- Opinion
- Chanticleer
BHP turns Anglo pursuit into $64b chess game
BHP has bid against itself and disclosed it, in an effort to put pressure on the London-listed miner. The next move is Anglo’s, and only hours away.
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.
- Live
- Need to Know
War crimes whistleblower to appeal jail sentence
David McBride will appeal after being sentenced to at least two years and three months behind bars for leaking classified defence information revealing alleged war crimes. Follow updates live.
- Exclusive
- Aviation
Bonza hopes fade as VietJet walks from deal talks
The Vietnamese low-cost carrier confirmed it was out of the running as administrators prepare to ground the airline beyond their earlier midnight deadline.
Judge rebukes ‘clear case’ of government overreach on stabbing video
A Federal Court judge said a global ban would not be a “reasonable” step and would likely be ignored by other countries.
- Opinion
- Chanticleer
Meme stock stupidity is back at the dumbest possible time
The $6 billion jump in the value of crappy US retailer GameStop is a sign of pure speculative excess.
- Live
- Markets Live
ASX slip extends; lithium, nickel stocks jump, GUD rallies 12pc
Australian edge down in quiet session. Energy and real estate stocks fall. Budget at 7.30pm. US producer prices ahead. Follow updates here.
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FEDERAL BUDGET
- Opinion
- Federal budget
This is a bold opportunity to refocus Australia’s economy
The Future Made in Australia Act is not picking winners. It is about reshaping whole sectors around a mission of managing climate change, writes Mariana Mazzucato.
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.
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.
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.
tuesday tech
- 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.”
Return-to-office orders backfire at top tech firms
In the months following return-to-office mandates, an increased number of senior employees left Apple, Microsoft and SpaceX, often to work for competitors.
$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.
R&D boost needed for Future Made in Australia plan to fly
Australian firms that develop innovative technologies say they are disincentivised to build their products in Australia and are calling for R&D incentive changes.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Firstmac hack deepens, credit card data stolen
The theft of credit card details has raised concerns about the Brisbane-based lender’s security and encryption standards.
- Exclusive
- 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.
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Markets
Stellantis, Vale in nickel talks in Indonesian coup
The smelter deal would bring a rare Western investor to Indonesia, the world’s biggest producer of a commodity critical to making electric cars.
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.
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.
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.
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.
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
This is a bold opportunity to refocus Australia’s economy
The Future Made in Australia Act is not picking winners. It is about reshaping whole sectors around a mission of managing climate change.
Economist
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
Perpetual’s shrunken shadow casts a pall over public sharemarket
The shrinking of the active fund manager raises more questions about the future of public markets in a world of private alternatives.
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
Has Labor no shame about the CFMEU’s behaviour?
Who else would get away with the construction union’s intimidation? Where is the attorney-general, the treasurer, or the new National Anti-Corruption Commission?
Editorial
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
Judge rebukes ‘clear case’ of government overreach on stabbing video
A Federal Court judge said a global ban would not be a “reasonable” step and would likely be ignored by other countries.
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.
SPONSORED
World
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.
- Opinion
- Israeli-Palestinian conflict
Israel cannot stand alone and Netanyahu knows it
The American decision to restrict arms sales could be a turning point in the US-Israel relationship.
‘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.
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.
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.
Property
- Exclusive
- Property development
Former AFL star Fraser Brown pays $190m for Cranbourne Golf Course
The 70-hectare site in Melbourne’s south-east will support up to 1500 new homes with an end value of about $1 billion.
- 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.
Wealth
- Opinion
- Gold
Why superannuation funds are wrong on gold
Millions of Australians could be missing out on the benefits of gold because of a conflict of interest inherent in big super.
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.
Government still stumped by financial advice semantics
The government will try to head off a semantic storm over the term “qualified advisers” by replacing the words with “product adviser”.
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
- Opinion
- Workplace
Baidu’s PR boss was fired for being a workplace tiger mum
When the of head of public relations for China’s Google was fired over blunt remarks about staff, managers everywhere lost an honest voice.
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.
Life & Luxury
Why this EV driver regrets buying his $85k car
Catch up with the latest instalment in our fortnightly series in which we speak to EV drivers who explain the highs and lows of electric car life in Australia.
Using Ozempic before surgery may be dangerous
Even if users follow “nil by mouth” instructions before an operation, they may still have food in their stomachs when they are wheeled into the operating theatre.
‘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.
