Anglo American to sell Queensland coal in big shrink, spurning BHP
Anglo American will sell or shut everything except its copper, iron ore and potash mines as part of a strategy to dodge BHP’s advances.
- Live
- Need to Know
Budget to ease cost-of-living burden, build better future: PM
As Chalmers prepares to deliver his third budget, Gallagher said pressures will intensify despite back-to-back surpluses. Follow updates here.
ASIC staff motivation, satisfaction, stress hit critical levels
A confidential staff survey made public through a Senate inquiry on Tuesday showed the regulator had just two out of 12 outcomes at average or desirable levels.
Eyes on Transgrid as super funds bail out of $8b infrastructure fund UTA
Sources say Aware Super has hired Campbell Lutyens, a specialist in moving illiquid investments for institutional investors, to shop a $600 million stake.
Optus denies ‘cloaking’ Deloitte report on 2022 cyberattack
A press release published after Optus’s 2022 cyberattack had legal purposes, even though they were never mentioned, Optus has argued in a court appeal.
Casino regulator bans Star staff from tables over collusion
The NSW Independent Casino Commission has banned the two employees from operating games in the state for a decade.
Investors weigh whether to chase China’s new bull market
The 27 per cent surge in Chinese stocks this year continues to wrong-foot many asset managers, but some are cashing in following a disappointing few years.
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FEDERAL BUDGET
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.
- 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.
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
China’s biggest mine on Aussie soil makes $820m profit
Chinese conglomerate CITIC made a profit of almost $820 million on magnetite operations in WA that it says are under threat because billionaire Clive Palmer refuses to hand over more land.
- 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.
EY manager claims he was sacked for complaining about 80-hour week
EY Australia has rejected claims by a manager he was sacked because he complained about being told to put in unreasonable hours.
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.
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Markets
ASX closes lower ahead of federal budget; critical mineral miners jump
Australian edged down in quiet session ahead of federal budget. Energy and real estate stocks fall. Budget at 7.30pm. US producer prices ahead.
Australian ETF winners had returns as high as 153pc
US megacap tech stocks and cryptocurrencies proved profitable investments in the last year, according to the latest top-performing ETF data – alongside some other surprise standouts.
- 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.
Does Roaring Kitty’s return signal another round of meme-stock mania?
Shares of GameStop surged on Wall Street after a surprise social media post by Keith Gill, famed for creating a trading frenzy in meme stocks in 2021.
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.
Opinion
X ruling marks the spot for online police
Elon Musk has overreach by Australia’s eSafety commissioner to thank for an important victory in the courts.
Legal editor
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
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
War crimes whistleblower jailed for nearly six years
David McBride, who leaked documents that revealed allegations Australian soldiers committed war crimes, will spend at least two years and three months behind bars.
- Exclusive
- Israeli-Palestinian conflict
Go8 Universities agree to combat racism, uphold free speech
Australia’s oldest and most prestigious universities have set out five principles, as Deakin University prepares for a showdown with campus protesters.
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.
SPONSORED
World
Blinken visits Ukraine as Russia’s military closes in
The US secretary of state arrived in Kyiv to reassure Ukraine of America’s commitment to help the push-back against Russian advances that have gathered pace in recent months.
Trump leads in crucial states as Biden’s support unravels
A new set of polls shows the US president is behind in five of six battleground states, as the economy, Israel’s war and a desire for change press on voters.
Biden orders Chinese crypto miner to sell land near US military base
The US president ordered MineOne Partners and its associates to sell the land next to Warren Air Force Base in Wyoming within 120 days.
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.
Property
Why would anyone want to invest in Melbourne’s housing market?
Some experts are predicting Melbourne’s housing market to bounce back strongly in the next two years, but others warn about getting in too early.
- 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
Deepfake images lure investors to bogus stock clubs
The ASX is among the latest to be exploited in frauds costing investors at least $25 million a week. Here’s how to spot a scam:
- 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.
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.
The five tests that will tell you how well you’re ageing
Does getting out of a chair make you go “oof”? It’s time to start future-proofing your body, using these methods that can be done at home.
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.
Ties are making a comeback. Just not for the office
As ties disappear from formal occasions, they’re turning up again in casual dressing.
‘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.
