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FEDERAL BUDGET
Miners hope for budget tax credits
Lithium and nickel miners who lobbied for tax breaks are set to be among the big budget winners as the Albanese government tries to shore up its ‘made in Australia’ plans.
The little-known budget figure you should care about
The figure, known as the ‘table of truth’, cuts through the spin and shows how the treasurer’s saving and spending decisions affect the bottom line.
Turbocharge business investment tax break, Labor urged
Small business says Labor’s investment tax break is not ambitious enough to boost growth in the economy.
Here’s what we know is in Tuesday’s federal budget
Treasurer Jim Chalmers will hand down the Labor government’s third federal budget this week. Here’s everything we know ahead of the announcement.
Budget handouts put interest rate cuts further out of reach
Economists have warned handouts that bring down bills will not rein in underlying inflation, undermining the government’s message that its budget will help the Reserve Bank.
tuesday tech
$100m Sydney fintech raises $34m to take on global rivals
Ellerston Capital has taken a stake in digital identity and verification player Data Zoo, in a deal that values the Sydney-founded business north of $100m.
- Exclusive
- Cybersecurity
This industry needs 5000 new workers every year just to keep up
Australian cybersecurity workers warn the domestic industry is not competitive with foreign rivals.
Business warned payroll software is not up to speed on new IR laws
The disconnect between the hours that payroll systems think people work, and how long they’re actually working, is only going to get more expensive to ignore.
Musk triumphs over Australian government on stabbing videos
The ruling raises questions about whether the eSafety Commission has sufficient powers to do its job or if it bungled its case against Elon Musk’s X.
- Exclusive
- Quantum Computing
UK’s bet on PsiQuantum is one-fiftieth the size of Australia’s
Leading British quantum computing specialists have expressed surprise at the Albanese government’s decision to invest nearly $1 billion in backing the start-up.
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Companies
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- Casinos
Star Entertainment implosion leads to closure of Tetsuya’s
The relationship between the casino’s former CEO and chief financial officer deteriorated over an unnamed “material” project, a NSW inquiry heard last month.
ANZ confirms investigation of its government bond sale
ANZ said is “co-operating fully” with ASIC as it investigates “suspected contraventions” of the Corporations Act relating to a government bond sale last year.
Care A2 Plus lender applies to wind up baby formula minnow
Care A2 Plus faces the prospect of being wound up due to a long-running dispute with a lender who alleged the infant formula manufacturer defaulted on a $2.2 million loan.
Labor slams the NRL’s ‘deeply concerning’ Sportsbet tie-up
Communications Minister Michelle Rowland is deciding what to do with recommendations from an online gambling inquiry, including a blanket advertising ban.
- Updated
- Tax disputes
Lendlease tax woes could trigger second profit downgrade
John Wylie’s Tanarra Capital is pushing for a seat on the Lendlease board, as the country’s largest property group faces the prospect of a damaging profit downgrade after tax officials handed it a $112 million bill.
PwC elevates tax and legal into its service line
The new model will also bring together the firm’s deals and private advisory professionals and its consultants into a renamed “advisory” service.
NSW toll reform suggestions ‘a recipe for disaster’: IPA
NSW’s tolling review should dump suggestions of overriding the state’s toll road contracts with legislation because it risks spooking investors, says Infrastructure Partnerships Australia.
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Markets
Rate rise still priced in despite Chalmers’ ‘optimistic’ forecasts
Bond markets are continuing to bet that the RBA will have to lift rates this year, despite new government forecasts predicting inflation will fall faster than the central bank expects.
What happened overnight? The S&P 500 dipped as CPI was awaited
Australian shares were set to edge lower with the federal budget in focus. The Dow and S&P 500 edged down, but the Nasdaq advanced with price data in focus.
These 5 ETFs posted double-digit returns in April’s shock sell-off
The fall in global sharemarkets stopped the fast-growing ETF industry in its tracks in April, but proved profitable for several short-style strategies.
Nvidia rivals gold as shield against inflation, survey shows
The mega cap US tech stocks are not only a bet on innovation but also offer potential protection against inflation, according to some investors.
Airlie’s Emma Fisher is making her next big bets
Mineral Resources and Reece have been career-defining picks. This year, she’s sold down CBA and is going large on one of the most shorted stocks on the ASX.
Opinion
Calling time on international student numbers
Australia’s universities and colleges are fighting plans to reduce international student numbers. Spurred by the housing crisis, the government thinks it has no choice.
Columnist
Lure global capital with internationally competitive tax reform
Rather than Jim Chalmers’ “new growth model”, the fair dinkum way to increase foreign investment would be to progress a genuine growth agenda.
Editorial
Domestic violence is also a workplace issue
Governments should take the lead on the problem, but other groups can do more, including employers. Companies can achieve much more than many imagine.
Columnist
Substantial surpluses, not bigger deficits, should be running at this point
Instead, Jim Chalmers has confirmed that forecast deficits will widen as Labor’s Future Made In Australia budget centrepiece rolls out subsidies for the green energy and advanced manufacturing subsides.
Editorial
The one standout success metric for the budget
More investment is required to drive productivity. We won’t get this without cutting red tape and making the things more business-friendly.
BCA chief executive
As India votes, doubt grows about Modi’s intentions
India’s prime minister is set to extend his power once the election results are known. That is likely to bring further tests for Australia and the world.
International editor
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
Smart wallet encryption to get $23.4m budget boost
Amid a wave of identity theft, $11 million has also been pledged over four years to upgrade the Credential Protection Register.
‘I just need an actual job’: No relief for students in debt nightmare
The biggest contributor to student debt is a scheme called Job Ready Graduates. But it doesn’t look like there will be any reprieve in the budget.
‘Horrible on every level’: Universities object to migration changes
Changes to limit the number of foreign students at educational colleges, universities and schools are highly interventionist and prescribe not only where students can study but what they can learn, providers said.
- Exclusive
- Australia's China challenge
Meet Taiwan’s ‘matchmaker’ for Australian business
As Taiwan prepares to welcome a new president and bolster economic ties with Australia, the self-ruled island’s envoy issues a warning over Chinese coercion.
Budget handouts put interest rate cuts further out of reach
Economists have warned handouts that bring down bills will not rein in underlying inflation, undermining the government’s message that its budget will help the Reserve Bank.
SPONSORED
World
Melinda French Gates exits philanthropic foundation with $18.9b
The Bill and Melinda Gates Foundation -– to be known as the Gates Foundation once she departs – is one of the biggest private foundations on the planet.
What a second Trump presidency could bring
The influential American conservative platform Project 2025 has spent two years crafting a 900-page proposal for key areas of immigration, tax and trade.
‘Women will hate me’: Cohen says Trump fretted about 2016 campaign
The prosecution’s star witness said Donald Trump was concerned Stormy Daniels’ sexual encounter claim would ruin his 2016 bid for the White House.
Congress fights to reverse funding cuts for AUKUS subs deal
Draft legislation released this week shows Congress is ready to fight to restore funding for building Virginia-class submarines, essential for the success of AUKUS.
Religious tensions rise as India election passes halfway mark
The world’s most populous nation began voting on April 19 in a seven-phase election in which nearly one billion people are eligible to vote.
Property
- Exclusive
- Luxury property
Retiring Reece chair lists $12m family mansion in South Yarra
Melbourne-based Reece chair Tim Poole and his wife Jane have listed their South Yarra home, Atherley, after 24 years owning the Italianate mansion.
For $490 million, last private land in Arctic archipelago can be yours
The massive tract of land could be an investment project for a high-net-worth individual looking to make an impact as an environmentalist.
Demand for housing and sheds to drive Frasers forward
Frasers’ booming Australian residential and industrial businesses will help drive profits at the Singaporean giant, after they fell at the half-year stage.
First home buyers purchase from investors in $780,000 sale
This Central Coast home’s proximity to the M1 highway made it popular with tradies commuting to Sydney – and with rates outlooks stabilising, they were confident about buying.
Killara Golf Club’s greenkeeper house sells for $700,000 above reserve
Auction clearance rates fell at the weekend as buyers grow cautious from interest rates staying higher for longer, but well-located properties remain popular.
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
A toothbrush that cuts your hair? This is the Swiss army knife of grooming
As Panasonic’s multifunction device reveals, there’s a natural order to morning ablutions.
- Updated
- AI
‘Like AI from the movies:’ New ChatGPT arrives
The launch was not without some snags: after coaching a researcher through solving an algebra problem, it said: “Wow, that’s quite the outfit you’ve got on.”
- Exclusive
- Quantum Computing
UK’s bet on PsiQuantum is one-fiftieth the size of Australia’s
Leading British quantum computing specialists have expressed surprise at the Albanese government’s decision to invest nearly $1 billion in backing the start-up.
Work & Careers
Three Australian unis make it into new global top 100
The Universities of Melbourne, Sydney and NSW are in the latest Centre for World University Rankings, but there are concerns about the nation’s research output.
Aged care providers back delaying pay rises
Aged care employers have supported the government’s proposal to phase-in aged care pay rises, clashing with unions who are demanding the full rise by July 1.
Life & Luxury
‘It’s about remembering aromas’: how Chanel’s ‘nose’ makes perfume
Chanel makes some of the world’s most desirable fragrances. Olivier Polge brings them to life.
How women can reduce the risk of breast cancer by 50pc
The science is sound but is not widely known that many women at increased risk of breast cancer can halve the risk with “anti-hormone” drugs.
Why Fashion Week is still important
Its star power dimmed, the week that used to be about celebrating Australian fashion is now a carefully calibrated exercise about return on investment.
Opera Australia bets on musicals, property development as losses widen
Australia’s largest performing arts company will produce more musicals, and play more cannily with its property, as it tries to turn losses around.
- My Brilliant Weekend
- Mindfulness
Michael Brand’s weekend rituals and favourite restaurants
The Art Gallery of NSW director has a packed weekday – and night – agenda. This is how he lets go on Saturdays and Sundays.
